Prior to jumping into purchasing an ATM machine be sure to do your home function. Once you purchase one you still need an ATM company to process the transactions (similar to credit card processing). This article will discuss how to pick an ATM company to best program your ATM processing needs as well as how to make sure you select the right ATM machine.
CREDIT machines have come way down in price since first being introduced towards the retail segment in the early 90’s. With advances in technology as well as the number of really good machines still operating we see many used devices for sale on the internet including auction websites. I urge you to beware of any used machine unless you know where it came from, when it was digesting last and who serviced it. Many of these used machines we find for sale are not 3DES (Triple DES) compliant, nor do they have tips or management passwords.
3DES is definitely an encryption process in the key pad and firmware that protects the particular consumers PIN number from being stolen when the ATM is dialing the Processor and requesting a transaction. 3DES became a requirement in the past so we are seeing older machines for sale that are very cheap. These ATMs are just boat anchors or need expensive upgrades.
If you see any ATM machines for sale that are less than $1, 000 used be extremely wary. My advice is NOT to purchase an used ATM unless it is from a reputable company and includes a warranty. We strongly recommend staying away from ATM machines marketed by private parties or people unless you are very familiar with the brand, model, condition and compliant status of that model.
You can get new ATM’s for about $2, 000 (as of this article writing) and several refurbished 3DES compliant ATM’s for $1, 000 and up which should include a parts and labor warranty.
Once you purchase an ATM Machine you still need ATM processing. Look for an ATM company that specializes in ATM processing (I suggest you Google the words “ATM Processing” or check out the author comment hyperlinks below).
A reputable ATM company ought to offer ATM’s with or without processing. They will also offer ATM processing only if you already have an ATM Machine. If you have a working ATM Machine and know all the passwords and have all the tips a good company should be able to simply re-program your ATM Machine onto their particular ATM processing platform. To find out if an ATM machine you’re contemplating purchasing is compliant we recommended calling some ATM processing Companies.
A Reputable company will typically require a processing agreement to protect you and all of them legally as required by sponsoring banks and networks. These contracts are typically 3- 5 years yet there are several companies that negotiate fewer years and some that offer just a two year agreement with no sign up fee. We know of a few ATM businesses that have an 84 month term (that’s 7 years). A lot can change within 7 years, I would suggest you keep looking around if anyone tries to make you sign an agreement longer than 36 months.
ATM Agreements protect you since these companies are moving your funds when one of your customers withdraws cash from your CREDIT. They move the funds from that ATM customers bank account into your bank account. That should be done nightly except for weekends. Agreements protect the CREDIT company because many of them don’t cost set up fees but incur costs to set up your system so it takes all of them a few months to a year to recapture those costs.
ATM processing rebates range from 85% of the surcharge in addition $0. 20 – $0. twenty five cents (bank-end revenue) up to completely of the surcharge plus $0. 20 cents depending on your ATM device usage volume. Some ATM businesses offer a Tiered rebate which is associated with ATM performance.
Some ATM companies also offer ATM equipment at significantly reduced prices to get you to sign a long term processing agreement. This is typically a loss leader so you only look at how cheap the ATM equipment really is and don’t really pay attention to the ATM processing portion of the deal. Look out for a deal on ATM tools that seems “to good to become true”. This is definitely case associated with “you get what you pay for”.
If the ATM Machine you found is cheaper than everyone else, make sure you read the term of the processing contract. Most ATM Companies that offer insane deals on the ATM Machine will make you sign a very long term contract for ATM processing.
If an ATM company is selling ATMs too cheap or offers a discount that’s too high, then something has to suffer.
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They can’t give ATM machines away and give you a high rebate and give you proper service or stay in business. This is a red flag. Keep in mind, they are handling your money. You want them to make money so they stay in business to take care of any issues that arise.
The thing that experiences the most when companies give away in order to much is usually service. Think about what would cost you if your were obtaining $2. 10 every time someone utilized your ATM and 300 people per month used it. That’s $630 monthly. Now, what if your ATM includes a problem and you can’t get assist, or parts or service for the week or longer — it’s costing you $21 per day — or over $150 a week.
Look for a good ATM company with 24 hr 7 day support with a toll free number. Then, if you’re a business that will counts on help late nights or weekends you should test it and call the number at 11pm or on a Sunday and see if they answer the phone.
If the phone is clarified live that’s a pretty good indication of good service. If it goes to voice postal mail, leave a message — tell them you’re not a customer yet but you are screening to see how good or fast their 24/7 tech support really is.
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