Should i buy an atm machine

There are some points to keep in mind regarding the differences in the maintenance costs between buying and leasing an ATM. When you lease an ATM, should the unit malfunction, the leasing company typically contracts with a repair service. You, as the lessee, are not responsible for repair costs, but you will experience lost revenue for every day that the ATM is not working. When you buy, you will be the one responsible for the maintenance. That means you will have to find a repair company, negotiate a price and incur the cost of the repairs.

To understand the full picture of how much you can make by having an ATM at your business, it's important to know the earnings potential for both leasing and buying the machine and to compare those amounts with the costs involved in setting up and maintaining the ATM. Under a lease plan, the fees you pay are usually already calculated by the retailer to include a percentage of the service charge.

If you own your ATM, you get to keep a higher commission-per-transaction fee that's charged to customers who withdraw cash from the machine. Plus, you could make additional money on an ATM that you own by running ads on the display.

If you are doing the cash loading and maintenance yourself, the only real expense is your time. If you have employees to manage it or utilize a cash loader, then you will need to net that out.

When you lease an ATM, the company that owns the machine can determine where it's placed, so your business type matters. The good news is that the owner of the ATM also wants to make money, so they will want to put the machine in an optimal location.

The downside is that it may not be the best spot for you in terms of the layout of your business. If your business is a bar or restaurant where many of your customers use cash, leasing an ATM could be a smarter choice because it will probably be used more and thus may require regular maintenance to keep it running smoothly. If the machine will be sitting in the lobby of an office building that has light foot traffic and the cash it dispenses isn't going to be spent with your business, then buying will be the better investment.

When you buy the ATM, you get to choose where it goes. It matters less what type of business you have, because you can determine the best place for foot traffic and make sure that it is placed where it won't impede other areas of your business. Insurance and liability considerations pertain more to owning an ATM, because if you are leasing one, the liability and insurance will fall to the owner of the ATM.

Weaver also noted a few other liabilities of owning an ATM:. Weaver said that if you own your ATM, you are not required to insure it, but if you don't, you risk losing all of the cash inside if a theft occurs. To help you decide between leasing and buying an ATM, we've broken down the pros and cons of each option. Before you decide which option is best for your business, consider the costs, maintenance, profits and flexibility with placement.

While there are many factors to take into account, Yim thinks most businesses are better off buying. Jennifer Post. Consider these six things before deciding if your business should buy or rent an ATM.

Leasing If the ATM retailer you're leasing from offers a variety of models, leasing may give you the flexibility to choose an ATM that best matches your business's premises. Buying Buying a new model costs more than buying an older model or a used one, but consider that the ATM's looks can be important. Maintenance If you own your ATM, you will be responsible for most of the maintenance, or you'll have to pay someone to come fix it if something breaks.

Buying There are some points to keep in mind regarding the differences in the maintenance costs between buying and leasing an ATM. If you plan on doing business under a business name, you will need to register it with your county clerk. You may also want to set up a business entity such as a limited liability company so that you can avoid any personal liability.

This can be done by filing articles of organization with your state and then paying the appropriate filing fee. Place the ATMs in the locations that you secure and set them up. They will require access to a phone line or the Internet. You will also need to set up a computer so that you can check the ATMs. Most ATMs allow their owners to get online and check their status. This will allow you to see how much money you need to take with you to fill them.

Vary the times that you service your ATMs. Since you will be handling a relatively large amount of cash, you do not want to put yourself at risk. Luke Arthur has been writing professionally since on a number of different subjects. In addition to writing informative articles, he published a book, "Modern Day Parables," in By Luke Arthur Updated March 19, We will help coordinate the ATM installation, onsite training and optional vault cash services. There are no monthly fees and no hidden costs.

We provide practical knowledge and sound advice to help you buy an ATM that is right for your business. Our sales staff has over years of combined experience in the ATM industry and we want to maintain a win-win long-term relationship. These tools include installation, programming, training, maintenance, service, and a long-term relationship.

Our goal is to provide you with right ATM at the lowest price available that will help your business succeed. A new retail ATM typically has UL rated steel safe that weights — pounds which has four pre-drilled holes at the base of the unit.