Back at the end of the 1930s, New York City was the home of the first ATM or Automated Teller Machine. Surprisingly, the contraption was removed after six months because of low customer demand. Today, these devices are in every corner of every city in the world, from public buildings and banks to shopping centers and grocery stores. The average Automated Teller Machine processes at least 300 transactions every month.
About 40% of customers the device eight to ten times per month. As an entrepreneur, you can use these trends and help increase your monthly revenue. If you are operating a small to medium-size store, you can install ATMs and charge a surcharge or service fee.
To find out more about the history of ATMs, click here for more info.
How to buy an automated teller machine?
Increasing the monthly revenue with these contraptions is pretty easy. Assuming that business owners already have a store, restaurant, gas station, or other facilities, they only need to purchase or lease an Automated Teller Machine. First, ensure that the spot is a good fit. Usually, it needs to be located in an area with a high volume of people and have a steady consumer flow.
Otherwise, entrepreneurs might end up losing some money. Always remember that business owners need to earn money to cover the cost of the device, as well as its maintenance fees. Check your budget and find out whether you want to purchase a brand-new, refurbished, or used equipment.
Visit vendors and check their prices. Select vendors that provide installation services, as well as post-sales technical support. If you plan to buy more than one device, search for wholesalers or negotiate a better deal with vendors. The next thing to do is to decide what kind of ATM you wish to buy and the features you are looking for.
Some are designed for debit or credit card transactions; will others allow clients to pay bills and fund their cards. Most devices are interbank connected, making sure that users can withdraw or deposit money from it that does not belong to the bank they’re using.
To find out about the common scams in this industry, visit https://www.investopedia.com/articles/pf/08/avoid-atm-scams-atm-fraud.asp for more details.
Make sure to also take into consideration the price of the contraption. If you check the Internet for ATMs for sale, you will see that the price will vary from brand to brand, from store to store. Expect to pay $1,000 to $30,000, depending on its security and features. Business owners can opt for freestanding, wireless, countertops, built-ins, dial-ups, or other ATM models.
For instance, built-ins can cost around $5,000 to $15,000. Freestanding range between $3,000 to $7,000. If you are on a tight budget, you can opt for used or refurbished ATMs. It is more likely it will cost less than $1,000—factor in the cost of receipt paper, phone line, as well as the additional cash cassettes.
Leasing and safety
While it may be very tempting to buy a cheap or used model, take into consideration the risks involved. These contraptions may not be as safe as higher or newer models, or it can have hidden defects and force owners to pay for all the necessary repairs. Do not overlook the risks of fraud and attacks. These include, but not limited to jackpotting or cash-out, card shimming and skimming, cash and card trapping, transaction reversal scams, physical attacks, and eavesdropping.
For instance, fraudsters can use eavesdropping to steal card information with a fraudulent device. They may also install shimming and skimming tools on the machine’s card entry slots to get the user’s banking information. These kinds of fraud and scams are on the rise all over the world.
Priority client safety
If a business owner cannot afford to purchase a machine that meets high safety standards, they can lease one for a much lower cost. A lot of companies like Goldstar ATM machines provide rental services; as a matter of fact, most of these vendors give startup entrepreneurs the option to either purchase or lease the ATM.
By leasing, ntrepreneurs will be able to choose a lot of advanced models with excellent features like offline Personal Identification Number validation and built-in cameras with high-quality resolution. Be aware that machines inside properties are a lot safer compared to those located in outside areas. But despite these sophisticated features, people should always take safety precautions by themselves.