For any business that’s seeking a little extra income, an ATM can be a great investment. After paying upfront for the cost of the machine, an ATM can provide a steady stream of passive income, ultimately paying for itself and then some. Having an ATM in your business can also be a great perk for your customers. Of course, one thing to consider when buying an ATM is how much you have to spend. Different machines have different features, and therefore, different costs. Here’s what you need to know about the cost of owning different types of ATMs.
This is the most common type of ATM, as any business can have one as long as they have a few feet of space to spare. Restaurants, pharmacies, convenience stores, and gas stations usually have one, but any type of business can benefit from a freestanding ATM. Generally, a freestanding ATM will cost $2,000 to $3,000, depending on the specific model. For most companies, this is a reasonable cost, especially since it’s just a one-time investment.
A built-in ATM will be a little more expensive, as it has to be installed as part of an existing wall. This creates installation and construction costs that don’t exist with a freestanding ATM. The cost can easily rise to $5,000 or more. However, it’s potentially worth the higher price because it becomes a permanent fixture and not something that can be picked up and moved. If your business has an outside wall and is in an area of heavy foot traffic, especially after business hours, a built-in ATM can be a wise investment.
Purchasing a used ATM from eBay, Craigslist, or from another business can reduce the cost of buying one to less than $1,000, possibly less than $500 if you’re lucky. Of course, with a used ATM you run the risk of the machine breaking down and forcing you to pay for the repairs, especially if the previous owner didn’t keep up with routine maintenance. That being said, buying a used ATM can be a good way to start turning a profit faster than if you were to pay for a new one.
One thing to keep in mind with ATMs is there may be additional costs. Aside from upkeep and occasional repairs, there are usually fees to load additional cash into the machine and replace the receipt paper. Business owners also have to consider the need for a dedicated phone line so that the ATM can connect with a processing network. However, if a business has a high-speed Internet connection, it’s possible to bypass this cost. Nevertheless, additional costs will occasionally pop up with an ATM.
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At AtmMachines.com, LLC, we provide free consultations for any business owner who is considering buying an ATM. Our quotes cover information and prices regarding a wide variety of ATM models, helping you pick the one that will be the perfect fit for your business.