Lots of business owners are doing great with their work but would do something to improve their rate of customers. One of the things that economists will suggest is to get your own ATM installed in front of the business place you’re running. Learn here what an ATM is.
This is an excellent solution. However, you need to know a few things before purchasing one for yourself. It’s not easy finding the perfect for you. There are lots of issues that need to be addressed before you make the final call.
In this article, we’re answering some of the crucial questions you need to ask yourself before getting one. Keep on reading if you want to find out more about it!
1. Leasing or cash?
You have two options when it comes to placing one in front of your business. You can either buy the entire ATM, or you can rent it from companies who do this as a service. If you buy it, you’ll need to pay the entire sum upfront.
The prices vary from $1,000 for the old models and up to $10,000 for new models. Depending on various factors, you can opt for different models. There’s the option for leasing too. You can pay a monthly fee of around $85, and have it in your possession.
2. Buy or rent?
Buying one means spending all the money at once. If you opt for a model that’s around $5,000, you’ll need to invest this money in the machine and wait for years until you return the investment. Of course, all this depends on the frequency of people withdrawing from it, and your ability as a manager.
The renting option is also available. The fees here vary depending on the company you’re going to agree with. However, a general fee will be similar to the one you’re going to pay if you choose to lease. It is a great option for those who are not happy with throwing a lot of money on this right away and wait for the return of the investment.
3. How profitable is it?
The profit comes from the surcharge revenue. The surcharge is the amount of money you’re charging for people and banks to use the ATM. This amount is not huge for the end customers, but it may be highly valuable for you.
If 1,000 people use it daily, and every transaction makes you 20 cents, you’ll get some 200 dollars at the end of the day. Of course, this is just an example, the fees from the surcharge depend on many different things. See more about surcharge on this link: https://en.wikipedia.org/wiki/Surcharge_(payment_systems).
4. Does it require lots of maintenance?
Leasing the ATM is excellent because in this case, maintaining the ATM falls on the leaser. They will have to deal with eventual problems and damages. If you’re completely responsible for it, you’ll need to call a professional in case something happens to it.
Regular maintenance is not difficult, not it requires special care. All it needs is electricity and taking off the dust from the areas that are not commonly used. The screen and the keyboard should be regularly disinfected, and that’s it.
5. Old or new ATM model?
We mentioned this section in the pricing part. Some people like to have the newest model and they are going to spend more money on it. The models provide better functionality and more options.
As the world and technology go forward, new cards with more features come out. The old models won’t be capable of handling them properly. That’s why it’s always good to have a new one. However, this is not necessary. The old ones will do the job too. They just might be slower and lack some of the features.
These five questions hopefully answer some of your biggest concerns. Before you buy the best ATM, and install it in front of your business, it’s good to know what you’re about to face.
Now you know the fees, the prices, and how hard it is to maintain one. If you like what you saw, it’s time to decide what you’re going to get.