Three Factors To Consider Before Purchasing An ATM

Although credit is widely used and accepted, it is in no way a replacement for cash. People still want to have cash on hand, keeping ATMs in high demand. Consequently, installing an ATM in your business offers an excellent way to increase foot traffic and possibly even drive up ATM sales in your area. If you're considering making this addition, here are three factors to remember before making your ATM purchase.

Legal Requirements

Having an ATM in your business isn't as simple as choosing a model you want and setting it up. The process is a lot more involved so it's best to start the process early. Generally, your local governing body and the federal government will require you to provide financial information and submit to a background check before you can legally operate the machine.

This is true even if you are already a business owner. Since the time necessary to complete this process can vary, the sooner you start the less you have to worry about any delays.

Network Requirements

In order to access customer accounts, the ATM needs a network connection. Don't simply assume you can use your existing internet connection. When you add the network requirements of the ATM, this can easily overload your existing connection.

This can be problematic because in the event the connection is overloaded, customers may be unable to perform transactions if you're connected or you may not be able to connect when a customer is using the ATM. Either way it's an issue, but you can avoid it by installing a separate connection point.

Cost Comparison

If you've used an ATM, you know firsthand that the service fees for these machines can vary widely. If you are installing an ATM in a location where there is a lot competition, it's a good idea to research the fees in the area. For example, if your fee is $3.00, but the store across the stress only charges $2.00, you may have some customers who decide to go elsewhere.

In some cases, the company that you purchase the machine from will set the price. However, whether this is the case or you set your own price, make sure you are thinking competitively for the best results.  

When done right, an ATM isn't just great for your customers, but it can also help boost your business. Make sure you are taking the time to plan before embarking on this investment.