Boost Your Business Revenue When you Buy an ATM – Here’s How:
As a business owner, adding an ATM to your location is an easy way to increase foot traffic and generate extra income. It’s not complicated, and by following these simple steps, you can buy an ATM that starts bringing in semi-passive income almost immediately. We refer to this as a MOL (Merchant Owned and Loaded) ATM.
Pro Tip: If ATM Companies are knocking on your door asking to install an ATM at your location- if you have the funds and a little spare time – it probably makes sense to install your own ATM.
Step 1: Choose the Right ATM Provider
When selecting an ATM provider choose a provider who offers more than just the machine. BestATMstore.com is a full-service ATM solutions provider, meaning we handle everything from ATM processing (with your choice of processors) to wireless connectivity, nationwide service, and installation. No matter what you need related to ATMs- we handle in house.
BestATMstore.com is family owned and operated and we have been in the ATM industry since 1998. We are the perfect combination for most MOL ATMs. We combine the strength of a nationwide company with the personal touch of a local company. When choosing an ATM company- we recommend choosing based on value- not just on price of hardware or processing. What are they providing, how will they provide it, and what experience does the company have- to make ATM ownership this as seamless as possible for you.
Step 2: Complete the Paperwork
Before you buy an ATM, you’ll need to fill out a few forms to ensure your system is set up properly, and, most importantly ensure that the revenue from your ATM flows directly into your bank account.
Here’s what you’ll need:
- ACH Form: Authorizes transfers of ATM revenue into your bank account.
- Voided Business Check or Bank Letter: Confirms your bank account details for the ACH form.
- Sponsorship Agreement: Every ATM must be sponsored by a bank. We use Pathward for this.
- Driver’s License: Required by the sponsor bank for background checks.
- W-9 Form: For tax purposes, as you’ll be earning income from your ATM.
- ATM Processing Agreement: Outlines both your responsibilities and ours. We offer month-to-month agreements, meaning we aim to earn your business every month rather than locking you into long-term contracts.
Step 3: Buy an ATM Machine
There are several types of ATMs available, and choosing the right one depends on your specific needs and space.
- Free-Standing ATMs: These are the most popular for businesses. They take up little space and can be placed anywhere with a power source. We recommend models like the Genmega G2500, Genmega Onyx, or Hyosung Halo 2.
- Through-the-Wall (TTW) ATMs: More secure but bulkier and harder to relocate if needed. They’re best for security purposes. We typically sell these to a lock of check cashers and a lot of exterior facing applications.
- Wall Mount ATMs: Ideal for smaller spaces
Pro Tip: Always buy a new ATM if you’re unfamiliar with ATMs. Used machines can be a gamble unless they come certified from a reputable supplier.
Step 4: You Determine the Surcharge
The surcharge is what users pay to access cash from your ATM. On average, this fee is around $2.50, but it can be adjusted based on your competition or location. A higher surcharge means faster profits, while a lower fee might attract more users.
We typically see MOL ATM have a lower surcharge than placements operators. Primarily because MOL ATMs are more focused on the cash that is dispensed than by the surcharge generated. They do not want to listen to cardholders complain if a surcharge is high, and they even sometimes enroll in traffic generation programs- such as ALLPOINT- to increase visibility and foot traffic to their stores. They view the ATM as a loss leader- meaning that it does not directly generate them money, it generates them business in other ways. Lots of times this is the primary reason we sell ATMs to store owners- they are in control of the surcharge!
Step 6: Keep Your ATM Full and Start Earning
Cash is your inventory. You wouldn’t go into a grocery store if the shelves were bare would you? Keep adequate cash levels in the ATM for normal volume.
We typically see MOL ATMs are loaded more frequently with less cash than outside ATM placements. Which makes them more profitable and less risky as well.
Buying an ATM for your business is a great way to generate income, and be in control of your surcharge. You choose the machine, location, and surcharge that best fits your business model. If you have any questions or need further guidance, reach out to BestATMstore.com, and we’ll help you get started today!
