It’s common to see ATM machines in places such as service stations, convenience stores, grocery stores, and drugstores. Independent ATMs are part of a network that allows customers to withdraw cash from their bank accounts for a small fee when they cannot use one of the bank’s automatic teller machines. Cash is still king, and despite many other methods to pay, people often choose to pay in cash. The business owner can buy or rent the machines and contract with a service to keep them in good repair and topped up with cash, or they can lease the space to an ATM company and get a cut of the profits from the transactions. ATMs can be located anywhere in a business, and some models can even be installed between the wall studs. Getting started with renting ATM machines is often a good first step.
 

What Costs to Expect

Leasing a machine is much like signing a contract with a credit card processor. You’re locked into a contract for the term of the agreement and will typically pay between $60 and $110 per month for the hardware alone. The machine will need to be serviced with cash, which can run as much as $50 per month on average. Or if you are doing enough business, you may want to hire an armored truck company which may bill per visit or per month. Machines also need maintenance including replacing receipt paper and repaired as needed. Installation may be offered for free but can cost as much as $400. Likewise, you will need to maintain a landline or secure Wi-Fi. These services may not be included in the monthly rent for the machine and can be exorbitantly priced if you don’t read your contract closely.

Which Machine?

It pays to do your homework before signing a contract. You’ll want to make sure that the machine is from a reliable brand. Four of the most popular brands are-

·  Diebold-Nixdorf
·  Hyosung
·  NCR
·  Triton

You want to make sure that the machine you end up leasing is EMV (chip-and-pin) compliant - this has been a requirement for all payment card systems since 2015. Some unscrupulous dealers will place noncompliant machines with people who are new to renting ATM machines. Unfortunately, it is up to the business owner to do their homework and not up to the ATM company to be honest about the status of their machines. Once you sign a contract, compliant or not, it is ironclad until you decide to sort it out in court.

Related Read: The Advantages of Having an ATM Machines in your Business

Work with a Reputable Company

Reputable ATM companies like to brag a bit. Their clients are their diamonds, and a company that has some national bling will tell you all about it on their webpage or social media. Hotel and grocery store chains, airports, even national parks all field ATMs to service their customers, but even if you are a small boutique or restaurant, they will value your business. Compare companies, interview salespeople, look up reviews, check ratings with the Better Business Bureau before you settle on your best choice. After all, you want extra income, and no extra hassles.