Want to know how to place an ATM machine? If you don’t own your own store or business, you have to think about where you are going to install your ATM machine. This requires talking to people….
But it’s not as scary as it sounds. A lot of people hate approaching strangers when they need something. Fortunately, you aren’t selling anything. And, if done right, your leads won’t be strangers for long.
We would never suggest sleazy sales tactics when explaining how to place an ATM machine. Instead, we encourage you to try to build relationships with your leads and have meaningful, effective conversations. So think of ATM placement as networking, not selling, and maybe these tips will help put you at ease.
Where Are the Best Locations to Place an ATM Machine?
There are many factors to consider when determining the best locations. It’s hard to develop a definitive list because the numbers and experiences vary from city to city.
The ATM owner’s personal preference, background, and comfort play a role too. What might be a profitable location for one person might not be for another based on the way the deal is negotiated, the way the parties involved work together, and the way the business is run.
But you can use these guidelines to develop a strong list of leads for placing your ATM machine:
Generally, the best locations are the businesses where you are already a customer. First, you know a lot of the ins and outs already. Second, you might already have a relationship with the owner or someone who can get you a meeting with the owner. If and when you do get to speak with the owner, you then have an initial connection to draw upon in your negotiations.
Next, you want to consider the proximity of the location to your home, your work, and other ATM machines. The best locations are not only going to be the ones that have the least competition, but also the ones that are convenient for you to get to.
You don’t want to end up spending a large portion of your revenue on transportation costs. You also want your ATM income to be passive, so you want to minimize the time you spend on the business in order to increase your profits.
Finally, you are looking for locations that get a lot of foot traffic. The more people who see the machine, the more potential you have to get transactions and revenue. Busy locations, locations with good reviews, and especially locations with high levels of cash transactions are usually good bets.
For more information and numbers, we list the 9 best locations for ATM machines based on our experience in the ATM business here. But keep reading to see how to talk to location owners to set up an ATM placement.
5 Tips for How to Place an ATM Machine
1. Cold Call
We’re going to cover this one first and get it out of the way! Joking aside, cold calling is a legitimate way to generate leads.
Cold calling is a proactive way to get leads. Referrals are inactive. While referrals are nice because they require little to no work on your part, they do have some drawbacks. First of all, you never know when a referral will come around. It’s also kind of hard to start a business from referrals if you haven’t even begun operating yet. Finally, you might not always like the referrals that come your way.
One major benefit of cold calling is that you get to choose your potential business partners. Don’t bother calling someone in a neighborhood you dread going to or someone whose business has low reviews. Do your research, choose locations strategically, and don’t use sleazy tactics.
Cold calling literally refers to unsolicited contact. However, effective cold calls are not random. Effective cold calling requires thought. It’s the first step in the relationship-building process. You might not close the deal on the initial call. It’s actually better that you don’t. Find out more about the importance and benefits of cold calling here.
2. Leave Something Behind
If you visit locations in person instead of over the phone, you will want to have something informative to leave behind. The location owner or decision-maker may not be available when you’re there, or he or she might want some time to think about your proposal.
You can have ATM business fliers made up ahead of time and keep some with you wherever you go, just in case. It’s also a good idea to have ATM business cards made. Opportunities can find you even when you aren’t looking for them. Having ATM business cards handy allows you to network anywhere you go.
3. Borrow Authority
You probably want to know how to place an ATM machine the first time. It can be difficult to negotiate ATM placements if you don’t have the confidence of having even one success story. So if you are trying to place your first ATM machine, don’t let that get you down.
If you’re in communication with a location owner who asks about your other machines or locations, be honest. There are benefits that come with being the first or only location. Emphasize your motivation to do a good job so that you can get more locations. And explain that you will be able to devote all of your attention to this first location instead of dividing it among multiple.
Finally, try to borrow authority. To put location owners at ease with a first time independent ATM deployer (IAD), drop the name of the ATM processor you work with. That will give them a company to research and call if necessary to back up the information you’ve given them.
4. Offer Value
Obviously, the best way to land a deal is to list the benefits of working with you. There are many ways location owners and businesses benefit from having an ATM machine on the premises. More cash transactions mean less credit card transaction fees, and ATM service means more traffic, customers, and sales.
Listen to the location owner’s pain points. Does he or she experience any problems that you can solve? That’s your in!
5. Implement the LAER Method
Chances are, you won’t make it through this process without meeting a few objections. People are naturally skeptical of things they don’t understand. Rather than take the time to understand, it’s quicker to dismiss the idea altogether. Fortunately for you, an objection is not the end of the conversation; it’s just the beginning.
The LAER method of handling objections requires that you listen, acknowledge, explore, and respond. Essentially, it’s an active listening technique. Listen to the owner (objections and all), indicate that you understand, ask follow-up questions to dig deeper and clarify the issue, and then respond with facts.
Not only does active listening show respect for the other party, it also allows you to educate the owner without lecturing. This way, you can provide the information that specifically applies to the location owner. It’s quick, it’s direct, it’s relevant, and it’s effective.
How to Place an ATM Machine
There really isn’t much to placing an ATM machine. It just takes some practice. Remember that the more feelers you put out, the more hits you’ll get. But keep in mind that you want quality over quantity. Do some research and take the time to build relationships with businesses you really want to work with.
With these tips, you now have the tools to approach valuable leads, build relationships, have meaningful conversations, and place ATM machines!