Prior to jumping into purchasing an ATM machine be sure to do your home function. Once you purchase one you still need an ATM company to process the particular transactions (similar to credit card processing). This article will discuss how to pick an ATM company to best assistance your ATM processing needs and the way to make sure you select the right ATM machine.
CREDIT machines have come way down in cost since first being introduced to the retail segment in the early 90’s. With advances in technology and the number of really good machines still operating we see many used devices for sale on the internet including auction sites. I urge you to beware of any used machine unless you know where it came from, when it was processing last and who serviced it. Many of these used machines we notice for sale are not 3DES (Triple DES) compliant, nor do they have keys or management passwords.
3DES is definitely an encryption process in the key protect and firmware that protects the particular consumers PIN number from theft when the ATM is dialing the Processor and requesting a transaction. 3DES became a requirement several years ago so we are seeing older machines for sale that are very cheap.
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These ATMs are just boat anchors or need expensive upgrades.
If you see any kind of ATM machines for sale that are less than $1, 000 used be really wary. My advice is NOT to purchase an utilized ATM unless it is from a trustworthy company and includes a warranty. I actually strongly recommend staying away from ATM machines sold by private parties or individuals unless you are very familiar with the brand, model, condition and compliant status of that model.
You can get new ATM’s for about $2, 000 (as of the article writing) and several refurbished 3DES up to date ATM’s for $1, 000 and up which should include a parts and labour warranty.
Once you purchase an ATM Machine you still need ATM digesting. Look for an ATM company that specializes in ATM processing (I suggest you Google the words “ATM Processing” or check out the author comment links below).
A reputable ATM company ought to offer ATM’s with or without processing. They will also offer ATM processing only if you already have an ATM Machine. For those who have a working ATM Machine and understand all the passwords and have all the secrets a good company should be able to simply re-program your ATM Machine onto their particular ATM processing platform. To find out if an ATM machine you’re considering purchasing is compliant we recommended calling some ATM processing Businesses.
A Reputable company will typically require a processing agreement to protect you and all of them legally as required by sponsoring banks and networks. These contracts are typically 3- 5 years but there are several companies that negotiate less years and some that offer just a 2 year agreement with no sign up fee. We know of a few ATM businesses that have an 84 month term (that’s 7 years). A lot can change within 7 years, I would suggest you keep looking around if anyone tries to make you sign a longer than 36 months.
ATM Agreements protect you since these companies are moving your funds when your customers withdraws cash from your ATM. They move the funds from that ATM customers bank account into the bank account. That should be done nightly aside from weekends. Agreements protect the CREDIT company because many of them don’t cost set up fees but incur costs to set up your system so it takes them a few months to a year to rekindle those costs.
ATM processing discounts range from 85% of the surcharge plus $0. 20 – $0. twenty five cents (bank-end revenue) up to completely of the surcharge plus $0. 20 cents depending on your ATM machine usage volume. Some ATM businesses offer a Tiered rebate which is tied to ATM performance.
Some ATM businesses also offer ATM equipment at significantly reduced prices to get you to sign a long term processing agreement. This is generally a loss leader so you just look at how cheap the ATM equipment really is and don’t really pay attention to the ATM processing portion of the deal. Watch out for a deal on ATM devices that seems “to good to be true”. This is definitely case associated with “you get what you pay for”.
If the ATM Machine you found is cheaper than everyone else, be sure you read the term of the processing agreement. Most ATM Companies that offer insane deals on the ATM Machine will make you sign a very long term agreement for ATM processing.
If a good ATM company is selling ATMs too cheap or offers a discount that’s too high, then something needs to suffer. They can’t give ATM devices away and give you a high refund and give you proper service or even stay in business. This is a red flag. Remember, they are handling your money. You want these to make money so they stay in business to take care of any issues that arise.
The thing that experiences the most when companies give away in order to much is usually service. Think about what it would cost you if your were obtaining $2. 10 every time someone utilized your ATM and 300 people per month used it. That’s $630 monthly. Now, what if your ATM includes a problem and you can’t get help, or parts or service for a week or longer — really costing you $21 per day — or over $150 a week.
Look for an ATM company with 24 hr 7 day support with a 1800 number. Then, if you’re a business that counts on help late nights or weekends you should test it and call the number at 11pm or even on a Sunday and see if they solution the phone.
If the phone is clarified live that’s a pretty good indication great service. If it goes to voice postal mail, leave a message — tell them you’re not a customer yet but you are assessment to see how good or fast their 24/7 tech support really is.
If your call goes unanswered or requires hours to be returned, that is possibly a sign of a deal to great to be true.