How Much Does And ATM Machine Cost?
The simple answer is that the average cost of an ATM machine can range anywhere between $1,000-$9,000. In this article, we will further dive into the costs and important information to know when considering the investment of an ATM machine.
Having an ATM on-site at a business can be a convenient and lucrative decision. The basic services an ATM provides are cash withdrawals, money transfers, balance inquiry, account info such as balance, and cash deposits.
There are a few general options for investing in an ATM. The most common examples are renting or leasing. The cost of the machine you choose will depend on what you’re looking for. Examples of ATM machine types available are as follows:
Stand Alone: These are convenient machine types of their ability to be placed anywhere.
Wall Mounted: Because a wall-mounted ATM can be lifted off of the floor they may be convenient for a business or location without a lot of room to spare. The average cost for a wall-mounted ATM is. Between $2,250-$11,000 depending on the model you choose and how new it is to the market.
Used ATM: Considering a used or refurbished ATM is always an option as well. A used ATM machine can be found for as little as $450 on average.
New/High-End Atm: These machines can be upwards of $20,000 or more but if you are looking for a sleek and innovative design a high-end ATM machine may be the right fit for you.
Some of the most popular and reliable ATM machines are by the brands:
- Nautilus Hyosung
Some other costs to keep in mind are the installation fee for your new or used ATM machine. This service can be anywhere from $500 and $1,000 depending on the complexity of the machine you choose. Some companies will waive these installation fees for high traffic areas or even include them in the initial purchase amount.
ATM machine accessories and replacement that you may want to budget for include but are not limited to:
- Locks. You can expect to pay $55standard or $300 to $400 for deluxe versions.
- Cash cassettes. The average price for these is around $200each.
- Cassette dispensers. Roughly $800 to $1000each.
- Screens: Expect to pay $200 to $300each.
- Card readers. This price is generally from $275 to $400.
- Modem board. The average cost is around $125.
- Keypad. These can run anywhere from $400 to $500each.
- Power supply. Lastly, expect a range of $300 to $500each for power supply.
The great news is while an ATM can be an investment upfront, they are typically low maintenance and aren’t expensive to keep up with. The average yearly repairs on an ATM would not exceed $200-$300 in the event that the machine did require upkeep. However, an ATM will usually last years without any problems that require maintenance.
Depending on the surcharge you have set and how much traffic your ATM will see will determine the amount you can profit from it. Because of their frequently needed service, you will make a profit from this investment putting back more money in your pocket.
In addition to bringing in increased revenue some additional benefits of owning an ATM can be found through:
- The ability to help reduce credit card chargebacks
- More convenience to customers which will lead to more business
- Simply having an ATM sign is a great way to lead more people to your business
Because of the increased traffic, an ATM may bring your business you may find more revenue for your business as well. Statistically, more than 40% of ATM users will frequent an ATM machine 7-9 times a month which drives consistent traffic to your site. ATM users on average also spend 20% – 23% more money than customers using different methods of payment.
By increasing the convenience for your customers, you also have the potential to increase your location's revenue while also receiving funds back from your ATM investment. This means that the convenience of your location being a one-stop-shop encourages consumers to continue to come by. High performing ATM machines will typically be used anywhere from 6,000-6,300 times a month.
The key takeaways for the cost of buying, renting, or leasing an ATM machine are:
- Budget for maintenance costs but expect minimal upkeep.
- Invest in a machine that makes sense for your business and space.
- Get quotes from popular ATM machine brands that may be right for you.
- Look for companies that incentivize high traffic and waive installation fees.
What Are the Costs of Renting an ATM Machine?
ATM machines help to attract more customers into your establishment, reduce the amount of ATM card transactions, and even give them another source of extra income. Plus, by renting out a machine, you can test its benefits on a small scale before making the decision to buy one outright. It's always better to rent than buy, but is there an ATM MACHINE RENTAL that will fit your business needs perfectly?
Determine how much money you can save by not having to purchase the machines outright. The cost savings can add up over time if you choose to use a rental instead of buying new equipment. Buying an ATM machine is like buying a house, there's no guarantee that it's going to hold its value. In addition, if you do decide to purchase an ATM machine in the future, you'll have to pay the rental fee every month.
If you plan to put in the machines in multiple locations, then you should consider renting an ATM machine rather than buying one outright. For example, if you're going to put one in a bank, that can be quite expensive. However, if you chose to rent the machine instead of buying it outright, you'll still get all the convenience of a bank ATM, and you'll still be saving money.
RENT VS BUYING
To help offset the price of the rental, some owners may opt to purchase an automatic teller machine, which has the added benefit of providing additional information about the company behind the ATM. This information includes a phone number and an email address. This helps you build a good reputation with the customer base and provides a better chance for referrals to your equipment.
Another cost-saving benefit from the ATM machine rental is that many of the vendors to offer you a reduced fee for the machine. This way, the total cost will be less than the purchase price of the machine, and the machines lease itself. Of course, some vendors won't give you the full price cut but will charge a reduced fee if you sell your machine at a certain price or period of time.
The lease fee alone will only cover the cost of the machine, but in some cases the lease fee is paid by the vendor. Others charge additional fees for things like rental insurance, repairs, installation, and sometimes even the initial equipment.