Are you in the market for a new ATM? Are you replacing an older machine? Here are some tips and tricks that will help you select the best ATM company and ensure you are getting the best deal possible. Sure, nowadays its really easy to just do a Google search and click whoever comes up first. Which is normally us! But by doing just a little bit of homework, you can ensure you are choosing a reliable ATM company, getting a great deal for hardware, and you can be sure your ATM is up and running quickly and easily.
Tip #1: The Price of the ATM should be your least concern. I am not saying to pay an exorbitant price for hardware. Yes- low pricing for equipment is certainly important. But think to yourself: what is a low price hiding? I can’t tell you how many innocent buyers have been duped into an ATM processing agreement because they saved a few hundred bucks on the purchase, and then the ATM company keeps 25 – 50% of the surcharge income, and they are locked into a non-cancel-able contract! Remember, if the price looks too low in comparison to everyone else- they are hiding something.
Tip #2: Ask Questions. Your sales rep on the other end should know the answers to whatever you throw at them. Some good questions to ask would be- How do ATM’s work? How does the money get back to my back account? How long is your processing agreement? What do you charge per transaction? Are there any monthly or hidden fees whatsoever? Do you offer Web Access? Do you offer Free Phone Technical Support? Do you offer on site service? What are your rates for service? How long have you been in business? How long will it take to receive the ATM and get it installed?
Tip #3: Ask for References. Any reputable company should be able to give you a few references nearby that will tout their good name. Reach out to them and ask about their experience.
Tip #4: Never Sign a Long Term Processing Agreement. By Law, any company engaging in transferring funds from one account to another needs a contract to protect both companies. The term of that contract is up to the company producing the agreement. That being said- standard ATM contracts are typically 5 years with an auto renew build in for another 2 to 5 years. That’s potentially a 10 year agreement with someone you just met! Look for one year terms at a maximum, or month to month terms – like our agreements. This way that ATM company has to earn your business, not just force you to do business with them.
Tip #5: Watch Out for Hidden Fees. This ties back into the Price of the ATM. Be careful what you sign up for. Unfortunately there are some less than desirable ATM companies out there, who will charge monthly minimums. Charge connection fees, charge statement fees, or charge you an exorbitant price for processing. Like I mentioned in Tip #1 – if it sounds too good to be true it probably is.