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Automated Teller Machine (ATM) Basics
Automatic teller machines (ATMs) ensure that cash is easily accessible, whenever and wherever someone needs cash. It helps businesses facilitate cash-only transactions and you avoid the mounting fees of credit card processing or check cashing, while also generating revenue for your business via a share of the transaction fees collected by the ATM provider.
Before installing an ATM, measure your business foot traffic. If it’s an area that people regularly walk by every day – such as a busy mall or a sports complex – you will have access to hundreds of customers. Since you get a fee for each transaction made, an ATM can be an investment that pays for itself in no time. You can install freestanding, countertop, or throw-the-wall models of ATMs. They each have their pros and cons so check with your vendor before choosing one.
Vendors will also install and service your ATM as well as process your transactions, so selecting a vendor that you feel comfortable with is an important step in this process. Make sure the vendor offers you the best mix of customer service and product quality, and carefully assess the pricing and terms of your agreement. Some vendors may even offer to install the ATM at no cost to your business and, while these agreements can be advantageous, sometimes the fees charged on the backend might be substantially less attractive than those offered elsewhere.
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