The ATM business is one that can easily be a long-term, high-profit business that grows each year, but it’s important to ensure that the business is properly set up from the beginning. Everything from ATM software, security, location and management needs to be considered seriously before any real profits are seen. This is also important so as to keep those profits coming in while keeping business expenses as low as possible.
Here are a few tips to review and make sure are they’re on your checklist as you start the ATM ownership process:
1. Determine Ideal Setup
How do you want to manage the ATM business? Several options include owning and managing the machine, or, owning it and having someone else manage it by loading it with cash as necessary. Perhaps there will be another owner, and you simply manage the machine. Either of the options depends solely on your personal preferences and what works best for your end goals. Be aware however that you will need to ensure that the proper legal paperwork is in place to protect liabilities, especially since this area of business involves handling large amounts of cash.
2. ATM Machines, New or Used?
This is another consideration that’s best determined by your budget or preferences with the style and functionality of the ATM machine. Buying a used machine vs. a new one will definitely save you a significant amount of money on cost, but it’s also important to be sure that the used version will have all of the features and capabilities that it needs in order to draw in favorable traffic. Also, newer, more current models are going to have current software and run more efficiently, but if you’re considering planting multiple ATM machines in different locales, your best option may be to invest in used models until you break even with your profits.
3. Find ATM Dealers
In addition to thinking of either new or used machines, you also have to consider from whom you purchase your machine. It’s imperative to use only reputable dealers and ATM machine processing facilities with whom to do business. Make sure that the company has a stellar client support system for questions and setup. Also ensure that there are warranties included with your equipment so as to avoid any issues later on. Unless you know of a third party either on a personal level or you’re very familiar with the brand and model of an ATM machine, it is not a good idea to buy your machine from a private party or individuals who list an ATM machine for sale.
Finally, as it is with customer service in any business, ensure that the ATM processing company that you select has a generous support system for their clients. Scope out a processing company that offers 24 hour, 7 days a week support, and also has multiple contact numbers to reach them, preferably toll free numbers. This is important for customers because ATM owners will have all different hours, night and day, where they will be working and managing their machines. They need access to customer support just in case they run into any issues, and at any time of the day or night. Take note of whether or not live callers answer the phone lines, or if there is an automated message. If you get an automated message, test the call by leaving a voice mail message asking for more information. Notice the length of time that it takes to have your call returned, and this is a good indicator of how you’ll be treated once you become a customer.