Many on-the-go people have neither the time nor the patience to visit banks for withdrawing all of their cash! Instead, they prefer to use automated teller machines (ATMs). A major advantage is that it is possible to set up these ATMs anywhere and everywhere. Should you then, as a business owner or a business manager, not give serious thought to setting up your own ATM business? You can well imagine the wonderful benefits that will come your way!
Now, you need to keep certain basic considerations in mind, prior to actually purchasing an ATM.
Assessing Cost-Effectiveness of ATMs
Admittedly, a new ATM is a financial investment. The price varies in accordance with the special features that it offers. In contrast, a used machine may be much cheaper. However, you may have to go in for frequent repairs and maintenance. Also, older equipment is vulnerable to all manner of attacks from viruses, spyware, and malware.
Whatever the kind of ATM you opt for, you will need to have security software and a surveillance camera in place too. You will have to pay for certain services, such as connectivity, cash loading, and obtaining receipts. Thus, it’s a good idea to work out a budget before you plunge headlong into a quick purchase!
Suitable Location for ATMs
Since you need to recover your initial investment, it is imperative that your ATM should attract the maximum number of customers possible. For instance, retail stores, grocery shops, restaurants/cafes, hotels, nightclubs, gas stations, malls, etc., are places that boast of high traffic. However, they should be easily visible from the main road and not hidden away on side streets. Apart from attracting fewer customers, they proved vulnerable to thefts too. Check that the telephone lines, electrical systems, and Internet connectivity are fine.
There is a processing fee in place for every transaction. The amount varies from one ATM processor to another. However, if you own both the ATM and the venue where it resides, the monthly profits will go into your pocket directly. In case, the venue owner is different, and you will have to split the gains with him/her.
Similarly, there is a surcharge fee for the customer using different banking cards at different ATMs. You may have to adhere to state laws related to it. Alternatively, your state may permit you to decide the amount yourself. Just make sure that you are not greedy!
Your expenses include paying for processing of payments made or received, cash management (checking and stocking), maintenance, and repairs and replacements of parts (if any).
What are the features that you should look for while purchasing an ATM?
Let the aesthetic appeal be in alignment with the type of clientele that your particular business attracts. They could be from any socioeconomic background.
Many ATMs possess touch screens nowadays. In general, the size of the screen (whether it is adapted to touch or not) is anywhere between 10 and 15 inches. The screen may display updated fonts and colored digital displays too.
Both the standard electronic one and a combination type are available. The latter has a connection to a software program and exhibits novel features.
You have two choices. The first one is the Business Hours. This means that your ATM may function only during office hours. The walls of this machine cannot guarantee the safety of the cash within it when nobody is around.
The alternative is Level 1. The steel frame weighs 300 lbs, and even more. Naturally, it can withstand a tremendous amount of physical pressure! Your ATM is free to function 24 x 7, without humans around.
The Note System
Do you wish your ATM to have normal-sized or large cartridges? When the number of cassettes is more, you will not have to go in for frequent refills.
Miscellaneous Features in ATM
Think about built-in or freestanding, signage of the ATM, language support, etc. It is good to have an ATM that offers EMV (Europay, Master Card, and Visa) compliance. This means that the user’s card with a chip on it permits local and international usage.
Choosing Your Business Model ATMs
Even today, ATMs are offering novel features, such as fingerprint scanning, inviting new customers on board, converting ordinary cash into cryptocurrency, access to an international currency, etc. Soon enough, they should become standard features of every ATM. Therefore, if you wish to stay in tune with changing times, and make your business more profitable, go in for an ATM!