Having ATM machines is a good way to start or supplement a business without much investment. However, there are things to consider before buying.
1) Do your research. If you have no storefront, you will have to deal with various property owners. Whether you are an individual or a store, you need to think about location. To make a profit, an ATM machine requires at least 3-5 percent foot traffic daily. Consider how much time and money you want to spend on maintenance. A cheap way to learn the business is to try a lease program. However, if you do lease, make sure you check the contract for your responsibilities, and other costs or fees.
2) If you are buying an ATM machine, shop around for an independent sales organization or ISO first. An ISO is sponsored by a financial institution to deploy machines at various locations. They process the transactions, and provide customer support during your contract. A contract with an ISO can last anywhere from one year up. They have a wealth of experience in working with ATM machine dealers.
3) When buying an ATM machine, consider how much you can afford; machines start around $2,000. There are two types of ATM machines: the free standing, and the built in models. Banks are more likely to have the built in models, as most business owners do not have the space required.
Freestanding ATM machines are found in any location where customers need money. Things to consider when thinking about prices are security, durability, and maintenance.
For security, freestanding models need to be bolted in place; the more expensive ones are designed to be extremely heavy. ATM machines can have security cameras, smoke canisters, and explosive gas installed. Another feature is the choice of locks. You can get more expensive ATM machines with a safe installed, or you can get them with a combination of manual and electronic bolts.
Other features are available, such as weatherization; color monitors; touch screen pads; the ability to play advertisements while a person waits for his money; and the ability to buy movie tickets from the machine.
4) Finally, there is the cost of insurance, which is divided into the insurance for the machine, and for the cash installed. Look around for prices. Your ISO might have an insurance plan. Likewise, the dealer of ATM machines might have warranties for individual parts.