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!