When it comes to having an ATM in your business, you could be looking at numerous advantages that far outweigh the risk of burglary which is the only factor people focus on. Buying an ATM for your business can be an easy way for you to generate extra income through supplement fees, additional foot traffic as well as additional purchases. However, the sad fact is that adding ATMs to a business does not always work for every establishment. In this article we will look at all the factors you should consider before you go about buying an ATM machine.
The first thing to do is to determine if your store is a good fit. The true cost of having an ATM is adding up the cost of the machine itself, the time it takes to manage the business as well as the cash tied up in the machine. Unless you have enough foot traffic in your business and machine usage, the math may not add up. To ensure that your calculations will work out, you need to ask yourself a few questions before you make a call to an ATM supplier.
- Does your business or the neighbouring business offer cash-only services?
- Would your ATM be the only one within a walking distance of your location?
- Have you ever had customers asking you where the nearest ATM is located?
- Do businesses in your industry have ATMs in their location?
- Do your customers frequently pay using a debit card and get cash back?
If you answered yes to one or more of the above questions, then this will bode well into your eventual conversion rate and usage. This way, you will have a rough idea of how having an ATM in your business will work out for you.
The next step is for you to decide on the type of ATM you want to have installed. If you have the traffic to support the investment, then you may feel that it is time for you to get an ATM machine at your establishment. You will need to browse around various ATM machine suppliers like the one found here and find the best ATM available for your type of business. You will need to consult with providers and not only find a modern looking machine but you need enough security to keep your investment and assets secure.
After this, you need to choose the ATM business model that works for you. You could buy, lease or have an ATM placement which requires no set up costs but the surcharge fees paid to you are considerably lower. Your retail ATM supplier should be able to advise you on this matter. The next thing you need to do is figure out where you are going to be getting your ATM machine. you can get a used one or a brand new one. Just do your research on the ATM dealers in your area. Again, your supplier will be in a better position to advise you on your options.
Once you have an ATM installed, you also have to consider payment processing which will have you working with middle-men unless you are a large ATM operator, cash management as well as maintenance of your machine.
In conclusion, having an ATM in your business even if you have a small establishment can be beneficial for your business. All you need to consider is how much foot traffic you have in your business and that will help you make every decision thereafter.