Cash in on ATM Machines – The way to Select an ATM Company

Before jumping into purchasing an ATM machine be sure to do your home work. When you purchase one you nonetheless seek an ATM provider to process the transactions (similar to charge card processing). This article will discuss the right way to select an ATM company to greatest service your ATM processing requires and the best way to ensure that you select the proper ATM machine.

ATM machines have come way down in price since first being unveiled to the retail portion early in the 90’s. With advances in technology and the variety of really good machines still in service we see numerous worn machines available on the internet including auction sites. I encourage you to be wary of any old machine unless you know precisely where it came from, when it was processing last and who serviced it. Many of these used devices we come across on the market are not 3DES (Triple DES) compliant, and neither do they have management passwords or perhaps keys.

3DES is an encryption process within the key pad as well as firmware that protects the consumers PIN number from being taken when the ATM is dialing the Processor and requiring a transaction. 3DES became a requirement a few years ago so we’re seeing older devices for sale which can be very inexpensive. These ATMs are just boat anchors or require expensive upgrades.
If you see any ATM machines for sale which are much less than $1,000 used be pretty skeptical. My advice isn’t to purchase a used ATM unless it is from an established company and also comes with a warranty. I firmly suggest staying away from ATM machines sold by private individuals or parties unless you are very knowledgeable about the brand, model, condition and compliant state of that unit.

You are able to purchase new ATM’s for about $2,000 (as of this article writing) and a number of refurbished 3DES compliant ATM’s for $1,000 and up that ought to add a parts and labor warranty.

Once you get an ATM Machine you still need ATM processing. Hunt for an ATM company that specializes in ATM processing (I recommend to Google the terms “ATM Processing” or perhaps check out the creator comment links below).

A professional ATM business should offer ATM’s with or perhaps with no processing. They’d additionally offer ATM processing just if you already have an ATM Machine. If you have an operational ATM Machine and know all the passwords and have all the keys a good company should have the ability to simply re-program your ATM Machine onto their ATM processing platform. To discover if an ATM machine you are considering buying is compliant we suggested calling a number of ATM processing Companies.

A professional company will typically require a processing agreement to protect you as well as them legally as required by sponsoring banks and networks. These agreements tend to be 3- 5 years but there are lots of companies that negotiate fewer years and even some that offer only a two year agreement with no sign up fee. We know of several ATM companies that have an eighty four month phrase (that’s seven years). A great deal is able to change in 7 years, I would suggest you keep looking around if any person tries to make you sign an agreement longer than 36 months.

ATM Agreements shield you as these businesses are moving the funds of yours when one of your clients withdraws profit from your ATM. They relocate the funds from that ATM customers account into the bank account of yours. Which will need to be done nightly except for weekends. Agreements protect the ATM company because lots of them do not charge set up fees but incur costs to create your system so it takes them a few months to a year to recapture all those rates.

ATM processing rebates vary from 85 % of the surcharge plus $0.20 – $0.25 cents (bank end revenue) up to hundred % of the surcharge plus $0.20 cents depending on your ATM machine usage volume. A Tiered rebate that happens to be tied to ATM performance is offered by some ATM companies.

Several ATM companies also offer ATM gear at drastically lowered prices being you to sign a long term processing agreement. This is typically a loss leader so you simply look at exactly how inexpensive the ATM equipment actually is and don’t really pay attention to the ATM processing portion of the deal. Look out for a deal on ATM gear which often seems “to advisable that you be true”. This’s most certainly case of “you get what you pay for”.

If the ATM Machine you realized is less expensive compared to everybody else, be sure you read through the catch phrase of the processing agreement. Most ATM Companies that offer crazy deals on the ATM Machine will make you sign a very long-term arrangement for ATM processing.


If an ATM organization has ATMs way too cheap or offers a rebate that is way too high, then something has to be affected. They can’t give ATM machines away and present you with a high rebate as well as give you proper service or even stay in business. This is a red flag. Remember, they’re handling the money of yours. You’d like them to make money so they remain in business to deal with some issues that arise.

The thing that suffers essentially the most when organizations give away to much is usually service. Look at what it would run you if your had been getting $2.10 every time a person used your ATM and it was used by 300 people per month. That’s $630 per month. Now, what if your ATM has an issue and also you can’t get help, or perhaps parts or service for a week or even longer — it is costing you $21 per day — or over $150 a week.

Hunt for an ATM company with twenty four hour seven day support with a toll free number. Then, if you are a company which usually counts on help late evenings or weekends you ought to evaluate it and call the amount at 11pm or even on a Sunday and find out if they answer the phone.

If the cell phone is answered live that is a very good indication of service which is good. If it goes to voice mail, leave a message — tell them you are not a customer yet but you are testing to discover how great or fast their 24/7 tech support is really.

If your phone call goes unanswered or even takes hours to be returned, that’s most likely a symbol of a deal to great to be true.

Summary:

When shopping for an ATM Machine plan to pay $1800 – $3000 for a responsible one.
When shopping for ATM processing look for a deal in which you get not less than hundred % of the surcharge. And if you have or even look to have excessive volume make a deal for somewhat of the “back-end” on the deal (maybe another $0.10 – 1dolar1.20).
Try not to sign an ATM processing agreement longer than 2 – 3 years.
Ask for references of remaining ATM clients and CALL them.
Check the ATM organization tech support claims, is it really 24/7 service Ask just how ATM discrepancies “chargebacks” are managed (a good ATM processor will handle them for you).
Ask what if any fees are needed to get started (sign up charge, application fee, rebates, etc.)
Watch out for hidden costs, bait and switch, etc.
Read the ATM processing agreement and make certain withdrawn funds are deposited regular (business days).

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