How to Select an ATM for Your Business?

Installing an ATM at your business gives you the means to earn passive income. However, given that you have numerous options from which to choose, it is important to understand how to select an ATM for your business. For instance, not all models come with the same security features.

Free Standing Vs. Built-In ATMs

Free-standing ATMs are often the go-to alternative for several businesses. Most modern ATMs from this category come with sleek designs, touch screens, LED lighting around keypads, and high levels of digital security. Since they are not attached to walls or facades of buildings, they are anchored to the ground.  They make for great additions to businesses that don’t accept card payments and to ones with no ATMs in the vicinity. They are commonly found at convenience stores, grocery stores, gas stations, offices, hospitals, and educational institutions. Freestanding ATMs typically do not accept cash deposits. 

Built-in or through-the-wall ATMs tend to offer higher levels of safety, since they are typically installed through walls, with spaces at the back that have controlled access. Installing one takes more work than setting up a free-standing ATM, and might require that you use the services of a contractor to make structural changes in your building. These ATMs are typically located in banks and office buildings. Finding a built-in ATM that accepts deposits is fairly easy. 

You may think about getting a free-standing ATM as long as you have adequate space and a source of electricity. A built-in ATM might work better for you if you are worried about its physical safety. 

Security

It’s crucial that you understand how different models vary from the security point of view before you select an ATM for your business.  It is common for new ATM machines to come with inbuilt cameras, although this aspect might need your attention if you’re getting a used ATM. Other security-related features you may look for when choosing an ATM include break-in protection, card readers with anti-skimming protection, reinforced metal frames, electronic locking, high levels of transmission encryption, and PCI 3.0-compliant keyboards.

Renting Vs. Buying

When determining how to choose an ATM for your business, you are presented with the option of buying and renting. If you have access to adequate capital and are looking at making a long-term investment, you may consider buying an ATM. This way, you avoid paying monthly fees and getting tied down to any particular ATM service provider. However, finding a suitable model might require extensive research, and you will also be burdened with the ATM’s installation and maintenance.

When you choose to rent an ATM, you may rely on the company you select to make suitable suggestions surrounding which model might work best for you and its placement. Besides, while you get a fair share of the profits, you don’t have to worry about ongoing maintenance.

Conclusion

If you hope to maximize the revenue earning potential of your business or if you want to give your employees easy access to money, getting an ATM might be the solution. While you need to understand the intricacies of how to select an ATM for your business, you also need to determine if the revenue it generates will outweigh the costs you incur. Once you decide to move forward, you simply need to contact a reputable ATM processing and management company.