What Should I Consider When Buying an ATM for My Business?
I need an ATM for my business. Which one should I purchase? How do I know if I’ve made a good decision? How do I know if I’ve gotten a good deal?
If you’ve found yourself asking any of these questions, you are probably starting an ATM business for the first time. And while it might seem overwhelming to enter an industry where you don’t have a lot of experience or knowledge, the answers to your questions are quite simple.
Now, we aren’t saying it’s going to be an easy decision. There are a lot of factors to account for. That’s why, to help, we’ve outlined a list of considerations you’ll want to think about as you shop for and purchase an ATM for your business.
What Is the Best Type of ATM for My Business?
There are three different types of ATM machines: wall mount, freestanding, and through-the-wall (TTW). The main difference among the three is size.
Wall Mount
A wall mount ATM machine is the smallest type. For this reason, it is a good option for small businesses where there isn’t a ton of available floor space. This machine can be, as the name suggests, mounted to a wall or even set up on a table or counter. Due to its size, it also doesn’t hold as much cash as the other ATM types. So, wall mount ATM machines are optimal for businesses with lower cash needs.
Through-the-Wall
TTW machines are the largest type. They, as the name suggests, face through the wall of another room. This is great for security purposes since they can be loaded with cash from behind the safety of a locked door. They also provide businesses with the luxury of offering 24/7 ATM service if the ATM faces the outside of the building.
Round the clock operation of your ATM machine equals more revenue potential which you’ll need to cover the construction of the space for installation. But after that, ATM service isn’t restricted to the business’s hours of operation. A larger machine means more cash capacity. And with a 24/7 machine, you’ll need a lot of cash!
Freestanding
Freestanding machines are the most common ATM choice for independent ATM deployers (IADs). They take up relatively little floor space and hold enough cash to last most businesses a week or more at a time.
If you plan on purchasing an ATM machine before securing a location to operate from, you might not know what kind of space will be available for placement. But a freestanding machine is a safe bet because it’s easy to accommodate and install. If you are just getting started in the ATM business, chances are you’ll be looking for a freestanding ATM machine.
How Much Does It Cost to Purchase an ATM for My Business?
The cost of ATM equipment will depend on a few factors: type, model, and age.
There are three different types of ATM machines that range in size. The cost of each ranges accordingly: expect to pay more for a TTW machine than a wall mount. Freestanding machines fall somewhere in the middle. Then there are a number of different models that also range in cost based on the features they offer. Finally, you’ll want to consider whether you want a new or certified refurbished machine.
For example, you can get a refurbished Triton 9100 for between $1,199 and $1,495 or a brand-new Genmega 2500 for around $2,295. While the Triton is a great buy, it has a small screen compared to the Genmega. And the Genmega offers better features like a Windows OS and a GenCam.
When making your decision, it’s important to consider your budget and the features that are non-negotiable for you. What do you want your machine to look like and offer? What are the location and potential customer needs? And what can you afford?
Just be aware that some sites will try to sell machines that are no longer compliant. Don’t waste your money on a machine that won’t work on the network, and don’t fall for a “good deal” when you’ll have to turn around and spend your “savings” on repairs and/or upgrade kits. You might as well just get a new or certified refurbished machine!
Finally, if you opt for a refurbished machine, ensure that it is in fact certified refurbished. This means that, in addition to cleaning and decal replacement (cosmetic fixes), the machine has been upgraded and all repairs addressed. Some vendors will try to pass off used machines as refurbished when all they do is clean up the exterior!
What Is the Best Brand of ATM for My Business?
There are a few big names in ATM equipment that you can count on for reliability and longevity: Triton, Genmega, and Hyosung.
Triton is the only 100% made-in-the-USA ATM manufacturer. They have been a market leader since the 1990s. The Triton RL200, RL1600, and 9100 models can be purchased used and refurbished and are, therefore, great options for a smaller budget. Freestanding machine cost ranges from about $1,199-$1,799. ATMDepot.com carries the full line of Triton ATM machines.
Hyosung is a Korean-based company that first introduced its Nautilus Hyosung ATMs to the United States in 1998. Hyosung is considered to be the leading provider of ATM hardware, software, and service. They have a reputation for having the most reliable, durable, and flexible ATMs. Freestanding models can range in price from about $1,895-$2,755.
Genmega is one of the newest ATM companies, introducing their first ATMs in 2006. Genmega machines come standard with the Genmega GenCam. The GenCam takes a photo of everyone that uses your ATM so there is always photo proof when handling disputes. Genmega freestanding machines range from about $2,295-$3,295.
There really is no “best” brand when it comes to trusted names in the ATM industry. Compare prices and features to get the machine that suits you and your business needs. And keep in mind that if you are shopping refurbished, your options will be limited to the available stock.
Is a New or Refurbished Machine the Best ATM for My Business?
Again, this comes down to your budget and your preferences. What do you want? What can you afford? Can you find it available refurbished? Both are good, reliable options so long as you trust that the refurbishment is certified.
New machines will last you longer because a used or refurbished machine already has years of its life taken off of it. And, typically, the newer the machine, the more user-friendly it is. Every new model comes with adjustments and improvements from the previous. This means that functionality is improved both for the ATM operator and the ATM customer.
On the other hand, a refurbished machine can be cheaper and any mechanical kinks it might have had will have already been identified, addressed, and repaired. Just remember that if you fall in love with a particular type of machine, it might not be available refurbished. You’ll have a narrower selection, but the money you save can be applied elsewhere.
I’m Ready to Purchase an ATM for My Business!
Hopefully you now feel more confident about purchasing an ATM machine for your business. When you consider each factor individually, you’ll find that the decision is much simpler than you anticipated.
Write down your budget. Research options. List your preferences. Then purchase the machine that makes the most sense for you and your business needs. Consider the ATM location and customers. What do the need? Want? Expect? What kind of machine will make you the most money?
ATMDepot offers a complete array of ATM equipment (new, used, and certified refurbished). We carry the full line of Hyosung, Genmega, and Triton machines. We can quote you on any ATM machine even if it isn’t listed on our site. Simply inquire if you have a specific ATM model in mind.
Want to purchase an ATM somewhere else? You can still get processing from us, no purchase necessary! If you only need equipment, we match or beat most written quotes. Call to inquire about special sales, upgrades, flexible payment options, and financing.
Check out our ATM Buyers Guide for more information, and if you still have questions, contact us today!
