Author: Justin Gilmore

How Much Work is Required to Own and Manage an ATM?

Posted on by Justin Gilmore

For any business owner searching for an extra source of income, owning an ATM is an option worth exploring. Most of the costs associated with an ATM are upfront, and once the ATM is purchased, it can bring in a steady stream of income. At a certain point, the machine will pay for itself, and once you cover the cost of buying the ATM, almost all the money it brings in is pure profit. On top of that, having an ATM can provide your customers with an added convenience and may even lead to increased business.

Of course, it’s not always that simple. Owning an ATM is about more than collecting service fees from the people who use it. It’s a piece of equipment that requires upkeep and attention just like any other piece of equipment you need to make your business run. While it can bring in added income for you, there is some work required when owning an ATM. Here are a few of the most common issues that require your attention when managing an ATM.

Installation

This is obviously the first step in owning and maintaining an ATM. While it’s possible for someone without a technical background to install an ATM, it’s usually suggested that you leave it to a professional technician. Once you pick out a location for your ATM, the technician can usually handle the rest. However, you should keep in mind that an ATM needs to be near a power outlet and have a dedicated phone line in order to make transactions. It may also be necessary to have the machine bolted down upon installation so that it won’t be stolen when no one’s watching.

Routine Maintenance

Just like any other piece of equipment, it’s wise to keep up with routine maintenance on your ATM to avoid problems that will prevent your customers from using it and prevent you from making money on it. A professional technician can go through the basics to help prevent a problem before it happens. It’s also possible to do your own fault testing, although this can be time-consuming and may force you to become familiar with some technical jargon. You will also want to clean the exterior of the machine, as well as the cash dispenser, so the machine looks good for your customers.

Troubleshooting

Even if you keep up with regular maintenance on your ATM, errors are still possible. If you have a newer machine, serious problems will be rare, but there will be occasions in which you’ll have to do your own troubleshooting. For minor issues like paper jams or running low on receipt paper, you can usually handle it yourself with a little help from the instructions manual. Other issues can also be easily fixed on your own using error codes. Unless your ATM is old and run down, it’ll be rare that you have to call a technician to fix it. However, for minor problems, you’ll likely have to do your own troubleshooting, and you’ll want to get it done as soon as possible so you don’t lose money.

Refills

If you own an ATM, you might be responsible for refilling the machine when it’s running low on cash. How frequently you do this will depend on how much money you put into it and how much use the machine gets. You should also keep in mind that you will usually be putting up your own money into the ATM, which will require you having thousands of dollars handy every time you refill the machine.

Security

One final aspect of owning an ATM that can’t be overlooked is security. You are responsible for making sure that your ATM is safe for people to use. This is particularly important if your ATM is available during non-business hours when security is more of an issue. You have to make sure no one can hack into the system or dismantle the machine. You may also consider installing a security system nearby to track activity around your ATM so that you can ensure the safety of the customers who use it.

Contact National ATM Wholesale today to learn about our turnkey ATM services, which make owning and managing an ATM a breeze.

FAQ: Can My ATM Work On My WiFi?

Posted on by Justin Gilmore

Explore More ATM FAQs

For years, ATMs relied on modems and dial-up phone lines in order to function. It was the only way they could connect to a bank through a host and allow customers to get cash and conduct banking transactions in a matter of minutes. However, in recent years, wireless Internet has made just about everything in our lives faster and easier, and ATMs are no exception.

It’s now possible for most ATMs to be connected to their host and banking network via WiFi, cutting out the need to have a landline for businesses that own an ATM for their customer’s convenience. As long as an ATM has an RJ45 Jack it can connect to an Internet Service Provider and conduct banking business that way.

The good news is that most ATMs built within the past several years have the equipment necessary to connect via WiFi. This takes away the need for retail locations, restaurants, hotels, and other businesses to have a landline just so their ATM can function. It also makes it possible to place an ATM in new and different locations where an ATM could not be placed previously because of the lack of a phone line.

Not only is using WiFi to connect an ATM more convenient, but it’s also faster for customers using the ATM. Technology has advanced to the point of WiFi in ATMs being exponentially faster than the old-fashioned dial-up. The latest ATMs have also received a boost in security so that hackers can’t infiltrate the sensitive data the ATM is transmitting, solving one of the most common problems users had when WiFi was first available with ATMs.

Perhaps most importantly, running ATM transactions on WiFi will help any business that owns an ATM to save money. Having a landline simply to run an ATM can be quite costly and detract from the revenue a business can generate with an ATM. Meanwhile, WiFi has become so standard that it’s an expected expense for most businesses. As long as you have a relatively new ATM, there’s a good chance it’ll function via WiFi instead of a landline, and in the process, save both time and money.

Contact National ATM Wholesale today to learn about our ATM programs and 19 different machine models.

Explore More ATM FAQs

FAQ: Do I Need to Fill My ATM With My Own Cash?

Posted on by Justin Gilmore

Explore More ATM FAQs

One of the first questions most business owners ask when they consider buying an ATM to generate income is how the machine is filled with cash. Knowing this is obviously essential to owning an ATM. If you own an ATM, you do have the option of filling it with your own cash, but you could also choose to contract with a vault cash management service to supply the cash for your ATM. Let’s look at some of the differences.

Using Your Own Cash

Using your own money to fill your ATM can be beneficial, but it can also be complicated. For starters, you always need to make sure that the machine has enough money in it. This means tracking it closely so you can refill it before it runs out. It also means having thousands of dollars in cash on hand every time you refill it. Exactly how much money you put in the machine and how often you refill it depends on how much use it gets. However, even if your ATM only gets used a few times a day, you’ll need at least a couple thousand dollars every time the machine is refilled.

Security is another issue when it comes to filling an ATM with your own money. You’ll need to refill the machine at a time when no one else is around to ensure nothing goes wrong, which can be a hassle. There’s also some degree of risk with using your own money because if the machine is broken into or something goes wrong while you’re filling it, you could potentially lose thousands of dollars.

Cash Service

The alternative is hiring a vault cash management company to take care of everything. They will provide the money that goes into the ATM and can work with you to set up a schedule for refilling the machine.

The downside of this is that it will take away some of the profits you make from your ATM. However, the process is more secure, as the vault management company will likely have insurance on the money and have professionals handling the refilling. You also don’t have to worry about putting so much of your own money in the machine, freeing up capital for other projects.

So, to answer the original question: you don’t have to fill your ATM with your own money; there are other options. Using your own money will take up more time and add to the risk, but it will also lead to more profits. On the other hand, hiring a service will cost you more but may provide you with a little more peace-of-mind. The choice is yours.

Contact National ATM Wholesale today to learn more about our vault cash options.

Explore More ATM FAQs

FAQ: How Do I Get Paid For Transactions Made With My ATM?

Posted on by Justin Gilmore

Explore More ATM FAQs

If you’re a business owner, investing in an ATM can be a great way to add an extra source of income. When you own an ATM, you can make money for each transaction every time your ATM is used. But before you invest in owning your ATM, it’s goodto know what happens during every transaction and how you make money through your ATM.

The first step in the process, at least after you buy the ATM, find a location for it, and have it installed, is choosing a surcharge amount. Most ATMs come with a surcharge between $2 and $3, although this can vary based on the location and how much demand there is for using an ATM. For instance, you can get away with a higher surcharge at a casino than a retail store. Deciding on a surcharge will have a direct affect on how much money you’ll make for each ATM transaction.

If you fill the ATM with your own money, you will be refunded the money withdrawn from the machine by customers through an automated clearing house. This is typically done at the end of each business day. This ensures you don’t go too long without having access to your own money. On the other hand, if you use a vault cash management service, they will provide the cash for your ATM and handle the refilling of the machine for an agreed upon price.

Meanwhile, the money made from the surcharge comes from an ATM network. The network will collect the surcharge fee from each customer and either send a check or make a direct deposit to you, the ATM owner. In most cases, this happens on a monthly basis so that it’s easy to keep track of the revenue from your ATM. This ensures that the whole process of getting paid for ATM transactions is as simple and easy as possible.

There may even be a way to make more money than what the surcharge provides. Banks also pay fees to ATM networks during each ATM transaction called an interchange. Some ATM networks take some of the money they earn from the interchange and give it to the ATM owner, particularly when an ATM has a high volume of transactions. This may not be a drastic improvement from the money received for each surcharge, but it can add up over time and lead to even more income from your ATM.

Contact National ATM Wholesale today to learn about our vault cash management.

Explore More ATM FAQs

FAQ: What Is The Warranty On A New ATM?

Posted on by Justin Gilmore

Explore More ATM FAQs

Owning an ATM can be a great way to add an extra source of income for your business. However, it’s important to remember that an ATM is like any other piece of equipment that helps your business run — it may break down and require maintenance at one point or another.

Fortunately, most ATMs that are purchased brand new are in great shape and work with few issues. Of course, that doesn’t mean you should forget about the warranty that comes with your new ATM, as it’s your failsafe in case something goes wrong.

Standard Warranty

Almost every new ATM will come with a warranty from wherever you purchased it. In most cases, the ATM will be under warranty for a year. This is standard practice and means that if anything goes wrong with the ATM during the first year, a technician can be sent to fix the problem or replace a part without any cost to the owner. In most cases, nothing major will happen during the first year, but it’s always nice to know that you’re covered in case it does.

Extended Warranty

Once the one-year warranty has expired, the owner of the ATM is responsible for any repairs that become necessary. Fortunately, it’s possible to buy an extended warranty for an ATM once the first year is up. Most companies that sell ATMs and provide owners with a one-year warranty are willing to extend that warranty for an additional year or two, and sometimes up to five years. There are also companies that sell warranties on ATMs even if they didn’t sell the ATM originally, so there are usually several options available when looking for an extended warranty.

Parts Warranty

For individual parts that malfunction and need to be replaced, ATM providers will usually offer a warranty on the new part. In most cases, the warranty on the individual part is six months. If the ATM as a whole is still under warranty, the part can be fixed for free and given a six-month warranty regardless of the warranty on the rest of the machine. This can be great insurance, even if it’s unlikely anything serious goes wrong with a new ATM.

For individual parts that malfunction and need to be replaced, ATM providers will usually offer a warranty on the new part. In most cases, the warranty on the individual part is six months. If the ATM as a whole is still under warranty, the part can be fixed for free and given a six-month warranty regardless of the warranty on the rest of the machine. This can be great insurance, even if it’s unlikely anything serious goes wrong with a new ATM.

Contact National ATM Wholesale today to learn more about our ATM warranties.

Explore More ATM FAQs

FAQ: What Types of Cards Can My ATM Accept?

Posted on by Justin Gilmore

Explore More ATM FAQs

Most of us know that ATMs are a place to withdraw cash from a bank at any time of the day or night. However, the days of people carrying one, maybe two, different types of cards in our wallet or purse are over. These days, most people are loaded with different cards that have different purposes, and not all of them can be used at ATMs. Let’s take a look at the major types of cards and find out what ones are ATM-friendly.

ATM Cards

The name gives this one away, as ATM cards are definitely ATM-friendly. These cards are directly tied to a person’s checking or savings account and will be issued by their financial institution. The sole purpose of this card is to withdraw money from a checking or savings account at an ATM. Not all banks will issue ATM cards, but those who withdraw money on a regular basis usually have one.

Debit Cards

Debit cards are similar to ATM cards, so they will be accepted by an ATM. However, they serve other functions. It’s possible for debit cards to be used at the point of sale like a credit card, as most of them have either a Visa or MasterCard logo on them to indicate they will be accepted anywhere those credit cards are accepted. At the same time, most people will also use their debit card to withdraw cash from an ATM. In these instances, debit cards are no different from ATM cards.

Credit Cards

On the surface, credit cards may look the same as debit cards, but they serve different functions and they are not accepted at ATMs. Most businesses will accept credit cards, but those transactions don’t directly remove money from a person’s bank account the way it does when money is removed from an ATM using an ATM card or debit card. Credit cards allow people to make purchases that are paid for at another time, but they are not a viable card to use at any ATM.

Contact National ATM Wholesale today to learn about our ATM programs and 19 different machine models.

Explore More ATM FAQs

What Are the Best Locations to Put an ATM?

Posted on by Justin Gilmore

Owning an ATM is like any other aspect of business in that most of the time, location is everything. If you want your business to do well or sell a specific item in your store, finding the right location is essential. The same goes for your ATM. If you want people to use it, you need to find the right location. Here are some of the best locations for putting an ATM.

Restaurant/Bar

Most people will pay for expensive meals at restaurants with a credit card so they don’t have much of a need for cash. However, for more casual places where the check is likely to be a little lower, ATMs will get some use. Also, certain bars are likely to have a lot of cash transactions, and so when someone wants to stay a little longer than expected, they need to visit an ATM to get some fast cash. Plus, these locations get plenty of foot traffic even if people don’t need the cash to pay for their meal.

Sports/Concert Arena

Whether they’re buying food or souvenirs, people are going to spend a lot of money when visiting any kind of entertainment venue. Aside from all the foot traffic, prices at an arena are often way higher than people expect, forcing them to visit the ATM to get more cash. Placing an ATM in an arena also gives you a little more flexibility when it comes to raising the surcharge to use it, which can help you make a little more money.

Gas Station/Convenience Store

These two businesses are cut from the same cloth and are filled with people paying with cash, making it perfect for an ATM, if not two. Some gas stations are starting to offer cheaper prices for those paying in cash, which makes an ATM necessary. Also, customers at both places may find themselves spending more than they expected on impulse items, forcing them to make an unplanned trip to a nearby ATM.

Hotel

Few businesses get more foot traffic than hotels, and this fact alone makes it the perfect spot for an ATM. People who are far from home won’t be able to visit their bank to pick up extra cash, so they’ll visit the nearest ATM, which is likely in the hotel lobby. In fact, larger hotels may even have an ATM on every floor, so there’s definitely a high need for ATMs inside hotels.

Contact National ATM Wholesale today to learn more about installing an ATM within your place of business.

FAQ: How Do I Get My ATM Serviced?

Posted on by Justin Gilmore

Explore More ATM FAQs

For most business owners, having an ATM machine is a great way to earn extra income. Most machines take up little space and ultimately pay for themselves. The best part is that modern ATMs rarely have major malfunctions that prevent them from working for long periods of time. Of course, like anything else, problems will occasionally pop up, so it’s important to know how to get help for different types of ATM servicing.

Installation

Obviously, installation is the first service you’ll need after purchasing an ATM. Luckily, if you buy your ATM from a reputable company, like AtmMachines.com, LLC, they will have their own certified technician handle the installation process at a reasonable fee. On top of that, the technician will usually install signs directing customers to your new ATM. They will also train you and employees on how to use the machine, telling you everything you need to know about taking care of an ATM.

Supplies

Aside from the machine itself, ATMs require a few added supplies to ensure they run properly. There is equipment to make the ATM wireless so that it can connect to a banking network and make transactions. There is also receipt paper inside the machine, as well as decals on the machine providing information for customers. If you buy your ATM from an established company within the industry, they can usually sell you any supplies you need at a fair cost and sell or lease all the necessary equipment to keep your ATM running properly.

Repair

Modern ATMs rarely require serious repairs, but it does happen on occasion. In such instances, your first call should always be to the company that sold you the machine. Regardless of whether the machine has any kind of warranty, most ATM companies will employ technicians that can fix the problem. They also supply any parts that may need to be replaced. Also, because ATM malfunctions are so rare, it’s usually a safe assumption that the technician can attend to the problem in a short period of time, helping to limit the time you’re without use of your ATM.

Technical Support

Most companies that sell ATMs also provide technical support, which is usually available 24 hours a day. Many of the issues that pop up with ATMs are minor and can be fixed by the owner with a little help and guidance from a tech person. Even over the phone, tech people can usually diagnose the problem and either give instructions on correcting the problem or notify a technician who can come by and fix the machine as soon as possible.

The Place To Go

One of the best places to go for ATM purchasing and servicing is National ATM Wholesale. Our company not only has plenty of ATM models to choose from, but we offer 24/7 servicing and have competitive prices when it comes to installation, supplies, and repairs.

Explore More ATM FAQs

FAQ: What Are the Benefits of Owning an Outdoor ATM?

Posted on by Justin Gilmore

Explore More ATM FAQs

As some business owners have recognized, owning an ATM can be a great way to drive new customers to your business, give your customers a nice perk, and bring in more direct revenue. Owning an outdoor ATM offers even more possibilities. Not surprisingly, it’ll be a little more expensive to buy an outdoor ATM, but there are several benefits that can pay off in the long run.

More Placement Options

Owning an outdoor ATM creates a lot more possibilities in terms of placement. You can find a location where the ATM can get the most use and best serve the people who need it. Of course, finding the right location will require a little more work, as you’ll want a spot that’s out in the open and well lit at night. Fortunately, most reputable ATM companies can assist you in finding the right place for your outdoor ATM.

Increased Foot Traffic

One of the biggest benefits of having your ATM placed outdoors rather than inside your business is the increased foot traffic. People no longer need to step inside your business to get to your ATM. While that may take away some of the impulse buys that can benefit your business, having your ATM outside gives more people the opportunity to use the machine. This can dramatically increase the number of people using your ATM, meaning you will earn more from the service fees.

All-Hours Operation

With an indoor ATM, access to the machine ends when your business closes for the day, but that’s not the case with an outdoor ATM, which is available to people 24 hours a day, 7 days a week. While after hours use of your ATM isn’t likely to be as frequent as day use, it’s more than you’ll get when your business is closed. However, as long as your ATM is in a well lit and safe location, it’ll get some use late at night and early in the morning, helping you make a little more from your ATM each day.

Convenience for Customers

ATMs aren’t all about the money you can bring in — they are also about finding a convenient location for your customers to use it. Bottomline, having an ATM can help build customer loyalty.

To learn more about buying or leasing an outdoor ATM, contact AtmMachines.com, LLC today!

Explore More ATM FAQs

FAQ: What is the Cost of Owning an ATM?

Posted on by Justin Gilmore

Explore More ATM FAQs

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 ask yourself is, “How much does it cost to buy an ATM?” 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.

Freestanding ATM

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.

Built-In ATM

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.

Used ATM

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.

Additional Costs

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.

Get A Quote

At AtmMachines.com, LLC, we provide free consultations for any business owner who is considering buying an ATM. How much does it cost to buy 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.

Explore More ATM FAQs