How To Buy An ATM
Purchasing an ATM for your business is an excellent investment in many ways. The ATM owner earns additional income through surcharge fees. Additionally, by encouraging customers to pay in cash, you reduce credit card fees. Finally, customers who come into your site to use the ATM will spend some of the cash in your establishment.
Have your attention? Let’s review the following important details:
- Picking a location for the ATM
- ATM features to consider
- Most popular brands and models
- Cost of an ATM
- Buying vs. Leasing vs. Placement
Picking A Good Location
Finding a good location for the ATM is important. ATMs have a small footprint (example: 15.7″ x 23.4″) and can be tucked into a corner or hard-to-use alcove. An ATM requires a standard 110 outlet and an internet line for connectivity. If internet is not an option, there are great low-cost wireless solutions available. The ATM should be in a visible spot for both customer convenience and security. The machine should also be securely mounted to the floor with 4-5 heavy duty bolts.
In some locations a wall-mounted ATM should be considered. For example, if your establishment occupies an office building where the ATM could be available to the public after hours, it would be a good idea. Wall-mounted machines like the Genmega Onyx-W are perfect when floor space is at a premium.
ATM Features To Consider
The standard ATM comes with an electronic lock, 1,000-note cassette, and 10-inch screen. If you have a high volume site, larger capacity cassettes are available for an additional charge. There are systems with two to four cassettes where the ATM can dispense two denominations of bills. Locks can be upgraded to SF or Cencom which generate one item combinations, perfect if multiple people load the ATM and you want to track it more closely.
To enhance marketing appeal, a topper can be added which draws more attention to the ATM. Another option is to display a custom screen image which helps market your site. For the greatest impact, a custom ATM wrap can be created.
Most Popular ATM Brands and Models
Now that you have decided on features, let’s talk about ATM brands. Like many products, Coke or Pepsi, Chevy or Ford, Bud or Miller – there are several high-quality manufacturers of ATMs with Hyosung and Genmega being the most popular. In addition, Hantle and Triton make great machines as well. The final decision often comes down the personal preference.
Hyosung
Hyosung’s two most popular models are the Halo II (MX2600) and Force (MX2800). Both models feature a 10-inch screen, 1,000-note cassette, and lock. The Force has several upgrades including a light vault area to make loading in a dark establishment easier, a holder for wireless system inside the header, and a sleek screen using touchscreen in place of buttons. Additional Hyosung ATM models include the 2800T and MX5200SE.
Genmega
The Genmega 2500 is the star of their lineup. Features are similar to the Halo II in a slightly smaller footprint. The Onyx is an upgrade from the 2500 with nicer finishes and features. The NOVA is Genmega’s newest ATM which features a high definition 17″ touchscreen and allows full motion video on the top half of the screen while running the ATM program on the bottom half. The Onyx-W is a great, cost-effective wall-mounted solution. For an additional “through the wall” ATM model, check out the GT3000.
Hantle
The Hantle 1700W is comparable to the Halo II and G2500. We really like the Hantle t4000 through-the-wall ATM which has many features of traditional Diebold and NCR machines at a much lower price.
Triton
Triton products are extremely high quality. You will see the 9100 machine still in service today after 20 years. Their newer models are the Argo and Argo FT.
How Much Does An ATM Cost?
Now that you picked out your model, the important question is how much does an ATM cost? The ultimate cost of the ATM depends on model and features selected but an entry level ATM can be purchased for under $2,500. Installation is extra and typically runs between $200-300. If you are handy and want to save a few bucks, our experienced team can talk you through how to install the ATM yourself. Contact our sales team at 952-887-5303 for an exact ATM installation quote.
Along with your ATM, you will need to sign up for processing services. The ATM requires programming to make sure all transactions are handled securely and properly. Lieberman Companies is a certified ISO processor offering nationwide ATM processing and can set you up with Columbus Data Services (CDS) or Switch Commerce. Both are easy to use and have excellent mobile apps which email or text you when ATM is low on cash or in need of service. Our team has sold thousands of ATMs and can easily walk you through the paperwork.
Buying vs. Leasing vs. Placement
To pay for an ATM, there are two options: buying or leasing.
Buying an ATM is easier and less expensive than leasing. There is reduced paperwork and you own the machine without any interest expense. However, it is very important to go into the ATM business with enough capital to fill your machines. We recommend having $2,000-3,000 per ATM available to load your machines. If that requirement stresses you out, we recommend leasing. No one likes paperwork, but our program is simple so don’t worry!
Free ATM Placement – you may find that you have a good site for an ATM but are not comfortable owning a machine or loading the machine with cash. In this case, the best option is to find a third party through Lieberman Companies to place the ATM and keep filled with cash. You still control the site and make residual income, but without the headache of machine ownership.
Where to Buy an ATM for your Business
Now you are an ATM expert… or at least getting there. If you have additional questions, please call the experts at Lieberman Companies. Our goal is to make you successful in the ATM industry. We specialize in ATM sales, processing, and service. Like any investment, you will want to find an established, reputable ATM company, and Lieberman Companies has been a family-operated leader in the amusement, gaming and ATM industries for over 110 years.
We offer both new ATM sales and used ATM sales, as well as a qualified, knowledgeable staff to handle any repair, maintenance or support type issues for your machine. And, with a warehouse on site, we have parts in stock for your most common repair or replacement needs.
While some providers have hidden fees or lack consistency in their efforts, Lieberman is proud of our 117-year track record of outstanding service and honesty with our customers. We also have an A+ rating with the BBB. Call us today at 952-887-5303 for more information or simply fill out the form below.