It’s quite difficult to imagine a city with no ATM machines anymore. For years, consumers have become dependent on these machines that they use to handle their savings and even pay their bills. These machines will surely stay popular because they save people time and effort. Because of these benefits, it is no wonder many people are now considering going into the ATM wholesale business.
ATM machines are found in many other areas aside from banks, where they were traditionally placed. Nowadays, these are commonly found in high traffic areas such as shopping malls, hospitals, schools, drugstores and supermarkets. If you are seriously considering buying an ATM machine and putting it somewhere that will attract a lot of customers, the first thing you need to consider is the location.
One critical question you should ask yourself if you plan on getting into the ATM business is whether you would rather own or lease one. There are many companies that offer various options such as direct purchase or lease-to-own. Keep in mind that there are also other costs every month, one of which is the high cost of maintaining these machines.
Some ATM suppliers may ask you to sign a franchise with them and you pay them a monthly fixed rate or sometimes, a percent of your total transactions. Buying an ATM machine franchise may be more expensive at the start. However, it has its own benefits, because you will get periodic maintenance, guidance on managing the business and even bookkeeping assistance. When you have a franchise agreement, you may also be given discounts for parts and services.
Find a good ATM company who provides not just the machines but also post-sale services. There are some companies that sell both new and second-hand machines and also give you options such as a direct purchase or lease. Be careful on choosing your ATM supplier, as the cheapest source is not always the best one.
Be careful about buying pre-used ATM machines that you may find cheap in internet auction shops. Some of these machines are not password encrypted and you may not be able to use them. Today’s machines are encrypted so as to safeguard the consumer’s transactions. Remember to deal only with suppliers with good track records and have earned good feedback from their customers.
Read the terms of the sale agreement carefully before you sign up. Some suppliers will make you sign contracts that are longer than necessary. Keep in mind that most agreements only go for 2-3 years. Before you sign up, observe some of the ATM machines that the supplier is selling, if they are doing well in their locations.
Whenever your ATM machine breaks down, you lose not just from the transaction fees but also your clients. Look around for at least 2-3 ATM machine suppliers before you work with one. This is just to make sure that you will be in business with a company that is reliable. Also, remember to ask the supplier for daily transaction reports and a breakdown of the initial fees, just to make sure that there are no additional hidden costs.
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