Automated Teller Machines, or ATMs, are electronic banking outlets. With an ATM, customers can do simple banking activities such as withdrawing funds, checking their balance, and more. Customers need to apply for a PIN and account card before they can use one. Also, while accessing money through a unit owned by your bank often comes at no cost to you, using an ATM provided by a competing bank can result in transaction fees. In 2015, The Washington Post reported rising transaction fees, noting down the 21 percent jump for using out-of-network ATMs from $1.97 in 1998 to $4.52 in 2015.
The Benefits of an ATM
ATMs are all about convenience. Customers won’t have to line up at the bank every time they need to use their funds. They can withdraw from basically anywhere, at anytime they need to. Whether they have to do a quick grocery run or need some cash, ATMs provide them access to their money for everyday necessities or late-night emergencies. With plenty of ATMs scattered all throughout the country, customers don’t have to worry about not having access to their funds, 24/7.
By adding an ATM to your shop or store, you can take advantage of the added foot traffic. This is especially handy for your business. Most people tend to spend a portion of what they withdraw nearby and your shop is sure to benefit from that. You also get a surcharge revenue every time a customer uses your ATM to withdraw cash. In addition, Costowl says that by having ATMs around, you encourage shoppers to use cash at your business so you can enjoy lower credit card transaction costs.
Should You Rent or Buy Your Own?
Not sure if you should go for a rental or buy your own? Well, if you want to give it a try or avoid the thought of a long-term ownership straight from the get-go, renting an ATM is the best way to get started. You’ll know soon enough if you want to keep one or not. Also, when you rent a unit, you won’t have to worry about repairs and cash loading as well as training fees. And once the lease period is up, you can easily say no and move on to another way to grow your business, or say yes and get yourself your own unit. With companies like ATMs for Less leasing ATM machines, you’ll find it easy to rent one.
If you want more control over the use of the ATM, its surcharge rate and other features, though, you don’t have to go the rental route. If you’re sure about what you want from an ATM and don’t mind putting up the capital to own one, then buying your own unit is the best option for you.
Just keep in mind that both options come with their own set of considerations. From repairs and tax implications to total costs, make sure you pick the one that suits your needs and your wallet the most. Either way, you can look forward to adding more revenue to your business with the handy addition of an ATM.