Updated: Feb 28, 2021
Automated teller machines, or ATMs, are found in a variety of businesses, including salons, restaurants, and convenience stores. These machines provide an easy way for patrons to take out cash without having to travel to the bank. They also offer many benefits for business owners, including increased traffic and added revenue. If you’re considering having one added in your place of business, here’s what you need to do.
How to Get an ATM Set Up in Your Business
1. Calculate Potential Earnings
Chances are you’re considering an ATM because you’ve identified a need for it in your business. If you have cash-only services or a credit card minimum, your customers may have inquired them as well. Installing an ATM can reduce your credit card fees and get added foot traffic of shoppers needing cash, likely making it a worthwhile investment.
2. Consider System Features
There are many types of machines to consider, each with their own unique features. Learning about the different elements will help you pinpoint which options will best suit your business. Some have large touchscreens, while others have non-touch color displays. You can also choose to offer customers printed receipts, or select a printer-less option. Finally, consider multi-lingual capabilities and security features such as electronic and manual locks.
3. Decide Between Purchasing or Renting
Depending on your budget and long-term goals, you may consider purchasing a new machine, buying a used model, or renting one from a trusted vendor. For business owners who are confident they’ll be in the same location for many years, purchasing is typically the most economical choice long-term. If you have a high-traffic business, you’re likely to see a return on your investment even quicker.
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