According to a 2018 ATM Analysis Based on National Data, the United States is among the largest ATM markets in the world. It has approximately 470,135 machines, most of which are owned by independent users. Banks, on the other hand, only hold about 191,741 of the said ATMs.
With the figures mentioned above, the increasing popularity of an ATM service company doesn’t come as a surprise. More and more people are becoming interested in buying these machines and joining the ATM business.
Why Buy an ATM Machine?
Independent owners typically buy an ATM to generate more income, which is acquired through the surcharge fees. Customers pay a small fee ranging from $2 to $3 every time they use the machine.
Owners then earn a commission from the surcharge fee. However, business owners will not receive the full price, especially if they are renting the machine from an ATM service company. But this is not a problem as long as customers constantly use it.
Another reason why people purchase an ATM is because of the traffic it provides to their business. If they own a restaurant or any brick-and-mortar store and have an ATM on the premises, their establishment benefits from the cash transaction made from the nearby machine. Also, a person is more likely to spend at an establishment when they have cash in hand.
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What to Look for When Choosing an ATM Service Provider
Although there are several different ATM providers in the market, each offers different types of machines and quality of services. But as a beginner, what should one look for when choosing an ATM service company?
First off, you should look for a partner with years of experience, as well as expertise in this specific field. Aside from that, an independent owner should also take into consideration other factors, including:
Quality Materials and Equipment
The service provider needs to offer the highest quality of materials and equipment available in the market. The quality of the ATM and the ATM parts are crucial since this kind of business runs on a cash-only operation.
Subpar machines have a higher tendency of experiencing issues, such as downtime. Any problems in operation would cause dissatisfaction to the customers. This can result in a loss of revenue, which can affect the overall business.
Additional Services
Not all ATM service providers offer other services in their packages. You must look for a company that provides a comprehensive service plan that includes repairs, maintenance, cash replenishment, and more.
ATM Technology
The machine offered by the company should be equipped with the latest technology to improve customers’ experience. This can help eliminate the hassle for both the independent owner and the customers.
The ATM service company must be equipped with the latest security and safety measures to protect its users.
Flexible Operations
For convenience, you should look for a company that offers flexible operations. This means that they will handle most of the machine solutions. Additionally, it’s better if they also control other aspects of the business, as well, such as the allocation of interchange and surcharge funds.
24/7 Customer Service and Technical Support
All kinds of companies must have excellent customer service and technical support teams ready 24/7. If any problem arises, they can quickly provide a solution and fix the issue.
Reliability
The ATM service company must be reliable. This means that they should promptly provide quality services to ensure customer satisfaction. The company should also be able to address any issues in a fast manner to ensure that machine uptime is never compromised.
More and more ATMs are now owned by independent parties. If you want to be a part of the booming market, you should get your machine from the best service provider. Be sure to look for several factors, including reliability, quality equipment, and more for customer satisfaction.
