Tag Archive for: atm business

ATM Models to Consider for Your ATM Business

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For an ATM business to run successfully you need a reliable machine that is up to date and ready to serve all your customers at all times. Selecting any of these ATMs youโ€™ll be up to date on the latest features and also be able to update your machine with the newest software when needed.

Hyosung Halo ATM

The Halo is set apart by (and named for) theย circle of light that surrounds the recessed pin padย and illuminates it with a constantly changing spectrum of colors. This is an attention getting machine and the numbers speak for themselves.

Owners with the new+ Halo are reporting increased usage as the machine is very noticeable as it comes standard with a large 10-inch LCD screen (about the size of an ipad) using Microsoft Windows as the operating system so adding custom graphics to that incredible screen is made simple. The Halo is also available with an optional high gloss white finish. Read more

Where Should I Place My ATM?

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Where Should I Place My ATM?

To really maximize the profits you earn from your businessโ€™s automatic teller machine, you need to place that machine in the right location. ATM placement is an art, not a science, however, even experts on the topic can sometimes disagree about ATM placement strategies. So consider the following an introduction to the factors that go into this important decision.

First and foremost, your customers wonโ€™t want to use your ATM unless they feel safe doing so. Therefore, install your ATM someplace in your business thatโ€™s lit brightly, somewhere under the watchful eye of a security camera, perhaps with a visible alarm system within armโ€™s reach.

You also have to decide whether to install your ATM indoors or outdoors. Outdoor ATMโ€™s can be accessed twenty-four hours a day, of course, but theyโ€™re more vulnerable to vandals and thieves. Youโ€™ll have to invest in a first-rate (in other words, expensive) security system. There might even be specific safety/security laws in your state and municipality dictating the kinds of security measures youโ€™re required to have in place for an outdoor ATM. In addition, during the day many customers prefer using indoor rather than outdoor ATMโ€™s, as they feel safer doing so. In that regard, you might actually lose some ATM business if you place your automatic teller machine outside.

If you manage a large complex, such as a shopping mall or a resort hotel, then choosing the spot in which to install your ATM becomes significantly more challenging. Many such facilities set up an ATM in the lobby, believing that customers expect to find ATMโ€™s there, and also believing that a lobby is a safe place because it receives so much traffic all day long. And many hotels, malls and even hospitals decide to maintain more than one on-site ATM. For instance, a hotel might find it worth the investment to put an ATM on every floor. If you decide to go this route, it probably makes sense to put the ATM at the same location on each floor โ€“ just to the left of the elevator, for instance.

You donโ€™t have to run a business with multiple floors in order to derive benefit from multiple ATMโ€™s, though. Even if you own, for example, a fairly large, one-story convenience store, you might find that if you purchase more than one ATM, and place those ATMโ€™s in opposite sections of your store, those ATMโ€™s will increase your profit margins each month.

One of the longest-running debates when it comes to the placement of ATMโ€™s is this: Should you put an ATM right next to the front door of your establishment? There are passionate advocates on both sides of this argument. Those who say that an ATM should go beside the front door can site statistics indicating that putting an ATM here greatly increases the usage that ATM will get over time. Some studies have even said that an ATM beside the front door gets twice as many transactions as an ATM placed in, say, one of the far corners of a businessโ€™s interior.

On the other hand, the case against putting an ATM by the front door is also convincing. First, if you attract lots of customers each day, an ATM next to the door could cause congestion around that door. People lining up here might even block the entrance. And if potential customers walking by on the street see this commotion, they might be discouraged from entering your establishment, thus costing you business. Even worse, a line of customers near your front door might constitute a minor fire hazard, should that line be thick enough. And if your front door is glass, it might be tempting for drug addicts and other amateur robbers to break the glass at night, step inside and try to loot your ATM.

If you have no idea how many ATMโ€™s to buy, or where to place them, you can always contact experts at an ATM consulting service. Theyโ€™ll be able to analyze your floor plan and your flow of traffic and tell you the best place to put your machine(s).

Protecting Your ATM

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Why You Should Know About Protecting Your ATM

Customers know that protecting your ATM pin and the card are the most important things to know concerning their bank accounts and their money or investments. There are several scams that thieves devise to try and separate the customer from his money and the customer should always be on the lookout for anything that seems out of the ordinary or different from the norm.

Banks and ATM companies continually warn its customers to not ever give their PINโ€™s out to anyone. These financial institutions warn customers through mass mailings, over email and sometimes even offer tips and advice on things they can do to protect their ATM cards. Customers are also advised continuously that itโ€™s not ever a good idea to write their PIN number down anywhere. Their advised as well to select a PIN thatโ€™s hard to decipher, one thatโ€™s not associated with anything that can easily be hiked. This includes associating it with things like an important birthdate, an anniversary date, an address or even using a consistent, traceable number that is used in other PIN numbers. For instance, some customers will often consistently use a number across the board for all of their PINโ€™s that they use for any important material. Therefore, if they use a number like 1234 with voice messages retrieval or for their post office box, they may also use that same number in establishing a PIN. Thieves will more than likely use that same method of thinking when they trying to determine what a PIN might be.

Protecting Your ATM โ€“ a customers pov

Customers should always be wary of any โ€œhelpfulโ€ strangers who want to help them if they experience any problems at an ATM station. These โ€œGood Samaritansโ€ are often a setup for customers, pretending to come to their aid while the customer is experiencing frustration with ATM problems. After the customer has entered their PIN several times, or the machine has taken the card, the customer gives up and says heโ€™ll call the bank tomorrow. After the customer leaves, the thief retrieves the card, enters the PIN that he watched the customer enter and then takes cash out of the customerโ€™s account. This is all done without the customerโ€™s knowledge, and even with the customerโ€™s assistance.

In addition to some of the tips that financial institutions give customers concerning their PINโ€™s and how to protect them, they also advise customers of some deceptive practices that thieves will try to use to gain access to their accounts. While the obvious signals are related to customers over and over, there are other types of scams and deceitful practices of which customers should also be aware.

In all circumstances, no matter in what condition, the customer should always shield the keypad when theyโ€™re entering their PINโ€™s into an ATM to protect it from anyone who may be looking. The person doesnโ€™t necessarily need to be extremely close to the customer to see what theyโ€™re entering because the thief may also be able to tell just from watching where the personโ€™s fingers are landing on the keypad. If the customer shield the keypad by cupping his hand over the area, any nosey onlookers would have difficulty in figuring out what numbers have been pressed.

While the vast majority of ATM business owners are honest businesspeople, there are always going to be a segment of that business population who deal unscrupulously. To that end, customers should always protect themselves by going with any instinctive feelings that may get when visiting an ATM business point. This means that if something is out of the ordinary regarding the machine, the customer should avoid using that machine and even contact the business owner for extreme cases. Customers should not use machines that instruct them to enter their PINโ€™s twice for no apparently good reason. This is a phishing scam that many thieves use to gain a customerโ€™s PIN and access to their accounts.

Banks and ATM businesses warn customers that if something doesnโ€™t look or feel right, it usually isnโ€™t and itโ€™s best to trust that feeling instead of ignoring it. Always contact the proper personnel in case of any errors or problems and always take measureable steps to protect your ATM and bank account from any potential issues.

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Is the ATM Business a Bad Idea?

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Aspiring entrepreneurs who are looking to โ€œget-rich-quickโ€ always turn to ideas where they think they can put in the minimal amount of work, yet yield the maximum (and sometimes most ludicrous sounding) amount of money in a short amount of time. Sadly, theyโ€™re also the ones who are more likely to buy or invest in anything that โ€œsoundsโ€ good without really researching and fully investigating the idea.

There is absolutely nothing wrong with buying or starting new businesses with the sole goal of making lots of money. But what IS wrong is when the idea of making large amount of money overshadows the amount of initial work and commitment that it will really take before any budding new business takes off the ground.

The ATM business is a very good entrepreneurial endeavor and does yield a lot of revenue for ATM owners. However, going into business as an ATM entrepreneur is just not right for some people and their mode of thinking, and can quickly turn into the worst thing theyโ€™ve ever done.

No Money

As an aspiring ATM entrepreneur, if you donโ€™t have any reserved money to invest into this business, then it may be a bad idea for you. Although getting into the business only requires a nominal amount of money, you do have to and need to be prepared to spend something to get the business set up. This is not a cookie-cutter business or a โ€œbusiness-in-a-boxโ€ and you will see that youโ€™re going to need to treat the investment as a serious endeavor and be prepared to spend a few thousand dollars. Whether you obtain a small business loan or borrow the money, you will need to have something to get started.

No Business Plan

If you donโ€™t have a plan of action or a comprehensive business plan, itโ€™s not a good idea to go full force into this business. However, without a business plan, it WILL be difficult for you to be successful in this business. Too often, new entrepreneurs think they can perhaps install a few ATMโ€™s at random locations and just rake in the cash without planning or forecasting. A solid business plan will help guide you through setting up the business, establishing contacts, understanding and signing legal contracts, planning for business changes, including profitable times and when thereโ€™s a loss of revenue due to unforeseen circumstances. A good business plan will also guide you on how to effectively market your ATM business and even what type(s) of software products youโ€™ll need to have for your ATMโ€™s, depending on their locations.

No Legal Agreements

Speaking of legal issues, contracts that are properly signed and worded are of the utmost importance for this kind of business. Verbal agreements are certainly great to have, but in the ATM business, you need to have comprehensive agreement contracts that cover each area and responsibility of the business as well as ensuring that you are covered as a businessperson.

No Mentor

With those legal issues, marketing issues, finding good ATM locations and even locating ATM investors for your business can best be covered with the help of a business mentor. This would, of course, preferably be someone who has or is currently in the ATM business world. They can help guide you and offer suggestions on your ATM business journey. However, if you are planning to simply dive into the business without any mentoring or guidance, you may be taking on much more than you can handle. Yes, you can certainly have success without a mentor, but youโ€™ll have that success much sooner and without as many hiccups if you secure a mentor to help you along the way.

So, Is the ATM Business a Bad Idea?

With the aid of a good mentor, solid business information and an acute awareness of what you can expect out of the ATM business, you certainly can find great success and form a profitable business. Regardless of the length of time it may take, which can be shorter or longer for each person, your goal should be to build a solid, profitable, sustaining ATM business that will reap monetary rewards and personal satisfaction.

The ATM Solo Entrepreneur

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What is the ATM Solo Entrepreneur?

There are several divisions of the financial services industry that are profitable and fairly easy to maneuver, especially for those who have a keen interest in the industry. Just about any capacity of the industry can be simulated either with a large team of individuals or a one to two person operation. This includes anything from big banking institutions on the corners of large cities to a small team of financial consultants in a strip mall complex.

One such financial service or product that can be managed on a small(er) scale is that of the ATM entrepreneur.ย  The consideration of managing this type of business in a smaller way is in no way reflective of the amount of business that these entrepreneurs do, but rather itโ€™s indicative of how many people or systems are in place to manage a (sometimes) multi-million dollar business, usually by one or two people.

Getting into the ATM business is not at all that difficult, but like any other profitable business, it does require careful planning and the time necessary to put in the work to get the business up and running. For those entrepreneurs who are new to the industry, getting involved with the ATM business will require that they perform thorough research to determine what methods, systems, products and services are right for them. They will need to find and work with reputable vendors and also find ATM machines that are affordable as well as current enough to keep up with any consumer demands for current and future usage.

The solo ATM entrepreneur usually doesnโ€™t get to work with a team of employees. He essentially manages everything himself, down to re-stocking the ATMโ€™s, troubleshooting any problems and working with other outside vendors to make sure the business is run smoothly.

Owning and managing an ATM business can be very lucrative, especially if the owner has multiple machines at different locations. In order to really be profitable, itโ€™s a good idea to have as many machines as possible running so as to ensure a nice monthly profit from that investment.

At any given time, an ATM owner can easily manage as many 50 ATMโ€™s at once. This of course depends on his personal preferences, but to effectively manage large ATM numbers, there are a few things that the solo ATM entrepreneur should have in place before proceeding.

  • A reputable ATM company will take the time necessary to explain the ATM business to a new ATM Entrepreneur to help ensure success.
  • Find a reputable ATM distributor or ATM Company to work with to buy and/or lease machines. ย A reputable dealer may even offer to help find or arrange financing for the ATM machines for the owner, especially if they are just starting in their business.
  • Itโ€™s suggested to start slow and install one or two ATMs locally and be hands on to learn all the ins and outs of the ATM business.
  • Once the ATM Entrepreneur gains a thorough understanding of the business a larger portfolio should be considered in order to have a full time income.
  • When considering owning and operating a larger number of ATMs (more than 10), itโ€™s important to consider working with accounting and legal professionals to develop a comprehensive, workable business plan that will turn the investment into profit within a reasonable amount of time.
  • Ensure your ATM Company and service provider is able to provide optimal service to include software updates, hardware upgrades and prompt telephone support for an ever-changing component of this type of business. Many times, software engineers and packages come with the services that are provided by the ATM distributor.
  • As a suggestion, itโ€™s best to work within the local area as a new distributor before branching out to outlying areas. This makes it easier for the new distributor to capitalize on those already-established business relationships for possible machine locations.

There are many business owners who have trailed the path to ATM ownership. Looking to these individuals for guidance and direction is sometimes much easier and more preferable than trying to go do things alone. The business does require a lot of detailed, concentrated work on the front end to get things set up. However, once the initial set-up work has been done, then managing the ATMโ€™s on a routine basis becomes easier as time goes along. Over time, the profits begin coming in as the business grows, making the investment much more worthwhile.