Adding an ATM to your business or special event can prove quite useful on a number of fronts. It’s helpful to your customers and can even lead to an increase in the amount of business you conduct. Of course, not all business owners want to purchase an ATM right off the bat. The alternatives to buying an ATM include renting an ATM or having an ATM placed at their location. While similar, ATM rental and ATM placement are not the same. Let’s take a closer look at each.
ATM placement is essentially an agreement between a business owner and a company that owns or provides ATMs. The ATM provider will take care of every detail, such as installing the machine, taking care of any required maintenance, and refilling the machine with cash when it runs low. The company typically does all this free of charge with the hopes of turning a profit off of convenience charges from people using the machine.
The business owner only needs to find a place for the ATM and provide both an electrical outlet and either a phone line or Internet connection so the machine can connect to bank servers. Once installed, the ATM should immediately benefit the business. The ATM provider may also give the business a percentage of the revenue generated from the convenience fee charged each person who used the ATM.
If a business wants to rent an ATM, they will pay the ATM provider a monthly fee to keep an ATM in their store. The monthly fee can vary based on the company and the machine, although it’s usually far less than paying thousands of dollars up front to purchase an ATM. The business may also be responsible for other costs associated with the ATM, including the cost of refilling the machine. Depending on the rental agreement, the business may also have to pay an installation charge and be on the hook for any repairs the ATM may need.
Of course, by renting the ATM, the business will be able to keep all of the revenue generated by convenience fees. They will also have more freedom to choose how much to charge people to use the ATM. Once the business owner makes enough money from the ATM convenience fees to cover the cost of renting the machine and any other costs accrued that month, everything else is pure profit.
Contact National ATM Wholesale to learn more about our ATM placement services.