Things to Know Before Installing an ATM

If you have decided to install an ATM at your business, congratulations! This is a smart decision that can not only net you extra revenue from ATM transaction fees, but also can add additional revenue when customers spend money from the ATM at our business. Did you know that up to 80% of customers who withdraw cash from an ATM inside a business tend to spend more money inside that business? In fact, at some bars and restaurants, it’s estimated that an ATM customer will spend 15% or more than a non-ATM customer.

Whether you decide to install the ATM yourself, or opt to have a service install the ATM for you, the process is relatively easy. Well, especially easy if someone like Lieberman Companies is doing the work for you!

Before Installing the ATM

Before you install an ATM at your place of business, here are a few questions to ask yourself.

• Where to place the ATM in your business? You will want to place the ATM inside your business where it easily visible (keep in mind, an ATM can bring in new clientele searching for a convenient ATM) and accessible to your customers. Accessibility is not only a convenience factor, but also ADA standards require that there is enough room so that the ATM is wheelchair accessible. There will also need to be an accessible power source and communication line wherever you decide to place your ATM.
• What options should you consider for your ATM? ATMs come with a variety of options, but some options can help attract customers. For example, do you want a illuminated topper for the top of the ATM? This offers both visibility and security. Do you want a wrap for the machine that has your business logo on it or a special design?
• How much to charge for the surcharge fee? When deciding on the surcharge you want to assign for transactions, there are some things to consider. The surcharge is a service fee for using the ATM. This fee amount should be based on the going rate in your area. This might mean going out and visiting other establishments in your area that have ATMs and seeing what they are charging. You don’t want to undercut your price because this is where you will make your profits. You also don’t want to be overpriced because customers are generally attracted to using the machine with the lowest charge. Usually, the entire surcharge minus a small processing fee that belongs to you is deposited to your account the next business day. For instance, if the fee is set at $3.00 per transaction and you have 400 customers use the machine in a month, you’ve made a $1,200 gross profit for the month.

ATM Installation

Believe it or not, ATM installation is relatively easy. If you are not using a free ATM placement service, such as the service we provide at Lieberman Companies, a few tools and a little elbow grease is all you really need.

Make sure the site where you plan to place your ATM is free of any debris and/or obstacles in the way of accessing the ATM. Use a tape measure to ensure the area will be ADA compliant. ADA standards requires a 48” x 30” clear space in front of the ATM. (Be sure to always check with your local government for any additional requirements.)

Once the site is ready, use a hand truck to move the ATM into the location you plan to install it. Use a marker to trace the holes on the bottom of the ATM onto the floor. You will also need a hammer drill if your floor is concrete and anchor bolts to secure the ATM.

Move the ATM to the side and drill holes exactly where the marker marks are. Put the anchor bolts for the ATM through the bottom of the vault and into the holes you just drilled and tighten. Once installed, double check everything to ensure the bolts are tight and the machine cannot be moved. Plug the machine in and connect it to the required sources if you are using a phone line. If you are using a wireless ATM, all you will need is the power source.

Lieberman Companies is here to help you from start to finish with your ATM business needs. Whether you buy an ATM from us, or take advantage of our free ATM placement service, we will be sure to help you with your ATM installation.

Contact us at 952-887-5303 or simply fill out the form below to get started.