Buying ATM Machines: All Your Questions Answered
Want to get an ATM machine for your establishment? Learn how much it costs to buy at ATM machine, which types you can get, how profitable they are and more!
ATM machines are everywhere, from the bank to the corner store to your favorite restaurant. But do you ever wonder who owns these machines, and what it takes to run one?
If you’re a business owner, you have a lot to benefit from by investing in an ATM machine. You could see an increase in not only revenue, but in customer volume and retention. Whether you’re looking to rent or own, an ATM could be the right move for you.
If you’ve ever wanted to buy an ATM machine, here’s everything you need to know.
How Much Does It Cost to Buy an ATM Machine?
The price of ATM machines varies greatly, but you’re typically looking at anywhere between $1,000 and $10,000. Used ATMs are going to fall under the lower end of the spectrum, where new machines will be towards the higher end, and can even go above the $10,000 mark. Generally, you don’t have to spend too much to get started, though.
It’s important to consider maintenance costs associated with operating and maintaining an ATM machine. If anything goes wrong it’s up to you to get it fixed, meaning getting the cheapest ATM available may not always be the smartest idea in the long run. You’ll also want to consider all the different types of ATMs available.
Some of the most popular ATM models include GenMega, who offer plenty of affordable and quality ATM machines around $2500 to $3500. There’s also Nautilus Hyosung, who provide freestanding ATMs for as low as $2500. Triton is another popular ATM company, offering similarly priced options that are sleek and U.S. made.
Wherever you shop for your ATM machine, make sure it’s from a trusted company with experience in the business. The last thing you want is an ATM machine that costs more to maintain than it makes!
What Are the Different Types of ATM Machines?
There are a lot of different types of ATM machines to look into before making your decision. Among the most popular choices is the freestanding ATM, which is found everywhere from night clubs to restaurants and corner stores. They’re generally much more affordable than other types while also being easy to set up, making freestanding the best option for many.
If you don’t have a lot of space, a countertop ATM is compact and similarly priced. A popular choice is the built-in ATM, like those found outside of banks. These are installed right into the wall, making them perfect for 24-hour businesses and those who need quick cash — they are, however, more expensive to install than most models.
You’ll also need to consider the connection type: dial-up, or wireless. ATMs require an internet connection to run, and while dial-up models are cheaper they’re also slower. A wireless ATM utilizes high-speed internet and is much more common these days, but some older machines may not have this capability.
Are ATM Machines Profitable?
Investing in an ATM machine can be extremely profitable for you and your business. Statistically speaking, customers spend up to 25% more time in a store with an ATM machine, as it allows them to get the money they need right away.
ATM machines come with customizable processing fees, so every transaction made earns you a few dollars. Even if your processing fee is only $2, that’ll rake you in a good $200 extra for every 100 customers who use your machine. If you go too high with your processing fee you’ll drive people away, but even a low price will provide you a good amount of extra revenue.
ATM machines might not make sense for every business, but if you’re running a small or growing business like a corner store, a restaurant, a gas station, or even a cannabis dispensary (if it’s legal in your area) that machine is probably going to get a lot more customers spending a lot more money.
An estimated one-third of Americans use an ATM machine weekly, so don’t hesitate to get in on that market.
Can Anyone Buy an ATM Machine?
ATMs are most typically bought by those running businesses, but there’s nothing stopping any aspiring or seasoned entrepreneur from buying an ATM machine.
Some people purchase ATMs and resell or rent them out to business owners for a cut of the profit. This provides a cheaper way for business owners to get ATM machines in their stores, and a way for entrepreneurs to “passively” make money off their machines. Depending on the contract worked out between the vendor and the shop owner, it also leaves things like maintenance costs and filling up the machine to the owner of the machine, meaning less stress for the renter in exchange for less profit from the machine.
There’s not much of a point in buying an ATM machine unless you’re looking to start your own ATM business or looking to supply your own business with a machine, but yes, anyone can buy an ATM machine.
Who Fills ATM Machines?
One of the most frequently asked questions about ATM ownership is “who fills the machine?” This depends on a few factors.
If the ATM is owned by the business owner, they may choose to fill the machine themselves. This requires a decent amount of cash on hand, so it may not be practical for all business owners, especially those just starting out. However, this is usually the best way to make the most profit out of your machine.
Cash management companies are frequently used by ATM owners to supply and refill their machines, eliminating a great deal of stress in the process. Worrying about payroll is stressful enough without an ATM machine to pay, as well. You’re going to need to pay the company of course, but this can be a lot safer and easier than self-filling.
If you’re renting or purchasing from an ATM provider, they’ll usually be the ones to refill the machines. They’re professional and know the ins and outs of the business, so you know you’ll be in good hands working with a provider. Again, this is less profitable than self-filling, but the best option for many ATM investors.
How Do I Get an ATM Machine?
There are a few different options when it comes to getting an ATM set up in your store.
Some ATM companies offer what’s called “placement”, where they’ll set you up with an ATM machine for free. These companies require you to submit an application that will determine your eligibility for a free machine. Basically, they want to see how much traffic your shop gets, how large it is, and how popular the location of your shop is.
If your storefront seems like a profitable place for an ATM machine, the company will set you up with a machine and take care of the maintenance and refilling for free. This won’t be the most profitable option as the company will take a cut, but it’s a great option for those looking to dip their toes into the ATM market, and those with successful businesses already.
Unlike postage meters, you can straight-up purchase an ATM from most ATM companies, and while this can cost more initially it will lead to more profit in the long-run. As long as you’re prepared to maintain the machine, this is a solid option as you get 100% of the profit.
You can also lease or rent a machine from many companies, splitting the revenue with the owner of the machine. This is a good option if you’re just testing out the ATM game, and also relieves you of some of the stress of maintaining the machine.
What Should I Look for in an ATM Machine?
It’s hard to go wrong purchasing a new ATM machine from a trustworthy company. If the company is reputable, they’re not going to set you up with a faulty machine on purpose, and their prices should fall below the $10,000 mark. Always do some research and look up reviews on an ATM company before investing, and make sure to ask plenty of questions before investing.
If you’re looking for a used machine, it’s important not to get anything too cheap or run-down looking. Getting an ATM machine for $500 sounds like a no-brainer, but if the machine is too “sketchy” looking nobody will trust it enough to put their money in. With ATMs, the cheapest route is often not the most sound one, so take that into consideration when looking for the best option.
Should I Buy an ATM Machine?
Business owners of all sizes can benefit greatly from investing in an ATM machine. Whether you rent or buy an atm, you’re looking at a good increase in customers and monthly revenue. Who doesn’t want that?
Consider investing in an ATM for your business today, and start raking in that extra cash.