Articles

3 Factors to consider while buying an atm machine

by Pathlie Lee Business consultant

Decisions abound when purchasing an ATM for your business. Considering the right form factor, the correct placement of machine for optimum traffic, wired or wireless connections – it can be a little intimidating. An in-house ATM machine can be a moneymaker when done correctly, or a large machine taking up floor space. In terms of convenience, ATMs appeal to customers who might want to make a purchase while at the same time getting cash for other purposes. Among business owners were tired of ever-increasing processing fees and unreasonable demands, they represent the ability to “cut the cord” and go cash-only. Consider these three factors before purchasing your machine.

 

  1.  ITM – To Buy or Not to Buy?ITM machines are interactive teller machines with a live person on the other end. While these are becoming popular for bank branches, as a standalone ATM option they have some work to do. Most people use automatic teller machines to simply get cash to make purchases or pocket money. ITMs are more complex, allowing customers to transfer money, pay bills, and complete complex transactions. While the ITM model may eventually become a standalone unaffiliated with a bank or other financial institution, that may not happen for a few years.
  2.  What can the ATM do? Most people think of the ATM as exclusively a cash machine. However, it can be much more. Some machines offer services like rapid recharge to top off the cell phone and tablet batteries, bill pay, money transfers, and other services. Other services such as bill pay are convenient for people who live in an area that is unbanked or under-banked. These neighborhoods may have few or no financial institutions, leaving the local convenience store or other businesses to fill the gap with multipurpose ATMs.
  3.  Who fills the machine? Each machine can hold a few thousand dollars in various denominations. The most common denomination or a cash machine is the $20 bill. You might think it’s easy to stay on top of stocking your machine, but that is an enormous amount of capital running in and out of the cassettes every day. Your general liability policy may not cover placing thousands of dollars into an ATM to set, leaving you high and dry should that machine be vandalized and robbed. Using a cash vault management company may cost a little bit off the top of the profits, but also relieve you of the extra insurance payments, or tying up too much capital in the machine.

 

Do Your Homework!


It’s important to consider when purchasing your ATM, the reputation of the company from which you are doing the purchasing. Read the contract very carefully, taking in to account all possible fees and services on offer. Some companies do not do their own servicing, while others may nickel and dime you to death or offer tiered pricing for machines with service packages with services that you may not use every month. Work with an experienced ATM machine company that has a reputation for top-quality machines, prompt and affordable services, and taking care of their customers.

 


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About Pathlie Lee Advanced   Business consultant

6 connections, 1 recommendations, 120 honor points.
Joined APSense since, September 12th, 2017, From NY, United States.

Created on Feb 12th 2019 09:19. Viewed 238 times.

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