Installing an in-store ATM machine is a prudent business decision – but knowing what type your premises is eligible for can be confusing. You will have noticed the sheer range of ATM machines available: kiosk ATMs, stand-alone, and inside or outside-facing through-the-wall ATMs. And then there are self-cashed or serviced ATM machines. Your ATM solutions provider might be the final decision maker when it comes to which in-store ATM is installed in your business, but knowing the various installation types will ensure you fully capitalise on this effective business opportunity. Here are some questions every store owner considering an in-store ATM needs to ask themselves:
How do I choose which ATM to have in my store?
The ATM solution provider will be responsible for selecting which type of ATM is most suitable for your store. After you’ve applied for an ATM machine, they will conduct a thorough audit of your premises and surrounding area, your customer demographics as well as its crime statistics. . Based on this data they will choose whether it would be more beneficial to position your ATM inside or outside the store. If space inside your store is limited, the ATM might be placed outside the store. Your provider will also help you to determine which bank to brand the machine with.
How much will it cost to have the ATM installed?
The cost of the installation is completely covered by the provider. That includes the cost of branding the machine (selected based on what other ATMs are in the surrounding area). Any technical assistance you may require is also free of charge, as are spare parts and wireless communication that connects the ATM machine to the bank.
Who owns the ATM machines?
The machine is 100% owned by your solutions provider.
Who will be responsible for keeping the machine filled with cash?
This depends on whether you have a self-cashed ATM or a fully serviced ATM installed. With self-cashed ATMs, the responsibility of keeping the ATM filled with cash is up to the store owner. Your store must be taking in enough cash in sales on a daily basis to be able to keep the ATM cashed. Your provider will determine whether you are eligible for this. Fully serviced ATMs are filled by a cash-in-transit company who will visit your store when your ATM is running low on cash.
How will I know when the ATM is running low on cash?
If you have a self-cashed ATM installed, you will receive a low-cash SMS alert when your ATM is running low on cash. If you have a fully serviced ATM, your provider will alert the cash-in-transit company and they will fill the machine.
What support is offered?
Your provider will offer a dedicated support centre, available by telephone seven days a week. You will also receive statements detailing your ATM’s transaction volumes, as well as training guides, ATM information and all the tools you need to maximise ATM withdrawals.
What will having an in-store ATM machine do for my business?
Your ATM will attract more customers to your store. More than that, people who withdraw cash from an in-store ATM are more likely to spend that cash in store, which will increase sales further. An in-store ATM also boosts your store’s brand image, and offer convenience to your customers.
Will I earn any money from my in-store ATM?
Yes. You earn a small rebate on every cash withdrawal made at your in-store ATM. If you receive a self-cashed ATM, you will also save money on cash deposit fees at the bank, as you’ll be using the cash to fill the ATM. To see how much money you could save a month, read our previous blog How to be the boss of in-store ATMs.
What other features do the ATM machines offer?
As well as cash withdrawing facilities, customers can buy prepaid airtime and electricity from an in-store ATM. They can also select their language and check bank balances.
For more information about how an in-store ATM can help you run a more lucrative business, download the ATM Solutions brochure.