Getting an ATM Machine Installed In Your Business – All You Need to Know
If you have been contemplating installing an ATM at your business premise for long but don’t know how to go about it, then this is the right place to learn more about it.
Here, we will discuss the options you have regarding ATM installation and how to go about hiring the right ATM service company for the job. In this article, we discuss all the information a business owner needs to know about getting an ATM installed at their shop or business premise.
First of all, let us begin by answering a few basic questions that include asking your customers regularly about the nearest location of an ATM? How far is the nearest ATM from your shop? Does your competitor right across the road, or the corner of the block, have an ATM in its premises?
Answering these questions is an excellent start to understanding how crucial ATM installation is for your business.
Determine the importance of ATM installation
If many customers, visiting your business needs cash, or ask for the nearest ATM, it may be a good idea to consider ATM installation. If your business attracts many walk-in customers who need cash or drop-ins to ask about the location of the nearest ATM, it is a positive sign for you to consider ATM installation.
If the nearest ATM to your business is actually pretty far away, it may be a good idea to provide convenience to your customers and other people by installing ATM.
Departmental stores, bars, hotels, restaurants, food court, and other such public areas are the right place for ATM installation. If your business falls under the categories mentioned above, consider ATM installation without hesitation.
The location of ATM installation is divided into different tiers depending upon the popularity and need with Tier 1 location being malls, railway stations, airports, large hotels, and so on, and Tier 3 locations being a suburban motel, small hotels, and highways.
Tier 2 locations are the ones with medium demand.
Understanding Available Options
Depending upon where your business location stands in terms of the Tiers mentioned above, the financial institutions would be more than willing to make an investment and go ahead with an ATM installation. It all depends on the financial institutions assessing the demand for cash in the area where your business is located and the density of ATMs nearby. If the location of your business is not suitable in terms of demand for cash, or even in terms of security, the ATM operators may not be willing to offer placement programs right away.
If the ATM operator determines that your business location attracts a lot of people looking for ATMs to withdraw cash, they would be more than willing to supply and install an ATM at your business.
The ATM service company would also manage and maintain the ATM (including the loading of cash). The business owner would be cut into the profits generated from the transactions fees paid by the customers on withdrawal.
Many vendors and business owners start with the ATM Partnership model in which they do not have to pay any upfront money for ATM installation other than to load the cash when the ATM requires it. The surcharge revenue generated is divided as per agreement between the ATM service company and the business owner.
The business owner can even go for buying an ATM right away, but there is a considerable amount of investment involved in it. However, the surcharge revenue generated does not need to be shared. It takes a bit of time to break even and make profits, but it’s a good option for established businesses in good locations.