Buying ATM Machines: The Basics Explained
There are several things you should understand when it comes to buying ATM machines. Our guide here has everything you need to know.
Buying an ATM for your business can be an excellent way to create another revenue stream and give customers the convenience of having one available. According to recent research, only 14 percent of Americans don't use an ATM, meaning an overwhelming 86 percent use them.
Having one available can help to increase the amount of foot traffic to your business as people are always looking for a convenient way to access cash. However, there are a few things you should know when it comes to buying ATM machines.
Keep reading this guide to learn how to buy an ATM machine and what to look for when purchasing one for your business.
How Much Do ATM Machines Cost
Although there will be an upfront cost for buying atm machines, the machine can also save the business money over time. The average ATM will cost anywhere from $2,000 to $10,000, depending on the model and features that come with it.
The cost will also depend on if you are buying or leasing the equipment. Leasing will be a cheaper option, but buying the machine will be more profitable over time.
Types of ATM Machines
Another thing to consider when shopping for the best atm machines is the different types of atm machines available for purchasing. There are several different types to choose from, including:
- Built-in – A built-in ATM is going to have additional software loaded on it to offer additional features. These types of ATMs are going to be harder to install.
- Freestanding – Freestanding ATM's on the other hand, are a simpler alternative. They can be placed just about anywhere there is space for it. The machines vary in size and can be an excellent option for those with limited space.
Depending on the features you would like to offer, and the space available will determine the best type of ATM for your business.
Benefits of ATM Machines
Even with the increased prevalence of credit cards, Americans still prefer to use cash for certain purchases. According to a new study, almost half of the participants noted they would prefer using cash for purchases under $10.
Buying an ATM machine for your business can help attract new customers you wouldn't normally encounter. People do it all the time. When they need cash, they will look up where the closest one is and go there. If that location is your business, they may come across something and purchase it, generating additional revenue for you.
Another significant benefit of buying an ATM is the money you will save on credit card purchases. Credit card companies will charge a fee to merchants that can add up over time and eat into your profit. With an ATM, some customers will opt to take cash out instead, saving you on costs.
Ready to Get Started Buying ATM Machines
For business owners, ATM machines offer a chance to increase the number of visitors to their store. The more visitors you attract, the more potential you have to sell additional items and increase revenue. Not only can buying an ATM attract new visitors, but it can also save you on costs for credit card fees.
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Author: Hudson Piccini
Hudson Cynar, a Harvard University alumna and the owner of three prosperous enterprises, is a distinguished business consultant, author, and writer. Her expertise spans multiple business sectors, with a particular emphasis on storage containers, commercial copiers, payroll services, and medical billing software. Dedicatedly investing thousands of hours into product and service research, Hudson crafts insightful reviews to guide entrepreneurs in making informed decisions for their businesses.