Before jumping into purchasing an CREDIT 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 a good ATM company to best assistance your ATM processing needs as well as how to make sure you select the right ATM machine.
ATM machines have come way down in price since first being introduced towards 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 machines for sale on the internet including auction websites. I urge you to beware of any kind of used machine unless you know exactly where it came from, when it was processing last and who serviced this. Many of these used machines we observe for sale are not 3DES (Triple DES) compliant, nor do they have tips or management passwords.
3DES is an encryption process in the key mat and firmware that protects the consumers PIN number from being stolen when the ATM is dialing the particular Processor and requesting a deal. 3DES became a requirement several years ago so we are seeing older devices for sale that are very cheap. These ATMs are just boat anchors or require expensive upgrades.
If you see any ATM machines for sale that are lower than $1, 000 used be very wary. My advice is NOT to purchase an used ATM unless it is from a trustworthy company and includes a warranty. I strongly recommend staying away from ATM machines sold by private parties or people unless you are very familiar with the brand name, model, condition and compliant status of that model.
You can get new ATM’s for about $2, 000 (as of this article writing) and several refurbished 3DES up to date ATM’s for $1, 000 or more which should include a parts and work warranty.
Once you purchase an ATM Machine you still need ATM processing. Look for an ATM company that will specializes in ATM processing (I suggest you Google the words “ATM Processing” or check out the author comment links below).
A reputable ATM company should offer ATM’s with or without processing. They might also offer ATM processing only if you already have an ATM Machine. If you 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 ATM processing platform. To find out in case an ATM machine you’re considering purchasing is compliant we recommended calling some ATM processing Companies.
A Reputable company will typically need a processing agreement to protect you and them legally as required by sponsoring banks and networks. These contracts are typically 3- 5 years yet 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 in 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 except for weekends. Agreements protect the CREDIT company because many of them don’t charge set up fees but incur costs to set up your system so it takes all of them a few months to a year to recapture those costs.
ATM processing rebates range from 85% of the surcharge in addition $0. 20 – $0. 25 cents (bank-end revenue) up to fully of the surcharge plus $0. 20 cents depending on your ATM device usage volume. Some ATM companies offer a Tiered rebate which is associated with ATM performance.
Some ATM companies also offer ATM equipment at drastically reduced prices to get you to indication a long term processing agreement. This is typically a loss leader so you only look at how cheap the CREDIT equipment really is and don’t really take notice of the ATM processing portion of the deal. Look out for a deal on ATM devices that seems “to good to become true”. This is definitely case associated with “you get what you pay for”.
If the ATM Machine you discovered 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.
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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 machines away and give you a high discount and give you proper service or even stay in business. This is a red flag. Keep in mind, they are handling your money. You want these to make money so they stay in business to handle any issues that arise.
The thing that experiences the most when companies give away in order to much is usually service. Think about what would cost you if your were obtaining $2. 10 every time someone used your ATM and 300 people per month used it. That’s $630 per month. Now, what if your ATM includes a problem and you can’t get help, or parts or service to get a week or longer — they have costing you $21 per day — or over $150 a week.
Look for a good ATM company with 24 hr 7 day support with a toll free number. Then, if you’re a business that will counts on help late evenings or weekends you should test it and call the number at 11pm or on a Sunday and see if they solution the phone.
If the phone is solved live that’s a pretty good indication of good service. If it goes to voice email, leave a message — tell them you’re not a customer yet but you are tests to see how good or fast their own 24/7 tech support really is.
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