It is possible to own your own ATM; it works very similar to a payment terminal but doesn’t actually hold any cash. The terminal gives out receipts, which are useable only in your place of business.
You set limits on the amount of money withdrawn and if payment is less than the amount on the slip then you are obliged to give the customer the change. You set the limit to what you think your average customer can afford, this has to be in multiples of $10 dollars with the average set around the $20 dollar mark, some businesses go as high as $70 as the amount to withdraw. It depends on the average transaction in your business and the availability you have for giving change to the customers who are not spending large amounts of money.
There are some restrictions that you will need to consider before you buy a countertop ATM machine; you will need to have enough customer’s to make the ATM worthwhile. You will need an excess of over 150 customers per day coming into your business. Obviously not all customers will use the facility and you have to consider this when working out your potential profit for the installation of the ATM.
You make money on each withdrawal made from your terminal, the amount depends upon whether you have purchased the ATM or you have entered into a leasing agreement with the ATM’s owner.
The average charge per transaction is $2.50 and many customers are happy to pay this charge. It’s an alternative to using a credit or debit card machine where, on each transaction, you pay money to the merchant account. This is an agreed amount.
Therefore, if you are thinking about ways in which you can accept some form of card payment without all the associated costs, then the countertop ATM machine might be just what your business is looking for.
Contact First American Merchant for a countertop ATM machine
