How Much Does an ATM Machine Cost?
ATMs are used regularly by more than a quarter of Americans to provide a vital economic service. They're a very popular tool worldwide and are instrumental for helping people get and deposit cash.
You might have considered getting an ATM machine at your business. But how much will they cost, and what are the benefits of installing one? Read on to learn everything you need to know about these handy machines!
Should You Get an ATM Machine?
There are quite a few benefits of an ATM machine, but you'll have to weigh the pros and cons. These machines can get pricey, so it's important to be certain you'll benefit from them before you have one installed!
First of all, ATMs are very handy for businesses that use a lot of cash or have people asking where they can get cash. Places like bars, convenience stores, thrift stores, and other similar places are great locations for ATMs. You'll get a lot of traffic with this machine, and very likely see your sales go up as people are able to get more cash.
Second, businesses that see a lot of small credit card transactions will also benefit from getting an ATM. You have to pay a fee every time someone swipes their credit card, and you won't make much money at all if their credit card purchases are small. That's where encouraging people to pay cash can come in quite handy!
And even if your business doesn't fall into these categories, you can still benefit just from the presence of an ATM machine at your business. People constantly need these machines, and just having one displayed prominently in your store or business can help bring in a lot more people who might turn into customers.
How Much Will It Cost?
So how much does an ATM machine cost? On average, ATMs cost between $2,000 and $4,000. Fancier, more expensive versions will run up to between $5,000 and $10,000.
Your costs when buying an ATM machine will depend on quite a few factors. These include the type of ATM you get, as well as installation and shipping fees, repairs, maintenance, and loading services.
The actual ATM you get will be your biggest determinant of cost. Getting a built-in ATM will put you on the high end of the cost range, while a smaller freestanding ATM will be a lot cheaper.
What Kind of ATM Should You Get?
The kind of ATM you get depends a lot on your business, your needs, and your risks. At the end of the day, the decision is up to you, but it's a good idea to look at all the options and find the right one for you.
There are basically five main types of ATMs you can get. Each has its own benefits and drawbacks and will greatly affect how much you have to pay. These types are:
Here's a breakdown of each type and its pros and cons that you might encounter.
Freestanding ATMs are common in gas stations, convenience stores, and even grocery stores. These machines often sit in a corner or against a wall and can hold a fair amount of cash.
You might pay anywhere from $3,500 to $7,000 for this type of machine.
The second type is a built-in ATM. These are the most expensive to install, as you'll need to renovate and construct a part of your building to store them properly.
These are great if you have a lot of foot traffic after hours. You'll still make some money while your store is closed and attract people to your business. These tend to be able to hold large volumes of cash.
Another type is a countertop ATM. These are much smaller and are designed for small businesses that don't have floor space for a full-size machine.
A countertop ATM can be installed on the counter right by you, allowing you to keep an eye on it and maintain it. They don't hold as much cash as others and will need to be bolted down to keep from being a target for thieves.
Wired vs. Wireless ATMs
You also have two types of ATMs that differ in how they process payments and withdrawals. The most common type is a dial-up machine, which needs a phone line to connect with the ATM processing network. However, wireless ATMs are also becoming more popular, and will typically operate much faster with a secure Wi-Fi connection.
Different types of businesses have different needs. One type of machine may work great for your store and terrible for another, and vice versa. It's important to focus on your specific needs and challenges to find the right machine for your situation!
What Factors Do You Need to Consider?
Besides the type of machine, there are a few other things you need to consider. These can all have an effect on the cost of an ATM machine as well as its maintenance.
First of all, do you want to buy a new or a used machine? A new machine will be pricier, but you also can have the satisfaction of knowing it doesn't have old, worn-down parts. However, a used machine from a reputable source can save you quite a bit of money initially!
Also, you should set aside some funds in your budget for maintenance and repairs. Any machine can break or wear out with use, and ATMs are no exception. While you hopefully won't have any major issues maintaining it, it's good to be prepared.
Additionally, loading and storing cash can cost you a little bit extra, depending on if you use a service or not. A cash loading service can cost you $50 a month, and buying an extra cassette to hold cash might be another few hundred on top of that.
It's also a good idea to think about theft and damage. An ATM can be a ripe target for thieves, so you'll need to bolt down and secure your machines, particularly if they're smaller. And it might be wise to invest in video surveillance and insurance as well!
Compare Quotes and Get Your ATM Today
Now that you know the different kinds of ATMs and what you can expect to pay for an ATM machine, you're better prepared to get one! Now you just need to determine which kind you want and where you want to put it.
And if you'd like to learn more about ATMs or compare prices, we'd love to help! We can help guide you to the machine that works best for you and help you find the best price to get it.