ATM Robbery: How Common Is It?

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Although ATM robbery has drastically increased in recent years, it’s still relatively rare when you consider the large number of ATM machines in operation. However, there are many precautions you can take to protect yourself and your business from theft, vandalism, and loss.

How Common is ATM Robbery?

ATM robbery used to be a lot less common. However, it’s no surprise that in light of Covid-19 and other instances of civil and economic unrest, crime in general has increased. More people are becoming more desperate and criminals are becoming more bold. 

While the number of ATM thefts reported by the FBI between 2016 and 2019 were under 50, they climbed to 254 in 2021. However, the skyrocketing ATM thefts are linked to major metropolitan areas, and you have to consider that bank ATMs are included in these numbers. 

Bank ATMs can hold as little as $40,000 and as much as $250,000. So they are more worth the effort and the risk involved. On the other hand, bank ATMs are also well-monitored. This could push criminals to try their luck at independent ATM machines that might have less security. 

Therefore, it’s important that you take necessary steps to prevent ATM robbery and other ATM crimes that could arise. Fortunately, there are actions you can take that deter criminals altogether. Keep in mind, though, that certain locations and situations require different security measures. So think about your specific location and needs while making security decisions.

ATM Crimes

ATM crimes can present themselves in a number of ways. First of all, there is a slight distinction between ATM robbery and ATM theft. ATM robbery implies that cash is stolen while ATM theft suggests removal of the entire machine.

ATM Theft 

Some pretty drastic tactics can be involved in ATM theft. You might have heard of criminals using 

  • crowbars to pry off ATM covers (also known as “smash and grabs” and also known to look a lot less neat and organized than a simple crowbar pry….).
  • hook, chain, and high-powered trucks to yank ATM machines out of walls.
  • explosives to breach or dislodge ATM machines.

The bright side in all of this is that these situations typically don’t directly threaten human victims. Theft is between the criminal and the machine. Robberies, however, get a little more personal.

ATM Robberies

ATM robbery is scary because it could happen to anyone. You or your vaulter could be robbed while loading or unloading the machine. Or your customers could be robbed while making withdrawals. The employees of the business where your ATM is located could be pressured to access the ATM machine. 

While there are a number of steps you can take to protect yourself and your employees or partners from ATM robbery, there are some tips for ATM customers as well.

For example, most ATM robberies occur at night (between the hours of 12am and 4am). Therefore, try to make your withdrawals from a well-lit location in plain view of the public if you need to make a withdrawal in the dark. Most ATM robberies also involve one offender and one victim. So, there is safety in numbers, even at the ATM. 

Additionally, don’t count or carry your withdrawal out in the open. Quickly stash it and retrieve it in a secure location. Finally, don’t risk your life for a few hundred dollars. You might be strapped, but trust us, your life is worth more, so don’t try to fight or apprehend a robber to get your cash back!

Vandalism and Fraud

In addition to stealing ATM machines and vaulted or withdrawn cash, criminals can also launch electronic attacks. This is why it’s important to regularly check your machine for vandalism. 

While “shoulder surfers” can glean a customers’ PIN numbers by standing a little too close to them, hackers typically mess with the machine itself to access this sensitive information. For example, pinhole cameras, fake fronts, skimmers and shimmers, counterfeit PIN pads, and Lebanese Loops can be installed on ATM machines and be almost undetectable to the untrained (or unaware) eye.

Fortunately, if you know what to look for, you can see a pinhole camera, feel a fake front, and see signs of skimmers. On the other hand, you might not notice a logical attack.

A logical attack involves access to the mainboard or other electronics of an ATM machine to gain control or cause it to malfunction. This could allow a criminal to gain access to ATM cash via seemingly legitimate withdrawal processes.

Keep reading to find out what you can do to combat both physical and local attacks.

How To Prevent ATM Crime

To minimize the risk of crime involving your ATM machine, you’ll want to predict vulnerabilities and set up barriers. Make things difficult for criminals. Successful attacks can take only three minutes. Attackers aren’t going to want to spend a lot of time at your machine, so if they run into obstacles, they are more likely to move on or target a more vulnerable location.

Keep Eyes on Your Machine as Much as Possible

The first thing you want to do is be strategic with your placement. This is sometimes easier to do with indoor locations as you have four walls to work within. If your machine is outdoors, your options might be limited. However, make sure the area is well-lit and in plain view of witnesses such as cameras, high-traffic streets, or locations that are open late or 24 hours.

Don’t Keep the Machine Loaded After Hours

Second, If you’re a retailer that loads/vaults your own ATM, treat your ATM machine like a cash register if you can. Unload the ATM as part of your closing process. If you place your machine where it can be seen from a door or window after hours, leave the ATM door open after vaulting. There’s no need to break into a machine that’s visibly empty.

If you are an IAD and vault cash for your locations, watch your average withdrawal and manage your cash. Try to load only what’s needed between loading days. Ensure the location has a security system and camera pointed at the ATM (also use Genmega ATMs with a GenCam if you’re concerned at all). Just like car thieves, go for the unlock cars first. When they case the retailer, they will notice an alarm and cameras. Have decals on the ATM or a welcome screen that rotates to say, “Smile, you’re on camera” and/or “Alarm protects this ATM.” And, of course, make sure the ATM is properly bolted to the floor with the best anchors for the subfloor. Thieves casing the retailer look for other opportunities and may even try to push the ATM to check how well it’s installed.

Create Obstacles

Third, make your machine difficult to get to or access after hours. Keep the front and path leading to your machine clear for customers, of course, and when you bolt your machine to the ground, arrange shelves or other furniture alongside the machine or bolt it down in a corner to restrict access to the back and one side. 

Minimizing access points helps prevent physical as well as logical attacks. Consider the top of your machine as a potential ingress point as well. Adding an alarm inside the ATM with a door sensor on the plastic exterior lock door will cause the alarm to trigger as soon as someone tries to break that; before they even attempt anything else, that’s usually the first entry point.

Remember, the goal is to create barriers. Criminals won’t spend long trying to overcome obstacles. 

Regularly Update Software

Outdated software makes logical attacks easier for hackers. Updates typically include modern safeguards. Attackers will be able to identify outdated software, so make sure you keep it up-to-date.

Work with People You Trust

Unfortunately, theft can happen internally, too. Make sure you trust the location owner, employees, and third parties. Limit who has access to your machine; the less, the better.

Check Your Machine Frequently

Unattended, low-traffic ATM machines are more likely to be targeted. Therefore, non-bank ATMs typically have a greater risk of being tampered with. Each time you visit your machine, run your hand over the body. Look for loose, bulky, or foreign parts. Anything unusual could indicate that your machine has been tampered with, putting your customers at risk of fraud.

Use GPS Trackers

GPS tracking is more likely to help you after the event of an attack rather than preventing one. These devices won’t be visible, so if a robber is successful, you or the police will be more likely to apprehend the culprit and recover your assets.

Invest in ATM Insurance

The only thing insurance will prevent is worry. Investing in ATM insurance can give you peace of mind knowing that you are protected financially in a worst case scenario. Having insurance will hopefully encourage you to let your assets go if you are victimized and have to fight the urge to struggle with an attacker.

Should Vaulters Be Armed?

We do not recommend that you arm yourself when loading or unloading your machine. One of the biggest problems with this is that if you do end up using your weapon, there will be more consequences and complications. There are other, safer precautions you can take to protect yourself. 

First of all, don’t vault your machine at night. This is when criminals are the most active and when there will be fewer witnesses and natural protection. Furthermore, don’t stick to a regular, predictable vaulting schedule. You don’t want to allow someone to plan a robbery.

Make sure there is surveillance. You can install your own cameras or just be sure you place your machine in line with the cameras of your location or surrounding locations. To help deter criminals, consider putting up a sign that advertises that the machine is under video surveillance.

Also, be aware of who is around when you vault. If your machine is indoors, ensure a manager or employee is around while you vault rather than disappearing to the back. You can also vault after hours to minimize the level of foot traffic while you are vulnerable. If you vault after hours, it’s best to do so away from windows or points of ingress where passersby can see your activity.

If you still feel unsure and live in a major metropolitan area, you might see if you can arrange for an armed off-duty officer to accompany you to your drops. Again, we don’t recommend that you take the law into your own hands. Smart decisions are your first line of defense.

Be Proactive Against ATM Robbery

This information about ATM robbery isn’t meant to scare you. On the contrary, it’s meant to empower you. The more you know, the more prepared you will be and the more confident you will feel. 

Although ATM crime has risen in the past couple of years, crime, in general, has risen, so it isn’t unexpected. The number of reported incidents is still minor compared to the number of ATMs in operation, and bank ATMs are frequently targeted because larger vaults equal bigger payouts. 

In our many years of experience, we have never personally heard of an independent ATM deployer getting held up or mugged. And, being in the ATM business, that’s saying something!

Still have questions? Contact us today!

5 Advantages of Using Cash

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Are there advantages to using cash? Do most of us even carry cash anymore? With cryptocurrency, online shopping, debit and credit cards, Apple and Google pay, PayPal, and other money transfer apps, do we really even need cash anymore?

Technology is nice, but what happens when it doesn’t work? Have you ever tried to order food at a restaurant just to be told that their point-of-sales (POS) system is down? Have you ever tried to use a money transfer app to send or receive money just to run into verification obstacles, long wait times, or extra fees? 

For these reasons and more, cash will have a special place in our hearts (even if it isn’t always in our wallets) for a long time. It’s reliable, it’s convenient, and it’s a 3,000 year tradition.

Is the ATM Business Dying?

As long as people need cash, they will need ATM machines. Although cash payments decline as electronic payment methods increase and improve, there is currently more cash in circulation than ever. 

Cash is traditional. It’s familiar. Comfortable. So for a long time yet, there will be people who prefer cash. Could you even imagine what would happen if cash was taken out of circulation? Many people would protest that choice being taken away from them. So we don’t see that happening in our lifetime.

Even so, ATM machines are versatile. They have already evolved to facilitate the cryptocurrency craze. So there’s no reason to believe that the ATM business would be dying anytime soon.

Furthermore, federal law prohibits businesses from going cashless. While state mandates might vary, it’s generally accepted that cash is the most widely accessible form of payment in addition to the other advantages of using cash. 

The Payment Choice Act

The Payment Choice Act (2021-2022) refers to the bill that states that retail businesses do have to accept cash payments. It also prohibits them from charging cash-paying customers more. The goal is to prevent discrimination and keep consumerism fair. 

Without the ability to pay with cash, low-income and other unbanked individuals would be unfairly excluded from locations that would prefer not to accept cash payments. However, as you will see, in most cases, cash payments actually benefit retail businesses. The advantages of using cash on top of the federal law further solidify the role of cash in our society.

5 Advantages of Using Cash

1. Quick

In many cases, cash payments are quicker than electronic ones. Cash payments don’t decline. The POS system doesn’t have to communicate with your bank to release the funds. And when that POS system goes down, you’d better believe you’ll be wishing you had some cash on you. 

Cash is also often more convenient than electronic payment methods. You don’t have to worry about accidentally overdrawing your account and accruing exorbitant bank fees when you pay with cash. 

And if someone needs to pay you for something, cash payments are immediate. You don’t have to download a new app, figure out how to be “added” as someone’s contact, fight with authentication procedures, worry about payments being sent to the wrong person, be restricted by sending limits, wait days for the money to hit your account, or pay any transfer fees.

With cash, once it hits your hands, it’s yours. 

2. Tangible

Cash is tangible, an old-fashioned favorite. Bills can be broken into smaller bills and even coins. Many of us learned to count using bills and coins, and many children still do. Physical money is an important educational tool for children when it comes to counting and budgeting. 

Cash is a useful budgeting tool as evidenced by the envelope method touted by financial guru Dave Ramsey. By physically dedicating a set amount of cash to various categories of your spending habits, it’s much easier to be frugal and disciplined with your money—once it’s gone, it’s gone. 

Don’t payments hurt just a little bit more when you can see and feel the money leaving your side? Electronic stashes are often out of sight and out of mind (and sometimes out of control if you aren’t careful with your credit cards…). Some people also feel safer having tangible money in their possession where they can keep an eye on it and protect it.

3. Private

Cash payments are private. They are difficult to track, and, excepting disposable paper receipts, they leave no paper trail. Sketchy business practices aside, this privacy also serves as a security measure. 

No one can electronically hack into your wallet or safe. Your financial information can’t be compromised in a data breach if you use cash payments at most stores and avoid online shopping. And if you minimize the number of debit and credit cards you carry, you in turn minimize your risk of identity theft. 

4. Universal

Cash is also the most widely accessible payment method. Everyone has access to cash. And it’s a good thing, too.

About 6% of Americans are unbanked, with no bank account, and another 16% are underbanked, meaning they only have a checking account and maybe a savings account. There are many reasons why someone might be unbanked or underbanked.

First, low-income individuals might not make enough money to warrant a bank account. This is especially true when bank accounts charge monthly service fees or impose minimum balance requirements. And what about the homeless man at the intersection? Does he take debit or credit? 

Other people might be distrustful of banks, especially under the threat of national and economic crises. Covid-19, for example, caused more cash to be in circulation than ever. Others still might just not want to deal with bank regulations and restrictions. 

Minors are also unbanked. We pay our children for doing extra chores. We use cash to pay our neighbor to mow our lawn. Our kids receive cash in their birthday cards. They keep it safe in a piggy bank. These are traditions that are still going strong.

5. Necessary

Finally, cash is necessary for cash-only businesses. Many small businesses are cash-only to save money on credit card processing fees and to make bookkeeping simpler. 

The cannabis industry is also often cash-only by necessity. Although legal in many states, whether medicinal or recreational, marijuana is still illegal on a federal level. Therefore, few banks will work with cannabis businesses due to the threat of breaking money laundering laws. 

Even if cannabis businesses find banks willing to work with them, it can be quite expensive for them to maintain those accounts. This is because it costs the banks more to service them due to anti-money laundering software, external auditors, and legal counsel.

Cash tipping is also common in many industries like beauty salons, bars, and restaurants. Many businesses, like Starbucks, only accept cash tips if they aren’t able to apply them to a debit or credit charge. You will see little bowls or buckets on the counters of places like these where customers can leave a cash tip. Businesses that are able to apply a tip to a debit or credit charge will sometimes still place a cash tip receptacle in customer view because the visual reminder (Dare we say peer pressure?) encourages more tips.  

Other times, customers want to make sure that their servers receive the full amount of a cash tip whereas electronic tips are subject to tip sharing and other deductions. And how else do you tip your concierge when you travel? The entertainment at your local bar? Your favorite street performer?

Cash is King

As you can see, cash plays a very important role in our society. There are many advantages of using cash. No other payment option is as secure, convenient, reliable, or universal. That’s good news for the ATM industry. As far as we are concerned, cash is here to stay, and so is the ATM industry. Ready to start your own ATM business? Where there is a need for cash, there is an opportunity for you to make some passive income. Get started today!

Positively What to Know When Buying an ATM Machine

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Wondering positively what to know when buying an ATM machine? There are a lot of factors to consider. First of all, should you buy an ATM machine? To answer this question, you might need to know how to buy an ATM and make money. 

Here’s what to know when buying an ATM machine:

What ATM machine should I buy? 

Where can I buy an ATM machine?

How much does it cost to buy an ATM machine?

Should I buy an ATM machine for my business?

How do I buy an ATM machine?

In this article, we will answer these questions and tell you what to know when buying an ATM machine.

What to Know When Buying an ATM Machine

Before we get into some of the most common questions about buying an ATM, let’s talk about what an ATM machine could mean for you. ATM machines provide customers with convenient access to cash and their accounts. As the owner of an ATM machine, you receive 

What ATM Machine to Buy

The best ATM brands on the market in terms of durability and reliability are Hyosung, Genmega, Hantle, and Triton. However, in addition to the manufacturer, you also want to consider what type of ATM machine you want to buy. 

The most common type of ATM machine is free-standing. These are the types of ATM machines you see in convenience and grocery stores. They are easy to install and easy to move. 

Through-the-wall (TTW) ATM machines are more commonly found in office buildings where the machine can protrude into a separate, secure room. These machines are bulkier, but more secure since you can load and unload the machine behind locked doors.

Wall mount ATM machines are the smallest type of ATM. They are ideal for locations where space is minimal or where there is low traffic. Since wall mount ATM machines (they can also sit atop a table or counter) are smaller, they hold less cash. So they aren’t ideal for busy, high-traffic areas.

Finally, you need to decide whether you want a new, used, or refurbished ATM machine. Each of them have their pros and cons. 

New machines are shiny and attractive. However, they do cost more. So you have to decide if “shiny and new” is worth the extra cost. Typically, new machines are recommended for first-time ATM owners because you don’t want to add mechanical issues to the list of other aspects of the business you’ll be learning along the way.

Used machines can be cheaper, but they can be problematic if they aren’t properly refurbished. If you are considering a used, refurbished ATM machine, make sure it is “certified refurbished”. This means that any ATM damage is addressed rather than it simply being cleaned and polished.

For more information, check out our ATM Buyer’s Guide.

Where to Buy an ATM Machine

You can buy as many ATM machines as you want. But without ATM processing, you won’t be able to connect them to the network that communicates with users’ banks. An ATM machine without processing capabilities is basically useless. 

So, since you have to work with an ATM processing company anyway, it makes sense to buy an ATM machine from them as well. This simplifies the process by only having to do business with one company instead of multiple. The ATM processing company will also be able to provide you with better, more specific support for the machines they stock. 

Not all ATM processing companies sell ATM equipment, but a lot do. So where else can you buy an ATM machine?

A simple internet search will result in lists of ATM processing companies and ATM wholesalers. But you can also find machines on auction sites like eBay, on Craigslist, and even on Amazon. 

However, make sure you don’t compromise quality for what seems like a good deal. Used machines can be slow or damaged, refurbishments could be shoddy, and older machines can be out of compliance.

How Much Does it Cost to Buy an ATM Machine

ATM machines can cost anywhere from $1,500 to $8,000. However, most free standing ATM machines are about $1,500 to $3,000. Cost depends on size and age. Larger and newer machines cost more. You can find used and refurbished ATM machines for a little cheaper, around $1,500 to $2,000. 

However, you have to consider additional costs as well. Is the discount on a used machine really a discount if you have to pay for updates, upgrades, and repairs? 

You also have a number of options when it comes to additional features. Do you want a larger screen? A topper to run ads? A lighted keypad? You will have to budget for these items as well when calculating your ATM machine purchase budget.

Buying an ATM Machine for your Business

If you are wondering what to know when buying an ATM machine, then you either want to place your ATM machine in someone else’s business or you want to add one to your own existing business. There are a few benefits of buying an ATM machine for your business. 

First of all, the additional service brings more traffic in and around your business. This increases sales on top of the surcharge income you earn per transaction made on the machine. 

Buying an ATM machine for your business is a good idea if you feel like there is a need for one in your area. If there are other ATM machines nearby, keep in mind that you will be sharing customers and competing with them.

How to Buy an ATM Machine

Again, you can buy an ATM machine from someone besides a processing company. But you won’t be able to generate much income from an inoperable machine. So when you buy an ATM machine from a processing company, they will assume you want to operate it and will therefore require certain documentation.

First, you’ll need to complete an equipment order form. This is where you will indicate the equipment you want and the installer. You will also need to indicate your surcharge rate and the denominations your ATM will dispense. 

You will also need to provide an ACH form so that the revenue generated from your machine can be deposited into your bank account. Be prepared to provide a voided business check to verify the legitimacy of your designated bank account. And since you will be generating income from your ATM machine, you will have to submit a completed W-9 form for tax purposes. 

To confirm your identity, your driver’s license will be required as well as a background check since there are restrictions on who can legally operate an ATM machine. Furthermore, an ATM Operator Agreement and application tells banking partners who they are working with and ensures all federal regulations are met. 

And finally is the ATM processing agreement. This serves as the legal contract between you and the ATM processor that runs your ATM machine program. It lists and describes the responsibilities and obligations of both parties. 

As far as paying for the ATM equipment, you have a few options. The best option is to pay for the equipment in full, that way you don’t accrue any interest and end up paying more. However, you do have some financing options. You can make your purchase with a credit card, take out a loan, or apply for financing.

Positively What to Know When Buying an ATM Machine: A Recap

Now that we’ve answered the what, where, how, and how much questions circling the ATM buying process, you have some decisions to make. What type of ATM machine will you buy? Where will you get it from? How will you pay for it?

At ATMDepot.com, the process is simple. We offer special sales, upgrades and flexible payment options. You also avoid monthly fees, statement fees, and processing fees when you process with us. If you order your machine from ATMDepot.com, you get free shipping, an added cost when purchasing from other sellers. Still have questions? Or are you just ready to get started? Either way, contact us today!

7 ATM Customer Service Tips

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You may be surprised to read that there are ATM customer service tips. After all, you likely won’t see or personally interact with your customers on a daily basis. However, you do operate a business. And good business people must practice certain etiquette to maintain a successful business. 

You might be competing with banks or other nearby ATM machines. To maximize your transaction revenue, you want customers to choose your machine. How do you do that?

The beauty of the ATM business is that you are able to generate passive income. That means that your machine should make you money with a minimum amount of effort from you. But keep in mind that in order to generate that passive income, you have to make sure that your business runs smoothly even when you aren’t around. 

The following ATM customer service tips will help you provide a seamless experience for your users. And hopefully create repeat customers. But these ATM customer service tips also apply to your relationship with the location owner. 

If you place your ATM machine in someone else’s store, you want to ensure that the store owner and everyone involved is happy with you and your machine. Otherwise, you could risk losing the location. And that can be a costly dilemma, especially if the location brings in a lot of transactions.

So as you read these 7 ATM customer service tips, think about how you can improve your relationship with the location owner and your customers. Because good customer service could make or break your business.  

7 ATM Customer Service Tips

1. Communicate Clearly

When it comes to customer service, communication is key. We can think of a few examples. 

First of all, be transparent about your surcharge fee. No one likes to be surprised by an unexpected charge. And if you have to raise the surcharge, let your customers know why! It’s easier to accept a change if it can be logically understood.

Second, if your machine is out of order for whatever reason, let your customers know what’s going on. If possible, provide a timeframe for resolving the issue. Otherwise, an out of order sign can deter customers for a long time if they feel like they can’t expect reliable service consistently. 

It’s also important to use positive language. Rather than saying “Out-of-Order,” try something like, “We’ll see you tomorrow!” This might not help a one-off customer, but it lets repeat customers know that the problem will be fixed quickly and that they can still rely on the machine in the future.

You might also consider providing contact information. If customers know they can call or email someone if they have a problem, it makes the experience more personable. It’s easy to forget that there is an actual person behind the machine.

Finally, you’ll want to communicate clearly with the location owner and any other partners you might have. Make sure that any agreements are win-win. This will prevent animosity and ensure that your business thrives because everyone has a stake. 

And clearly define roles and responsibilities. Otherwise, tasks might not get done if one party thinks someone else is handling them. Good communication and organization behind the scenes will translate into better ATM customer service for your users.

2. Listen

A major part of good communication is good listening. You can use an active listening strategy like the LAER method to communicate better with your partners and customers. 

If there is an issue or concern, the first step is to listen without interrupting. Second, acknowledge, verbally or nonverbally, that you understand. Then explore what was said. Repeat what was said in your own words to make sure you got it right, and ask follow-up questions to gain more insight. 

Finally, respond. Respond only after you’re sure you know where the other party is coming from. That way your response is direct, relevant, and fair.

3. Be Proactive

There are many strategies for providing good ATM customer service in the event of a problem or conflict. But if you don’t learn from these mistakes, then you’re wasting time. Good ATM customer service doesn’t just mean fixing problems. It also means preventing them.

You can’t provide your service if your machine isn’t functioning properly. So think about what could go wrong and things you can do to prevent it. How could you prevent or minimize the threat of theft or vandalism? Paper jams? Cash shortages? 

Some problems are easier to prevent than others, but if you at least develop a plan of action for some worst case scenarios ahead of time, you will be able to resolve them a lot quicker. The more prepared you are and the faster you act, the sooner you will be able to continue to provide your service.

4. Monitor Data

Remote online monitoring is one way to prevent issues and learn more about your customers. With online monitoring, you are able to track your machine’s activity from wherever you are. Maybe a camera feed shows something suspicious that you want to nip in the bud. Maybe your numbers aren’t working out and you need to chat with your vaulter.

You can also use online monitoring to track activity trends. This allows you to provide better ATM customer service because you know who your customers are and what they need. 

For example, if you notice that Fridays are heavy transaction days, you want to make sure the machine is fully stocked Thursday night. You might also plan to be available or on call on Fridays so that you can quickly resolve any issues and provide good service to more customers.

You might also track withdrawal amounts. If you notice higher withdrawal amounts than you expected, you might consider adjusting the denominations you offer. Learning from your data and acting on it shows that you care about providing good ATM customer service.

5. Unify Your Team

A bicycle doesn’t work with only one wheel. A car won’t work with only three tires. Similarly, your business won’t function to its potential if all parties aren’t working together.

If you are the only member of your operation, you don’t have to worry about this one (provided you are happy with your ATM service provider). However, chances are you at least work with a location owner, location managers, location employees, or anyone responsible for your machine when you aren’t around. 

Make sure that roles and responsibilities are clearly defined and agreed upon. Then, implement measures to check that everyone is doing his or her part. You might need to offer some sort of training, develop a detailed contract, or even outsource some tasks like vaulting. 

Either way, make sure that everyone involved works together to prevent issues and ensure success for each party. 

6. Maintain a Strong Work Ethic

Having a strong work ethic and being a workaholic are two different things. Remember, you want your ATM business to bring you passive income. But in order to do so, it’s your responsibility to make sure your business (or ATM) is working properly.

The more work you put in at the beginning, the more passive your income will be later on. So don’t cut corners, make action plans, and organize your team. Most importantly, be accessible. 

If, by some chance, something goes wrong, you are going to want to know about it. The quicker problems are addressed, the quicker you get back up and running. If a user has trouble with the machine, and they call the number you posted, make sure you are there to help. If your vaulter has an emergency and can’t fill the machine, that responsibility falls on you.

Don’t worry. You can still go out of town or take a vacation if you need to. Just make sure you leave someone in charge while you’re away so that your business continues to run smoothly.

7. Choose the Right Tools

You can’t provide the best ATM customer service with sub-par tools. If you compromise quality equipment to save a buck, there’s a chance your users will encounter more problems and an out-of-order machine.

Your main goal as an ATM business owner is to minimize the amount of downtime your machine experiences. Because when your machine is down, you aren’t making money.

Aside from the machine itself, there are other tools that can help you consistently provide good ATM customer service to your users and your partners. Whether you want to invest in a particular lock, security cameras, or add-ons like a topper, any decision you make with your customers in mind is going to pay off in the end.

Now, you don’t have to invest in every bright and shiny feature, and you can find quality used or refurbished equipment affordably. What we mean by “choose the right tools” is “choose the right tools for you”. Choose the right tools that serve your customers and your location. This will look different for each IAD.

However, we will recommend that you consider adding remote online monitoring and an ATM wireless device to your toolbelt. Having an ATM wireless device for your internet connection allows you to provide your service more predictably and consistently. The alternative is relying on the location’s internet service provider which could be problematic or a hassle to troubleshoot.

Whatever tools you need to consistently provide good ATM customer service are the right tools.

The Importance of ATM Customer Service

Customer service is your business. Without it, you go broke. You have location owners and users counting on you and your machine. Why should they work with you? Why should they choose your machine? Convenience.

The service you provide is convenient access to cash. If you compromise ATM customer service, your business will lose that convenience factor. An ATM business is a unique business model, but all businesses rely on good customer service to succeed. These tips can help.

How to Use LAER for Handling Objections

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LAER is most widely known as a marketing technique used by salespeople. However, you will find that it’s actually a great active listening technique for handling objections in any scenario. That’s why we’ll explain in this article how to listen, acknowledge, explore, and respond to objections you might face when approaching location owners with a proposal to place your ATM.

What is LAER?

LAER is a communication strategy that stands for Listen, Acknowledge, Explore, and Respond. While you might think these four steps go without saying, it’s actually a method that needs to be practiced and perfected. Too often we want to jump in with our solution, especially when we are so confident and sure of it. But doing so will almost certainly cost you the deal.

You know you have a good idea. You wouldn’t be approaching business owners with an ATM opportunity if you weren’t sure the location would benefit from it. And, you know there is little to no risk on the part of the location owner. But how do you get someone to trust you and to hear you out (especially for your first placement)? 

If you’ve struggled to negotiate locations in the past, it probably isn’t the idea that isn’t working; it might be the presentation. These are the four steps of the LAER method explained:

Listen

This is the first step, but it will be a vital one throughout the entire conversation. You don’t want to just listen to the owners’ initial objections, you’ll want to also listen to their answers to your questions. 

Listening doesn’t just mean not interrupting. It means really trying to understand the perspective of the speaker. As the location owner says he or she isn’t interested, try to understand why. When you ask probing questions to get to the root of the pain that’s causing the objection (step 3, explore), listen closely to the answers. 

This way, when you respond (step 4), your response is personalized, genuine, and helpful. Responding in this way rather than from a generic script will show the owner that you are a professional who actually listens.

Acknowledge

During and after actively listening to the owner’s objections and answers to your questions, acknowledge that you understand what is being said. Acknowledgement can be a verbal, “I understand,” or a non-verbal head nod. Whether or not you agree with what is being said, acknowledgement encourages the speaker to keep talking. 

When he or she is finished, begin your response with a summary of what was said. If you get it right, great! If you get it wrong, the speaker will be happy to clarify and probably grateful for the opportunity because it shows that the conversation is two-way.

No longer are you simply trying to “sell” a machine, an idea, or a proposal. You are engaging in a professional conversation that works to please both parties. Again, acknowledgement doesn’t necessarily mean agreement. It just means that you are trying to meet the owner at his or her point(s) of concern 

Explore

Exploring allows you to dig deeper into the root of the objection. What exactly is causing the concern? Where is the objection coming from? You might find that a location owner is objecting due to past experiences, misinformation, or different goals or agenda. 

Ask questions that allow you to better understand why people are objecting. Don’t assume you know why they don’t agree. If you do, your response isn’t going to cut it; you will only scratch the surface of the problem. Don’t try to align what you hear with your beliefs. Instead, try to really understand them so that you can provide a realistic response.

Respond

Don’t tell someone why their way of thinking is wrong. This is aggressive, salesy, and off-putting, and it’s a surefire way to convince someone not to work with you. If you simply respond with facts, you can let someone determine on his or her own what makes the most sense. 

Your response should be factual and helpful. Recommend a solution, a next step, and/or compromise. Keep reading to see some common objections you can use to prepare yourself.  

What Objections Do ATM Owners Face?

New ideas can be scary. Change can be scary. Why try to fix what isn’t broken, right? Location owners might be particularly hesitant to enter into a partnership with you if they really don’t know much about ATM machines or the business. The less they already know, the scarier the change will be.

Location owners are also busy. Don’t be surprised if they aren’t quick to jump at an opportunity that they think will create more work for them. They also might not see that the potential rewards outweigh the perceived risk.

Here are some objections you might come across (or maybe already have) when approaching location owners:

  • I’m afraid an ATM machine will attract crime.
  • I don’t have room for a machine in my store.
  • I don’t have time to handle an ATM machine.
  • I think I’d rather purchase my own machine.
  • I don’t feel comfortable working with someone new to the business.

What kinds of questions can you ask to dig deeper into the root of the objection? Next, we’ll provide an example.

What Happens without the LAER Method?

Let’s take a look at two conversations, one that uses LAER and one that does not. Which one sounds more effective to you?

Without LAER:

ATM Owner: Thank you so much for your time. I wanted to talk to you about placing an ATM machine in your store. Is this something you might be interested in?

Location Owner: No, not really. I don’t want people breaking into my store.

ATM Owner: Well you see, adding an ATM to your store will increase traffic to your store and get you more sales. 

In this scenario, the ATM owner provides the location owner with the potential value and benefits of adding an ATM machine to the location. However, this response completely ignores the root of the objection. So it isn’t going to be a strong enough response to convince the location owner to work with you.

This response also sounds rehearsed. It’s totally acceptable to use a script to guide you, especially when you are just starting out. But in this case, the script is obvious because it sounds as though the ATM owner wasn’t really listening to the location owner. Instead, the ATM owner responds as though it didn’t actually matter what the location owner said; the response was going to be the same. 

It sounds almost as if the ATM owner was just waiting for the opportunity to recite the list of benefits. And while they might be true (there really is a list of benefits of ATM machines for location owners), they don’t address the concern the location owner has. This response does not provide a solution or compromise.

With LAER:

ATM Owner: Thank you so much for your time. I wanted to talk to you about placing an ATM machine in your store. Is this something you might be interested in?

Location Owner: No, not really. I don’t want people breaking into my store.

ATM Owner: I understand. Break-ins can be expensive! Have you experienced a break-in here before?

Location Owner: No, but I’ve heard stories of other robberies in this area.

ATM Owner: Oh. There have been robberies in this area? Were they ATM robberies?

Location Owner: No, they robbed cash registers. OR I don’t know.

ATM Owner: Are you worried about theft during store hours or after store hours?

Location Owner: Well, both, but the robberies here happened (during/after) store hours.

ATM Owner: Uh huh. I see. Well robbery is definitely a concern, but ATM machines aren’t really a big target for armed robbery. It takes a long time to breach an ATM machine, and that increases the risk for average robbers. What if we put the ATM machine outside of the store?

Do you see how this scenario sounds more like a two-way conversation with both parties sharing new information with the other? The ATM owner listens to the location owner by repeating or summarizing what the location owner says, acknowledges the location owner by verbally affirming that he or she understands, explores the root of the problem by asking probing follow-up questions, and responds with facts specifically about ATM crime and even proposes a compromise.

So if you were questioning the effectiveness of active listening strategies before, hopefully now you see the benefit! Are there other methods you can use? Absolutely! The point is that you practice active listening in order to provide more effective responses and close those deals!

How to Use LAER for Handling Objections

In summary, listen to what the owner says, acknowledge that you understand the objections, explore in depth the pain that is driving the objection, and respond to the pain only when you fully understand it.

The concept is simple, but execution can be tricky. You might not get it perfect right away. Practice using it and listening for it in your day to day conversations. You may find that it even improves your conversations with your loved ones!

For scripts you can use to get location owners to talk to you to negotiate deals, check out the Member’s Area at ATMDepot.com!