SUMMARY: Know how to pick good but cheap ATMs. Find out what to consider, what questions to ask, and more.
How to Buy an ATM, What to Consider & More
Buying an ATM for your business comes with plenty of benefits. It improves foot traffic to your shop, makes it easier for customers to pay in cash so you won’t have to worry about the processing fees, and also helps you earn passive income. With so many options in the market, choosing the right machine isn’t as easy as it seems, though. Here are some tips to help you out.
Ask Questions
Before you shop around for cheap ATMs, consider asking yourself the following questions:
- Is getting an ATM good for your business? Not all types of businesses need an ATM. It’s a good investment for small to medium and even large businesses. But it’s best suited to those with retail shops.
- Do you only accept cash? If yes, then installing an ATM is an excellent move as it helps your customers get access to cash with ease.
- Do you accept credit cards? Having an ATM at your establishment is a good idea since this encourages shoppers to switch to cash. Cash is better for you since it saves you processing fees that banks charge for credit card transactions.
Know the Cost
Once you determine if it’s a good fit to have an ATM onsite, you’ll need to tackle the next step. Find out how much owning an ATM is. The price can vary depending on how advanced the machine you choose. However, you’ll likely pay between $2,000 to $8000. If you’re on a budget, you can also look for used or second-hand options since these typically cost about $1,200 to $1,800. That gives you plenty of cost savings. Aside from the upfront cost, you’ll also need to have adequate cash to stock the machine, so that means having around $6,000 to $8,000 every month. That means you also need cash of about $1,500 to $3,000 every week. Lastly, there are also maintenance and repairs to consider, adding more to your expenses.
Consider Your Options
You don’t have to buy an ATM if your budget can’t handle it or if you aren’t sure that you’ll want one for the long term. If that’s the case, you’ll be better off looking for rental options. By choosing a rental, it gives you a chance to try it out. It lets you go through the motions of having an ATM, what you need to know, what issues usually occur, and how you can resolve them. Think of it as a practice session. If you like how it goes, then after the rental lease is over, you can start checking out ATMs.
Explore ATM Models
Some businesses also try out rentals but for a different reason: they want to have the latest in terms of technology. Buying an ATM means you’re tied to that unit for years. But if you rent, you can pick units with the latest technology and advanced features. While that sounds fantastic, make sure you don’t lose sight of your needs. If your target users only require standard features, then pick those models instead.
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