ATM Surcharge/Transaction Fees
What is the Average ATM Transaction Fee/Surcharge?
ATM surcharges – what should you charge per transaction? Charge too much and you may lose out on business if a customer opts to find another ATM. Charge too little and you could be leaving money on the table. So how does an ATM owner or operator find out what the average ATM surcharge is, and then, ultimately set their ATM surcharges?
ATM Surcharge Fees for Independent ATM Owners and Operators
By knowing some of the industry averages, it can help an independent ATM owner to decide where to set and justify their own ATM surcharge fee.
ATM owners should also do a little “leg work” and check out various surcharge fees within their local area. Visit other ATMs within a few blocks of your location to see what each ATM charges per transaction. Be sure to visit ATMs that are in a variety of establishments such as local gas stations, shopping malls, hotels, convenience stores, bars and restaurants.
From there, the ATM owner can decide where to set their own fee. For example, if most of the ATMs located in area restaurants are at $3.00 per transaction, it would probably be a good idea to be around that price.
ATM Surcharge Fees at Premium Establishments/Placements
ATM machines at premium establishments tend to demand much higher ATM surcharges. ATMs in casinos, nightclubs, sporting venues, and amusement parks may have ATM transaction fees of $5.00 or more. In fact, some casinos in Vegas have reported surcharge fees of $9.99.
Price for Convenience
Remember, ATMs are about convenience most times. As a society, we have become accustomed to paying a slightly higher premium for convenience. Whether it’s ordering from a delivery services like GrubHub, choosing Prime Now from Amazon to have your items within 2 hours as opposed to 2 or 3 days, or running into your local convenience store vs. visiting a big box store, the premiums for the items received tend to be higher. Why? It’s all about the convenience and time saving aspect.
Same goes for ATMs. It’s much easier to walk up to an ATM to withdraw cash instead of visiting a bank. Therefore, when many consumers see a surcharge fee, they are more than willing to pay it; within reason, of course.
Don’t be afraid to charge a few cents higher if needed. In most instances, a consumer will not walk away from an ATM if the surcharge fee is $2.99 compared to $2.75 at another. But $5.00 compared to $2.75 is probably another story.
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