Tag Archive for: atm machine

Successfully Owning an ATM Business

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ATM BusinessBeing your own small business owner affords you a lot of beneficial pluses. Being in a self-owned business with a profitable business model is also the best of all worlds. You get to control and manage your own business, reap handsome profits and you get to enjoy doing something that you like on a daily basis. Deciding on the right type of business is what determines just how successful you become.

Many different types of businesses can certainly be profitable, but the ATM machine business has proven to be immensely profitable because of all that it affords its owners and operators.  We make Successfully Owning an ATM Business easy. We help you get started and show you how ATM Machines work. It is fairly easy to manage the ATM business once it has been properly set up. It does require some dedicated initial time investment in order to get things ramped up, but once your system is in place, all the owner has to do is manage and monitor the machines as efficiently as possible for best results.

The ATM machine business offer owners a lot of benefits that include:

  • business flexibility that moves and changes according to customer needs
  • convenience, with hours they can control and manage
  • minimal time investment, both daily and weekly
  • ability to reap large profits with the right company and machine placements

What’s the Draw?

Convenience is key in today’s fast-paced climate, and customers always tend to gravitate towards businesses that offer them that convenience. Think fast-food drive thru’s, drive-thru car washes or self-pump gas stations; all of these businesses and other types like them allow customers to get in and out quickly, all while enjoying a service that they need. The same thing goes for ATM machine businesses and the customers that frequent them.

Whenever customers need cash fast, they look for the nearest ATM machine to withdraw money. They will not go out of their way to find an ATM machine (usually), and also they’re more inclined to withdraw cash from an available machine even at times when they don’t need it right away. Because of the habits of convenience-craved customers, it’s beneficial for ATM business owners to create opportunities to service customers as much as they can.

Also, since convenience is a crucial benefit for the ATM business owner to provide to his customer, there are also other important areas that should be incorporated into the owner’s business plan in order for it to work. The ATM owners can achieve this with their machines by:

Being Available

Make sure that his machines are in high-traffic areas where people look for, need and want the services of an ATM machine.

Being Accessible

Don’t place the machines in a hard-to-reach area or off the main traffic-ways, whether that’s by car or foot. It needs to be easy to fair to reach for customers in order to attract their business.

Being Convenient

Right along with accessibility, the machines need to also be convenient and a part of the environment in which they’re found. In other words, place ATM machines next to areas where people will actually need them. They will not go out of their way to find a machine, but certainly will use one if it’s available to them.

Competition

It’s okay if there are other ATMs in the area as long as your ATM doesn’t have the highest fee. If your ATM is the most convenient, it will still get used. Avoid placing ATM machines in slow retail stores (where traffic is less than 100 people per day). Try to avoid stores or locations where customers can easily get cash back at the register via a debit card.

Machines Working Properly

ATM business owners should always perform routine and consistent checks on their units to ensure that they’re working properly and in order.  An alert service where the ATM will send you a text message can help avoid down times. Keep them stocked with sufficient cash in ideal increments (we can help determine the best denomination for your location type) and using our online monitoring service you can always check to see if your ATM has enough funds. Routine checks should also include software updating and checking the machine’s hardware and external components for any signs of wear and tear.

Once an ATM machine has established itself as a steady, consistent and reliable machine in an area, people learn to trust it and will give their business to that machine whenever they’re in need of fast cash or banking transactions. In the end, this turns out to be a win-win situation for both the ATM owner and the customer.

There are very few business opportunities where you can invest just a few thousand dollars and ear a few hundred per month in return.  Let us show you how you can earn 10%, 20% or even 60% on your investment by successfully owning an ATM business.

Prepaid Cards with an ATM

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Prepaid Luxury With ATM Cards

Prepaid Luxury With ATM CardsThere is a certain luxury that prepaid card users experience, and that is convenience. There is no guessing on card balances or what is accessible to their accounts through their ATM machines. Since prepaid cards are not like credit cards, and do not behave like revolving accounts, the funds on the card are instantly accessible by the account’s cardholder. Also, the card and any card activity is not information that is reported to any of the credit bureaus because they are not credit card accounts.

Another perk of prepaid cards is that the money is available right away, whether it’s accessed through an ATM machine or by writing out a check for cash. There are no billing statements to deal with and no worries about having balances carry over from one month to the next. The conveniences of having prepaid bankcards extend to personal and business uses, traveling, transferring funds and using them to expedite any transactions where a bankcard is required.

Prepaid Cards Advantages and Disadvantages

Prepaid Cards Advantages and DisadvantagesThere are of course advantages and disadvantages to owning and using a prepaid bankcard. For some, it’s the convenience of having quick access to their money through cash and ATM machines. For others, it may be the flexibility that it offers in paying bills online or performing shopping and purchasing transactions online. However, what one person deems as a plus, someone else may consider a minus. Here are a few reasons and options that people have as their prepaid bankcard cash and spending flexibility:

  1.  The Only Option
  • A prepaid card may be the only viable option for a person who needs to re-establish his financial track record, especially if they’re unable to open up a checking account due to a poor financial history.

In some cases, a prepaid card may the only way that they can get their financial lifestyle back on track as they work to re-build their credit scores and still maintain their financial responsibilities at the same time.

2. Flexibility

  •  A prepaid card gives the user instant cash access through numerous ATM machines and banks, making it an appealing solution for those who prefer NOT to carry around large amounts of cash. With a prepaid card, they can access their funds only when it’s convenient and preferable to them.

3. Instant Load

  •  A prepaid card can also be instantly loaded at many retail locations, like Walmart or pharmacies, like CVS or Walgreen’s. This is convenient for many individuals, especially for those who may have a limited income and need access quicker than going to a bank. There are also many ATM machines located inside some of these retail locations, which make it easier and quite convenient for the customer to shop and make cash withdrawals all at the same location.

There are also some prepaid card distributors who offer larger networks of free ATM providers than do some banks. The benefits of each prepaid card will vary from one distributor to another, but if the network is significant enough in terms of customers, they will generally offer free ATM services to its customers. This is a very important consideration, especially since the typical ATM provider can charge anywhere upward of $300 per year in basic administrative and maintenance fees. In addition, other fees like activation, transaction, bill payment and inactivity fees may also be factored in to the distributor’s fees, so it’s important to read the fine print closely and do a thorough search about the prepaid card distributor before deciding to use/not use their services.

 

ATM Scams

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ATM Thefts and ATM Scams

ATM ScamsATM thefts and ATM money scams are unfortunately very real and are very devastating to the victim of these horrible crimes. The organization Global ATM Security Alliance reportedly states that out of all of the crimes and frauds committed worldwide, about .0016% of them are ATM transactions. Everything to do with money theft from stolen checks, to stolen credit cards to having your ATM debit card stolen is unnerving and unsettling. In the end, you often feel very violated because something very personal has been taken away from you.

ATM card thefts are very common because unlike credit cards, thieves can easily use them since they give them access instantaneously to your cash, without the need for authorization or a signature, like with a credit card. A pin number is all that a money thief needs to access your ATM card, and in some cases, they can still access your bank account without it. If they’re shopping online or through a retailer who doesn’t require any identification verification, the thief can simply produce the ATM card and access your money or use the card to purchase goods or services.

What kinds of ATM scams are there?

Is it just your ATM card in danger, or your entire bank account?

What can you do to protect yourself from these scams and theft situations?

Fake, Fake, Fake

When it comes to ATM access, thieves will try just about anything to gain access to your money. A fake ATM machine and/or a fake PIN pad are just two things they will try and use to do this. Thieves may use a wireless video camera that’s mounted inside of the ATM area that’s looks as harmless as perhaps a brochure holder or a shelf. The tiny camera hidden inside of this contraption is actually recording the numbers from your ATM card. Magnetic strips are easy to duplicate, and once the thieves have your information from your card, they can have another ATM easily reproduced.

Stop the possibility of this happening by paying close attention to your surroundings. Get into and make it a habit of going to and using the same ATM machine for all of your cash transactions. By doing this, you’ll become familiar with the machine, its surroundings, and you’ll start to notice when (or if) there are any changes with the machine, especially if the owner of the machine hasn’t published any notices or information about there being any changes.

Shoulder Surfing and Skimming

Shoulder Surfing and SkimmingIt’s bound to happen at least once; the machine eats your ATM card. Your first reaction is to go into the bank to report it, or if it’s after business hours, you may leave the ATM machine and wait to report it later. Although this does and can happen, there are a couple of other things to notice if this scenario takes place:

 

  • Are there other people around you, waiting to use the machine, and offer to “help” you retrieve your ATM card?
  • The Good Samaritan who offers to “help” you encourages you to keep entering your PIN number to try and retrieve the card.
  • Your ATM withdrawal gets “stuck” in the tray, and the stranger offers to stay there and guard it while you go and get help.

An external device is used here to gain your ATM information. The thief may have placed a blocking device into the ATM card machine that traps your card and/or your money. The blocking device may be something as simple as glued film that captures and traps the ATM cards. When customers use the machine and enter their PIN’s, there may be thieves nearby watching and mentally recording their PIN number so they can access it later, after the customer has given up in frustration and walked away.

This type of scam is also known as shoulder surfing or skimming, and unfortunately is also very common. Never rely on the assistance of a complete stranger to help you retrieve your ATM card or to watch the cash tray for you. You should also never use or transact any information around an ATM machine where people are loitering and lingering around for no apparent reason. Busy areas will understandably have high foot traffic, but watch for ATM machine traffic where people are watching the machine, and watching the people who use the machine.

Money thieves and ATM theft will likely not go away any time soon, but individuals can and should do all that’s possible to decrease the possibility of fraud and scams. With a little attention to details and taking the steps to protect your financial privacy, you can do what’s necessary to avoid ATM scams and keep thieves from accessing your money.