How to get an ATM in your Business

0 comment
5,051 views

The convenience of getting cash is now very simple with automated teller machine (ATM), wherein there is no need for you to go to your bank. ATM offers you the easiness of getting money simple.

ATM is also a great business idea for an entrepreneur looking for venture that they can earn the profit they want. Let us say you have a mini-mart, video store or any establishment that receives a lot of foot traffic, getting an ATM machine is a best idea to add more earnings.

Get ATM for Business

ATM for business can be obtained in two ways, ATM placement services, which offers the machine for free or simply leasing an ATM.

The Importance of ATM in a Business

Installing ATM can surely reduce the processing of credit card fees, boost visitors as well as reduce bad checks. With adequate amount of foot traffic, you can make money from the transaction fees of the machine.

Responsibilities of ATM Owner

If you want to own one, it is very significant if you can check the federal, state and local agencies to verify the papers or documents needed to be filed as well as the requirements that needed to be gathered. Usually, if you want to own an ATM, you are accountable of filling the ownership, establishment of the ATM with appropriate authorities with just 60 days after placement or acquisition of the terminal. The holder of automated teller machine usually has the same responsibilities as well. Furthermore, the owner of the terminal is also the one that will stock the machine with the cash.

The Cost for Purchasing or Leasing ATM

When you purchase a terminal, the average amount is approximately $3000.00. If you choose to lease an ATM terminal you need to pay $75.00 each month. Additionally, there are constant costs related with owning a machine like power, phone line, replacement receipt paper as well as professional cash loading service in case you don’t want to the loading yourself. Other non-compulsory costs include additional cash cassette if you choose to do your business with armored car service and service agreement or extended warranty. Some vendors can also charge monthly fees.

The Responsibilities of the ATM Owner in a Business

Provide the needed security
Does not charge a any fee to the owner of the business or establishment
Answer every question of the clients

Security

Security is very imperative in this kind of business because it involves large amount money, so it may also require you to hire personnel that will protect your terminal. Moreover, if you don’t want to hire personnel, put the machine near the entrance of the establishment or your business.

<< Learn How Political Environment Affect Business

Business Intelligence vs. Reporting >>