6 Keys to Successfully Running an ATM

Business owners who put an ATM in their store know that it can generate revenue on its own and also entice consumers to make a purchase on-site. If you are looking to buy ATM machine parts or accessories, it is a good idea to research ways to boost your program. Here are six basics to consider that will affect how much revenue your machine will provide.

Create a Business Plan

An ATM is sort of like a self-sufficient business. Once you install it, there is little work to be done other than collect the surcharge fees. However, it still requires some planning in order to turn a profit. You should consider how much you want to invest in the machine and how much money you think it will generate for your business. Setting the surcharge fee for the machine will play a large role in determining how much revenue you can expect.

Advertising

Sure, the people who walk into your store might see the ATM and use it, but what about those outside looking for one? You should invest in a few affordable signs letting people know that you have an ATM. Many business owners place this on their front door or even purchase neon-lit or back-lit signage for windows, like the ones available at ATMequipment.com.

Where Are Your Customers?

Start surveying your business to determine where your customers spend the most time. You might notice that you get the most foot traffic at the register, or perhaps by the front entrance. Identifying high-traffic areas is how you will determine where to place the ATM. You want as many people to walk by it as possible, because it increases the number of consumers who will use it. Burying an ATM in the back of a business does not do you nor your customers any good.

Processing Transactions

In the ATM world, people use either independent sales organizations or independent ATM deployers to process transactions. If you work with a reputable dealer, the sales representative should be able to recommend these operators, who will charge some type of fee but also service and support for your ATM. In some cases, you may need to sign a contract with the agency processing your transactions. Read the fine print to make sure you are comfortable with the terms.

Stocking the ATM

Obviously, an ATM needs cash in order to do its job properly. You will need to decide who will stock it. There are a few things to consider in this area, such as:

• The safety of the person handling the money
• The time it takes to do the job
• The responsibility that comes with the work

This is another area where you can speak with the dealer who is selling you the machine. The company should be able to recommend a reliable stocker for you.

Consider Insurance

If you are going to buy ATM machine parts and service, you might want to consider insurance as well. A policy can protect the cash and the equipment. However, some people choose not to insure the machine, especially if security is not an issue in the location.

Successfully owning and operating an ATM starts with putting together a solid business plan. Once that is in place, you can start making decisions regarding where you will place the machine, who will stock it and who will process the transactions. If you are thorough in your planning, you should expect your machine to generate positive numbers for your business.