An ATM is a huge investment, but it can be a simple and straightforward one resulting in a steady stream of hefty revenue – if you’re in the right place at the right time, that is.
After all, a single ATM will usually cost you about $10,000, according to Chron.com.
While most businesses won’t need an ATM at the door for any good reason, if your business sees close to 200 people a day, many of whom ask you for the nearest ATM; it may be in your best interest to get yourself one.
After all, about 60 percent of Americans in their 20s and 30s use an ATM twice a week according to Len Penzo. But before you jump in, you’ll have to ask yourself a few questions first.
1. Full Ownership or Co-op?
The simplest and easiest way to go about getting yourself an ATM is simply to contact a manufacturer – or better yet, a number of them – to get yourself a price list, see what you can afford, and go ahead and buy the unit for its full price.
However, there are companies that offer their machines for a split price, called co-op ownership. In this case, the price of the unit and its installation and various maintenance fees are split between you and the manufacturer of the model. However, just as the cost and risk is split, so is the profit. If you take half the expenses, you get half the winnings. It’s that simple.
The choice between one or the other is a matter of how much you can really afford at the moment. Maintaining an ATM is a constant cost, but if you’re in the right area, it’s most definitely a worthy investment.
2. Other Ownership Options
In some cases, you’ll be approached by a bank or ATM manufacturer directly regarding the installation of an ATM on your private business property, in exchange for a split profit of the machine’s surcharges. In this case, the ATM is entirely free in terms of expenses, and you simply lease land to the ATM manufacturer or owner to host their unit.
Finally, you’ve also got the option to go ahead and buy a used or secondhand ATM. Your best bet at finding used ATM machines for sale online would be through sites like ATM Money Machine, and online directories and classified ads like Craigslist. However, that leads us to another question:
3. How Has It Held Up?
ATMs age, like any technology. It’s important to ask the unit’s previous owner some questions regarding the ATM. You have to get its age, its last transaction, and its serial number for more spec details from the original manufacturer. Newer ATMs, for one, are safer and more secure. According to Banktech, models in Brazil already use biometrics to identify cardholders. But cost is also an issue, so for many businesses, a new ATM isn’t feasible.
Once you’ve determined that the ATM is up to current standards, you’re free to go ahead and install it.