Top 10 ATM machines 2024

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ATM Machines Buyers Shopping Guide

The use of debit cards, smart cards, and credit cards has grown exponentially, but the use of the ATM machine will forever be in need. It is the fastest way to make purchases at:

• Convenience stores
• Small groceries
• Nightclubs
• Conventions
• Outdoor Concerts
• Shopping Malls
• Restaurants

It provides a sense of safety for those who worry about credit card theft. Because of this, 70% of ATMs are in these and many more locations that don't necessarily need cash. Even banks are starting to offer non-branded ATMs in non-bank high-traffic areas.

Installing an ATM at your business can be an investment that will continually give back to you. It can:

• Reduce credit card processing fees
• Increase visitors
• Eliminate bad checks

If your business has enough traffic, you can make money from every transaction at the ATM. If you follow this guide, you will get tips on how to buy an Automatic Teller Machine, which company to buy it from, and how to prevent the ATM from being broken into or stolen from.

Security

Before buying an ATM, it is important to think about security measures, or how you are going to protect your money.

• Cabinets - The standard for ATM security (created by an independent product safety organization known as Underwriters Laboratories) is UL 291. For a model that secures cash only during business hours, it says that it should withstand a physical attack of a minimum of five minutes. This gives enough time for a store clerk or manager to call the police. A business hour UL 291 that meets this standard should weigh 290 pounds. This standard would be a good fit for a business, since most ATM robberies occur between midnight and 4:00AM. Even though you may risk losing some money by not having a twenty four hour ATM machine, it is worth avoiding the risk of the ATM being robbed or your customers being robbed late at night. If you do desire a twenty-four hour safe, the much sturdier UL 291 level 1 ATM, can withstand a 30 minute physical attack. These are more expensive about $800 more but these are vault class safes, and they are great for convenience stores.
• Locks - To open the cabinet, you can choose either an electronic lock or a combination lock. While combination locks are cheaper, electronic locks are better in that the combination can be changed anytime, and can be entered in faster. To upgrade to an electronic lock, it can cost between $50 to $600, but it is worth it. Some electronic locks provide a time delay of five minutes after being unlocked. This deters thieves who cannot wait for the money to be dispensed after cracking the code.
• GPS - A Global Positioning System (GPS) is sometimes equipped within new ATMs. It is an added security measure, and it allows the authorities to track the ATM if it is stolen.
• Dye Packs - Your ATM can be equipped with an exploding dye pack that will set off if it is being broken into. It will mark the money that is being stolen, and will offset the thief. You can inquire your seller concerning this anti-theft option if you are interested.
• Triple DES - The Data Encryption Standard is a method of protecting your customers' personal identification numbers. It is required on all new ATMs, and if you purchased an older ATM, ask to see if it is triple DES compliant.

Pricing

The price of Automatic Teller Machines has come down by more than half since the ATM boom of 1996, due to falling prices in technology and competition. You can expect to buy an ATM model for about $2,000 (unless you're buying for a gaming environment, in which you would have to pay $30,000 to $50,000). The price can grow between $2,200-$3,000 for upgrades like an e-lock, 10.2 inch color screen and an additional cash cassette.

Ongoing costs include:

• Professional cash loading service ($50 per trip)
• Power
• Replacement receipt paper
• Monthly service fees

The cash loading service is optional if you do not want to do it yourself, and some, not all sellers will charge monthly service fees.

Making Money from the ATM

These charges can be covered by the surcharges you receive from the transactions at your ATM. The average surcharge is $2.50, and if you follow that average, your ATM can potentially generate $750 per month or $9,000 a year per revenue. You don't have to charge the average either; the amount you can surcharge can range between $1 to $9. Keep in mind your business location and how near you are to other ATMs. If you charge a $9 surcharge and there are three ATMs in your area that charge $1, most likely your customers will visit the other ATMs. Your surcharge can affect how many customers you'll receive. Something to also keep in mind is that an ATM user will spend 20% to 25% more than customers who don't use the ATM.

The percentage of the surcharge you take also depends on how involved the seller is. If the seller only installs the machines and processes transactions, then you can earn up to %100 of the surcharge. If the seller:

• Stocks the machine with cash
• Maintains the machine
• Underwrites the cost of the machine

Then your percentage will drop accordingly. A good rule to follow is that the ATM should pay for itself in a year.

Free ATMs

Many ATM sellers offer free ATMs for businesses who fall under these conditions:

• Are easily accessible
• Contain high volumes foot traffic from 16 to 18 hours a day
• Has a visible location

About 19% of ATMs deployed by non-banks are under this type of agreement. Please be aware that not every business is eligible for this type of agreement and neither is it always as profitable as it seems. Some sellers collect 50% of the surcharge fee every month, and you lose control on the type of ATM and security level you will have. You still have to deal with problems the customers may have with the machine, so the seller's customer service must meet your expectations. Since locations without an ATM are dwindling, seller might use aggressive tactics to secure your business. Before receiving a free ATM, make sure that you read the contract.

The contract will specify:

• How much the ATM costs
• Who stocks the ATM with cash
• The terms of agreement
• Who sets the surcharge fee
• Maintenance agreements
• How the transaction revenue will be divided
• Conditions for contract termination

To avoid being bound indefinitely to your supplier, pay attention to the contract terms. Some sellers will have you sign an agreement that prevents you from moving the ATM from your location; you would be stuck with it until the seller decides to move it. Another thing to be aware of is auto-renewing contracts. These are common, but you must be aware of the renewal dates. The average contract lasts five years, but they can vary from month to month, or for seven to eight years in length.

Buying Tips

• Chose a seller who is established, stable, and registered as an I.S.O. (International Standards Organization).
• Look for a high level of customer service. There should be a 24/7 customer support 800 number, and a human should be available to troubleshoot with you. If the issue isn't solved over the phone, a technician should arrive in 48 hours of the call.
• Any parts needed for the machine should arrive a day or hours from the call.
• Your seller should employ certified technicians. There are week-long technician courses that manufacturers provide to ensure proficient and dedicated technicians.
• Review the terms of your contract. Make sure that you understand everything, and look out for hidden fees.
• If you want to learn more about buying ATMs, research ATM suppliers. This will help you gain confidence for when you actually interact with a seller, and it will help you to avoid being overcharged for agreeing to a less than satisfactory contract.