Having an ATM in your shop can be highly beneficial as it may attract more customers through your door. It gives them access to cash in case they need to make a purchase, plus it can assist you with earning additional revenue.
Obtaining an ATM set up at your shop may require careful planning and some research. ATM’s are not suited to all businesses. They are generally most advantageous in places with heavy traffic, i.e., shopping centers or malls and shops who mainly operate with cash.
1. Choosing The Model That Meets Your Requirements
There are three basic options relating to setting up an ATM.
Some businesses opt for placement. This means an ATM company is responsible for setting up and maintaining the machine at little to no cost to the business owner. A portion of the fees collected from the device goes to the ATM company. This option is suited for companies with a lot of foot traffic where the ATM is used often.
With this option, the business purchases the machine and is responsible for setting up and maintaining the machine on their own. The start-up costs are substantial, but the company gets to keep all the fees collected from the machine. This option is best suited for businesses who don’t qualify for placement and are looking to boost their revenue long-term.
Some ATM companies provide a leasing option, which is basically a division between the other two. The business owner will be required to pay a renting or leasing fee to get the machine installed at the business. But it’s not as expensive as when you buy ATM Machine Miami for your company. Plus, you get to keep a portion of the fees that are collected. This option is viable for companies who don’t qualify for placement but don’t have the financial resources to buy a new machine.
2. Calculating Your Probable Earnings
Having an ATM at your store can generate returns, but the choice is yours to calculate how much extra you can make and whether the start-up cost is worthwhile. The more traffic you receive, the higher the chances are of them using the ATM. If you offer other forms of payments such as credit cards, then the machine might not be used as often. Before buying a machine, you need to factor in the initial purchase price as well as the cost of maintaining the machine to figure out how much you’ll be able to make and which of the three options will suit your requirements best.
3. Finding the Best Model Based on your Requirements
You need to deliberate which features are the most essential to you, particularly, aesthetics, screen type, lock security, and vault size.
4. Keeping the Machine Maintained
If you’re buying or leasing the ATM, you’ll be required to maintain it from time to time. Make sure you’re developing a good relationship with your local ATM service provider to assist you during those times when the machine breaks down or display an error.