An ATM can be a big asset in today’s world. People are constantly transacting at restaurants, bars, and shopping centers. If you already own one of these, it’s best to purchase an ATM to complete the package. This is a great way to increase your revenue and draw more customers to your area. If you don’t own one, maybe placing your machine in an area that’s usually saturated with people is a great way to still earn money out of it.
Not sure if it’s right for you to purchase an ATM already? Here are a few tips on when to purchase an ATM, and how to do it:
We’ve previously discussed a bit about selecting the location of your ATM. One way to determine the soundness of the place you’ve chosen is to see whether there is an influx of people in the area. How many customers arrive at your store per day? Remember that your ATM should cover the cost of its purchase, so it’s vital that there are plenty of people who come in to use it every day.
2. Type of Machine
Another consideration you’ll have to make is the selection of the kind of machine you’re getting. For example, are you planning on getting a machine that solely withdraws money or one where customers can also pay their bills? Is your machine installed in your store or a standalone machine? These are the types of questions you’ll find yourself asking before purchasing a machine.
3. Used vs. New
A used machine will have the advantage of being cheaper, but a new machine has the advantage of being faster and less hassling when it comes to maintenance. If you’re looking for a price range, the cost of a regular ATM is around $500 to $25,000, which is why you should ensure that the returns will far outweigh the costs when it comes to purchasing an ATM.
ATM maintenance isn’t that difficult. You may need a mechanic to check up on your machine now and then to refill its stock of money or check if there are any glitches in the machine. Making sure that your machine is always updated and safe will keep it from being bogged down when it’s already in use. It will also ensure that people won’t have to worry about glitches in the middle of the day when they’re withdrawing cash.
Since it’s a machine that dispenses money, an ATM can be a hotspot for robbers, fraudulent criminals, and the like. Protecting your ATM at all costs from such people is essential. Installing a CCTV camera nearby may be necessary so that you can monitor the people who come and go from your ATM now and then.
To Buy or Not to Buy
An ATM machine can bring you many profits if you’re money savvy, but it can also give you many costs if you expect it to grow money on its own. Consider maintenance, safety, and location when it comes to buying an ATM machine.