Tranax ATM Error Codes
by WiederI’m happy to report we have finally added a page on our web site for all the Tranax error codes. If you have a Tranax ATM machine and have an issue, simply visit the Tranax Error Codes page to see what the problem is and what steps you can take to cure or clear the error.
Finding the Cash
by WiederIf you have an ATM business, then you’ve already done your research and found it to be one of the most lucrative businesses you could have chosen to be in. The ATM business is easy to manage and operate, and you’re all but guaranteed a profit from your customers…that is, those that can find your machines.
A lot of the problem that most ATM owners face is finding ideal locations to put their cash machines. It may seem that this is a no-brainer since everybody at one time or another needs to get to an ATM machine. Surprisingly however, there are some business owners who are often surprised by the lack of traffic that their machines often get. Is this lack of traffic due to location, visibility, dependability or availability?
Yes, yes, yes, and yes!
Cash machine owners must understand that customers who frequent ATM machines are those who need convenience and flexibility. If your machines are in the right place, at the right time, and at the right locations, then your profits are all but guaranteed, and a happy customer you will make!
Location
Although it may not seem or sound like a big enough deal, but location is crucial to the success of your ATM cash business. There are definitely good spots AND bad spots where you can position your ATM machines. Put it in the wrong place (or a not-as-good-as-can-be place), and your profits suffer. Put the machine in the right place (such as, IDEAL), and your profits soar. Where are little known and good spots?
- Outdoor concerts and venues
- Traveling fairs and carnivals
- Schools (colleges, high schools, universities)
Visibility
As if location itself weren’t important enough, the visibility of your ATM machine is the second most important consideration for you to look at once you’ve found the ideal spot.
It doesn’t do your machine any good to be in the ideal spot, but no one can see it or doesn’t even know it’s there. Steer clear of placing the machine behind venues where it’s likely the machine won’t be seen. If it’s permissible with the venue’s owners or managers, ask to have signs pointing to where your machines will be located on the property. This is something that is certainly workable with negotiating, especially if there are multiple ATM’s on the site.
Also, when you’re looking for good visibility, also be aware of security and placing the machine where people won’t be worried about using the machine. Place in a well-lit, approachable place where there’s a fair amount of foot traffic, but not too crowded. You also don’t want customers to feel uneasy if there’s TOO much traffic around him while he’s making a transaction.
Dependability
Now that customers know where the machines are located at the fantastic venue or permanent location, you’ll need to be sure that your machines are operating in good condition and well-stocked. There is nothing as aggravating to an ATM customer as to traipse all over the venue or site to get to your machines….and they don’t work!
Make it a point to perform routine maintenance on the ATM machines to ensure that they’re all working properly. Do this especially, and more importantly, before big events. If there are any problems that arise with the unit, have them serviced as soon as possible. In the case of machines that are inoperable for long periods of time, use an alternative solution. If you own multiple machines in the same venue, direct customers to where they can find your other cash machines on the property.
Also, make sure the cash is in the machines, and in sufficient denominations for the customers. This is a task that you will want to check on more often than a couple of times a week, especially if the machine is in a permanent location.
Availability
Where there’s an ATM machine, there will certainly be customers who will use it. With that, there needs to be machines available for them to use. In other words, be creative about where you choose to put your cash machines. If the places are safe enough and have high foot and/or car traffic, then your machine will certainly get some customers and make a profit. But, if there’s not an option for them to use, no one profits on either side.
Just by taking a little time to ramp up your ATM cash machine marketing efforts can make all the difference in your bottom line. Get creative with your placements, and take all of the above steps into consideration with your business. Provide a way for customers to find the cash machines, and you’ll have a way to make your business a successful one.
Triton ATM Error Code 151
by WiederTriton ATM Error Code 151
If you are a retailer or merchant that operates a Triton ATM Machine once in a while your Electronic Journal may fill up after 2,000 transactions. Journal transactions also include cassette close, trial closes, and other admin functions.
The 7 Basics of Starting an ATM Business
by WiederThe 7 Basics of Starting an ATM Business
Did you know that there are over 451,500 ATMs in the US as of 2023, and fewer than half of them are owned by banks? The majority are owned by people like you and me.
ATMs are very profitable businesses because there are only a few overhead expenses. The barrier to entering the ATM business is low since you don’t need employees, a storefront, or rental space, and there is a low startup investment.
The best part is you can manage your ATM business from home on your own schedule. Are you ready to get started?
Follow these 7 basic steps to set the foundation for starting an ATM business to ensure maximum potential for success:
1. Learn as much as possible before starting your ATM Business:
One of the biggest mistakes people often make when learning how to start an ATM business is just jumping right in and buying an ATM machine off some website without knowing how the business works.
» Instead of watching a bunch of random YouTube videos or getting advice from random Facebook groups about starting an ATM Business, consider buying a book that outlines how to start an ATM business so you understand all the principles. That’s the least expensive and fastest way to learn.
» If you’re more of a hands-on learner, at least a book about the ATM Business will give you the principles and an overview.
» Suppose you prefer to watch videos to jump-start your ATM Business and avoid costly mistakes. In that case, we offer a Professional ATM Membership with a complete ATM Business training program with 60+ videos, resources, and many other perks, including Noah Wieder’s audiobook.
2. Choose the Best Locations for Your ATMs:
Location is one of the most important factors in the success of your ATM business. Consider your own experience to narrow down potential locations.
» Have you ever needed an ATM and couldn’t find one nearby? Where were you? The obvious prime locations are busy shopping and high-traffic locations that prefer cash, but it’s also good to think outside the box.
» Consider your local fairgrounds, street fairs, events, parks where food trucks frequent, or sports venues. Think of places where people don’t tend to accept credit cards, like farmers’ markets, pumpkin patches, Christmas tree farms, or even craft shows for great temporary ATM locations. ATM Trailers and mobile ATMs are great for these.
» Normal retail locations are also good but think about stores that prefer cash tips, like tattoo shops, barbershops, nail salons, etc. We’ve even installed ATMs in large manufacturing plants and factories or warehouses with hundreds of employees, especially if there is a cafeteria or other local restaurants nearby that prefer cash.
3. Research and Negotiate with Venue Owners:
Before picking out the ideal location, do your research. Spend a little time in the area checking out the foot traffic. If you want to ensure the street is busy, look online at traffic data.
» After you’ve picked out a spot, it’s time to talk to the store or venue owners. Sometimes, it’s as simple as asking a store owner if they want a Free ATM machine. The convenience of an ATM benefits you, the store owner, and the shopper. Who wouldn’t want one nearby?
4. Develop a Solid Business Plan:
Every successful business starts with a business plan. This plan includes the location of your machine and how you will be investing in your venture.
» For instance, how much are you looking to invest in a machine? The ATM machine itself can cost between $2,000 and $5,000. If that is more than you were looking to invest in your ATM Business to start, there’s no need to worry. Many new ATM business operators use a zero-interest promotional credit card to pay for their first ATM. You can get 12 – 18 months of no interest so you have time to ramp up the transactions and use the surcharge fees you collect to make the payments.
» Once you are familiar with the different ATMs, you can check local classifieds and Facebook groups for used or preferably refurbished machines with a warranty.
» A business plan needs to consider these and several other factors, including the cost of start-up, maintenance, time invested, return on investment, and so on. Our Professional ATM Business Training covers all this.
5. Choose the Right ATM Processor, ISO, or Sub-ISO to Help You:
Your ATM machine is a transaction machine. So, who will process these ATM transactions? You can use an ATM Processor, ISO, or Sub-ISO. Let’s examine the differences:
» An ATM Processor like CDS, FIS, Core, Switch, and many others are large ATM and other financial transaction processing companies that typically work with a large ISO.
» Sub-ISO is also an independent sales organization but is often contracted with an ISO or several ISOs to manage IADs (Independent ATM Deployers) that own and operate a local ATM route.
» IAD stands for Independent ATM Deployer. As a new ATM Business, you would work with an ISO or Sub-ISO and contract as a new IAD to process your transactions.
» ISO, Sub-IOS, and IADs can all contract with local merchants to help them with their ATM needs. A local merchant can also own and operate their ATM instead of having a free placement. However, these days, many merchants prefer to outsource the ATM Business.
» We recommend you review organizations before making your pick. Each one will have different transaction fees or monthly fees, as well as reporting, statements, bank sponsorship, service, and support, so you will want to choose the one that best fits your business plan.
» Be prepared to sign an agreement to become an official ATM Business and have a contract to show your banker. If you are talking to an ATM Company that wants a lengthy contract you aren’t ready to commit to, simply move on to another company until you find one you are comfortable with.
» ATMDepot.com has specialized in helping brand-new ATM Business operators for more than two decades and offers very favorable terms because we know what it’s like to start an ATM Business.
6. Consider Safety and Convenience When Stocking Your ATMs:
There are two factors to consider when deciding who will stock (aka Vault) your ATM machine: safety and convenience.
» Considering safety, depending on the neighborhood where your ATMs are located and how many you have and load, you may want to work with an ATM company that can coordinate and manage third-party private vaulter or armored car cash services should you ever need them.
» You may not need to take the same precautions for small locations or events, especially if you only plan to operate a few ATMs.
» Convenience should also be considered when it comes to stocking your machine. Consider the other responsibilities you have to tend to on a given day. Does your schedule allow time for restocking? If it does, you can save money by restocking your ATM. If you need more time, simply hire a reliable company to do it for you. Also, remember that stocking your machine with your cash is the most profitable way to manage your ATM business, but it’s not the only way.
7. Should you get ATM Insurance?
When you’ve got a machine full of money, you may want to consider getting ATM insurance. But it depends on how secure the location is and what other security options might be cheaper.
» There are only two reputable companies that offer ATM insurance, but most new ATM Operators prefer to self-insure since insurance costs often exceed the cost of replacement. ATM theft happens, but it’s rare.
» A standard business liability policy is a wiser choice. If you decide on an ATM insurance policy, it should protect your equipment and cash, but few options are available.
» Be sure to check with the proprietor where your ATM is located. They may have insurance requirements for you to follow. If you do want to look into insurance check with Marshal & Sterling.
» If the location is open 24 hours or has an alarm and security cameras, insurance may be a waste of money.
Share this Entry
As with any new business venture, it’s important to learn as much as possible before starting. ATMs are great investments that have some unique responsibilities that come with them. It is a real, tangible business that takes time and commitment.
Get to know the ATM business before you dive in. Follow the steps you need to take to make it successful, and you will have a thriving ATM business that you can grow as big as you wish.
Want to jump-start your ATM Business? Check out the ATMDepot ATM Business Member Area.
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