Many people think about integrating an ATM into their stores. Surprisingly, a lot of entrepreneurs see ATMs as a nuisance, unnecessary expense, and redundancy. However, these units rarely cause any trouble, and when they do, the manufacturer is usually the one fixing it, not you.
Recent studies have shown that people who withdraw money on ATMs in a store usually spend a portion of it right there. In fact, stores with integrated ATMs have seen an increase in revenue and profit of around 5-10 percent. As you can tell, there is nothing wrong with having one of these machines in your store, in fact, it’s only going to help you boost your sales and make your customers feel more comfortable and convenient.
If you’re planning on implementing one of these machines into your business, take a look at this article, and you’ll get a general idea of what to look for when the moment comes. It’s much better to sail into the adventure prepared instead of struggling with trivial things along the way.

Are you Eligible to Integrate a Free ATM?

Believe it or not, you can actually acquire a free ATM if your business fulfills a certain set of conditions. Highly desirable businesses with a high frequency of visitors and customers have better chances of getting a free machine than the smaller ones.
The best way to see whether or not you can do this is to talk to vendors and check out your eligibility.

Buying a Machine

The easiest way of getting one of these units is to buy it straight ahead. Purchasing an ATM can turn out to be a huge leap forward for any business. However, it doesn’t come without its problems.
For example, if one buys a machine they automatically become 100% responsible for maintenance, software updates, and so on. Therefore, make sure you count in all the maintenance costs before you decide to invest money. It’s a good way of seeing whether it’s better to buy or lease a unit.
Furthermore, if you’re planning on doing the repairs yourself, make sure you have the necessary connections with companies that sell certified and legitimate parts. It’s also important that everything happens within a day, because the more downtime you have, the less money you’ll generate – it’s as simple as that.

Leasing a Machine

Not everyone has the financial means to purchase an ATM. After all, it’s a pretty pricey investment. Even though it’s a worthy investment, you don’t have to purchase a unit. Instead, you can rent one.

There are a few things you need to think about before you opt for renting. First of all, you need to conduct financial analysis and figure out whether it’s a profitable investment to begin with. This is more of a formal step because there is very little chance that it will turn out to be an unprofitable asset.
The best way to get straight to the point is to talk to vendors. Make sure you point your plans and budget out, and someone will definitely come up with a favorable deal for both sides. Honest collaboration with different vendors is of utmost importance because you can do much without it.

Machine Quality

This step is pretty simple and straightforward, even if you don’t have any previous experience with these things. The idea is to choose the best possible quality you can, depending on your budget.
There are plenty of different cash machines out there, and they naturally aren’t all of the same quality. Needless to say, try avoiding unusually cheap ones because the peculiarly low price is a good indicator of subpar quality. As you can assume, low-quality units require frequent maintenance which then results in a financial loss.
It may not be a significant loss, but it’s unnecessary because it’s avoidable. However, don’t get confused by “affordable” and “cheap” because it’s not the same thing by any means.

The Technology

One of the biggest problems in this industry is – obsolete hardware and software. In order to avoid potential issues with various payment methods, make sure you find a machine with the latest hi-tech included. Bear in mind; you will probably have to update and refresh some of the components from time to time in order to stay relevant and competitive.

Customer Support

One of the last but not least things you should consider is to pay special attention to the provider’s customer support. In simpler words, choose a provider that offers 24/7 customer support services. This way, you can contact them if something goes wrong even in the middle of the night and cut downtime significantly. As you can assume, the less downtime you have, the more money you should generate.

The Conclusion

Acquiring an ATM is a pretty demanding task, to say the least. However, it can be done as long as you know what you are doing. Furthermore, you have to craft a strategic financial plan and calculate the potential loses. Once you have the numbers and statistics, you’ll find it much easier to choose the right hardware for your business.