Before jumping into purchasing an CREDIT machine be sure to do your home work. Once you purchase one you still need a good ATM company to process the transactions (similar to credit card processing). This article will discuss how to pick an ATM company to best program your ATM processing needs as well as how to make sure you select the right ATM machine.
CREDIT machines have come way down in price since first being introduced to the retail segment in the early 90’s. With advances in technology as well as the number of really good machines still operating we see many used devices for sale on the internet including auction websites.
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I urge you to beware of any used machine unless you know where it came from, when it was processing last and who serviced this. Many of these used machines we notice for sale are not 3DES (Triple DES) compliant, nor do they have secrets or management passwords.
3DES is an encryption process in the key pad and firmware that protects the consumers PIN number from theft when the ATM is dialing the Processor and requesting a deal. 3DES became a requirement several years ago so we are seeing older machines for sale that are very cheap. These ATMs are just boat anchors or require expensive upgrades.
If you see any kind of ATM machines for sale that are lower than $1, 000 used be quite wary. My advice is NOT to purchase an utilized ATM unless it is from a reliable company and includes a warranty. I strongly recommend staying away from ATM machines offered by private parties or individuals unless you are very familiar with the brand name, model, condition and compliant position of that model.
You can get new ATM’s for about $2, 000 (as of this article writing) and several refurbished 3DES up to date ATM’s for $1, 000 and up which should include a parts and work warranty.
Once you purchase an ATM Machine you still need ATM processing. Look for an ATM company that specializes in ATM processing (I suggest you Google the words “ATM Processing” or check out the author comment hyperlinks below).
A reputable ATM company ought to offer ATM’s with or without processing. They will also offer ATM processing only if you already have an ATM Machine. When you have a working ATM Machine and know all the passwords and have all the keys a good company should be able to simply re-program your ATM Machine onto their own ATM processing platform. To find out when an ATM machine you’re thinking of purchasing is compliant we suggested calling some ATM processing Businesses.
A Reputable company will typically need a processing agreement to protect you and them legally as required by sponsoring banks and networks. These agreements are typically 3- 5 years but there are several companies that negotiate fewer years and some that offer just a two year agreement with no sign up fee. We know of a few ATM companies that have an 84 month term (that’s 7 years). A lot can change within 7 years, I would suggest you keep looking around if anyone tries to make you sign an agreement longer than 36 months.
ATM Contracts protect you since these companies are usually moving your funds when one of your customers withdraws cash from your ATM. They move the funds through that ATM customers bank account into your bank account. That should be done nightly aside from weekends. Agreements protect the CREDIT company because many of them don’t cost set up fees but incur expenses to set up your system so it takes them a few months to a year to rekindle those costs.
ATM processing rebates range from 85% of the surcharge plus $0. 20 – $0. twenty five cents (bank-end revenue) up to totally of the surcharge plus $0. 20 cents depending on your ATM machine usage volume. Some ATM companies offer a Tiered rebate which is tied to ATM performance.
Some ATM businesses also offer ATM equipment at significantly reduced prices to get you to indication a long term processing agreement. This is usually a loss leader so you just look at how cheap the ATM equipment really is and don’t really take notice of the ATM processing portion of the deal. Watch out for a deal on ATM tools that seems “to good to be true”. This is definitely case of “you get what you pay for”.
If the ATM Machine you discovered is cheaper than everyone else, be sure you read the term of the processing contract. Most ATM Companies that offer insane deals on the ATM Machine can make you sign a very long term contract for ATM processing.
If a good ATM company is selling ATMs too cheap or offers a discount that’s too high, then something needs to suffer. They can’t give ATM machines away and give you a high rebate and give you proper service or stay in business. This is a red flag. Remember, they are handling your money. You want these to make money so they stay in business to take care of any issues that arise.
The thing that suffers the most when companies give away to much is usually service. Think about what would cost you if your were getting $2. 10 every time someone used your ATM and 300 people per month used it. That’s $630 a month. Now, what if your ATM includes a problem and you can’t get assist, or parts or service for a week or longer — it can costing you $21 per day — or over $150 a week.
Look for a good ATM company with 24 hr 7 day support with a toll free number. Then, if you’re a business that will counts on help late evenings or weekends you should test it plus call the number at 11pm or even on a Sunday and see if they solution the phone.
If the phone is answered live that’s a pretty good indication great service. If it goes to voice postal mail, leave a message — tell them you’re not a customer yet but you are screening to see how good or fast their 24/7 tech support really is.
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