Looking for ways for dispensing cash at your facility round the clock without any human intervention, but in a safe way, efficiently and conveniently for your customers, visitors and staff? If yes, let us look into what does it take to do so and how much does it cost to install an ATM and to keep it working regularly.
Firstly, there is the actual cost of acquiring an automated teller machine (ATM), (yes, it is also known as "any time money", but that is just popular usage). You can acquire an ATM by outright purchase or by leasing. I would not recommend outright purchase unless it is really cheap and comes with a free annual maintenance contract. Lease fees are sometimes fixed or charged based on the number of transactions undertaken at the ATM by customers.
Having acquired one, decide on the lease or rent for the physical space occupied by the ATM. If you own the space, you could provide for notional space cost in your books of accounts. The physical installation should be completed in a secure way, preferably by qualified professionals. Normally, 16,000 lb concrete/metallic bolts are used to securely anchor the machine to its place and prevent burglars from just yanking it away. Check with your ATM supplier for the right kind of installation, depending upon the machine being stand-alone, kiosk-style or if it is embedded into a concrete structure. It would be best to provide for a small foyer or lobby-styled area, which is air-conditioned/heated so as to accommodate a few people at a time, waiting in line to use the ATM.
Arrange for secure supply of currency to the ATM. An armored convoy company can do this for you. Estimate how much cash should be stocked in the ATM and the periodicity for restocking it. The lesser number of trips by the convoy and its staff including gunmen and security, the lesser will be your running costs. Of course, plan wisely here. It does not help if the ATM turns customers away for lack of cash or limited denominations.
Arrange for closed circuit television monitoring; smoke detectors, alarms and phone connections to centralized customer care help lines. These are essential for efficient working of the ATM facility. Consider cost of tie-ups with affiliated agencies such as Cirrus, MasterCard, Maestro, Visa and so on.
Next, there is the cost of consumables such as receipt paper, utility bills for air-conditioning, electric power supply, salaries to security personnel manning the ATM either physically or remotely through CCTV and facility maintenance such as the ATM cubicle, doors and electronic locks on them and so on.
Most ATM providers and banks allow you to retain most or the entire amount collected through surcharge from each transaction and therein is your means of earning from it, this also includes recovering costs for installing an ATM. Follow the instruction listed here and you can get started on getting an ATM installed on your premises, right away!