Over the last 20 years, Best Products has grown to become the Nations leading ATM, financial equipment, service provider and branch transformation specialists. 2018 will see the company celebrate 20 years of success. Our foundation for success has been built by combining the latest technologies, the best customer service, unrivalled service response time and assuring our customers competitive pricing for both processing and hardware.
With technology changing all the time, and a shift in consumer banking behavior, Best Products understands how important it is to be able to offer the best solutions with the best technology. This is only possible through having a well trained up to date team and the ability to meet the differing demands of a diverse group of clients.
1998- A Humble Beginning
Our first ATM is installed to a nearby grocery store. It is a Triton 9600 and cost a little over $9,500. By todays standards, this ATM would be considered a dinosaur. Several hundred money processing systems are sold throughout New York and New Jersey. In the late 90’s ATM leasing is popular due to the high price tag. Almost 95% of all ATMs sold are leases. Within the first year of operation our customer list included Chase Manhattan Bank, Lowes Cineplex, Citibank, Food-town, C-Town and hundreds of small convenience store, and grocery store owners throughout New York.
2000- A Time of Exciting Growth
Best Products expands into Self Service Coin. This revitalized the bank environment. Tellers no longer had to manually count coin! By the end of the millennium, Best Products is installing our 800th ATM. The customer favorite ATM of choice at the time is the Tidel IS1000 which cost several thousand less than the Triton 9600. Best Products wins several “Best Performance” and “Top Tier” distributor awards from manufacturers like Tidel, Triton and Billcon. Money Counters are sold to customers like North Fork Bank, Madison Square Garden, and Sears. Self Service Coin is becoming increasingly popular among Banks and Credit Unions.
2001- The New Kid on the Block
Nautilus Hyosung ATMs are introduced to the United States under the name Cross. Best Products sells the first Cross Minibank 1000 at a price tag of $5500. This ATM is much more operator and user friendly than previous models. Customers love the looks and its compact size. It quickly becomes the ATM of choice for placements and direct sales. Best Products processes our 1000th ATM! Our relationships continue to expand with more and more banks and credit unions due to our fast service response and competitive pricing. Shortly after introducing Cross ATMs to the United States, Cross changes their name to Tranax due to marketing feedback.
2003 – A Revolution
Tranax introduces the Minibank 1500. Best Products sells the first Minibank 1500 ATM Machine to a card shop in Medford, Long Island. The Minibank 1500 is what set the stage for an ATM revolution. This new ATM is sleek, compact and will come to be known as the industry workhorse. It is the foundational ATM that every ATM to this day is built upon. Many Minibank 1500’s are still in operation to this day and they are still being supported by the manufacturer. It also has a sleek price tag. Units were sold left and right for around $4000. This made ATM ownership feasible for most small businesses. Best Products also expands and signs on several ATM affiliates and Sub ISOs out of state. For the first time ever we are extending our reach out of New York and New Jersey.
2004- Time to Upgrade
There is a new monster in town. Its name is Triple Des. New network compliance challenges force mandatory upgrades of existing ATM hardware. Most previously deployed ATMs need to be updated to this new standard called Triple Des or T-Des. Our technicians work around the clock completing approximately 200 T-Des upgrades per month. We even employ our first seasonal employees to keep up with the upgrade demands. We extend our services to competitor ISOs as well. Making ourselves the service solution of choice for competitors across the country. It is an overwhelming achievement that we are very proud to this day. Tranax also introduces their first through the wall windows based ATM for financial institutions. Best Products competes head to head with NCR and Diebold in the financial ATM marketplace and wins several major accounts.
2007- Installation Specialists
Best Product is awarded the contract for ATM installations at several large pharmacy chains in New York and New Jersey. We install a total of 157 Triton RL2000’s and Hyosung 5000’s ATMs over a 6 week period. Tranax branches off and introduces their own brand of ATMs featuring a Hyosung Dispenser. This causes a split between Tranax and Nautilus Hyosung. Tranax became Genmega and Nautilus Hyosung opens their first Factory direct USA headquarters outside Dallas, TX. Nautilus Hyosung significantly lowers their pricing and sells the Minibank 1500 for a price tag of around $3500. This sets the stage for an unprecedented price war between Genmega and Nautilus Hyosung.
2008 – Room for Expansion
Best Products purchases our current nationwide headquarters. Our new 6000 square foot facility consists largely of warehouse/ shop space and is conveniently located only 25 minutes to Manhattan on the LIRR for our sales reps frequent trips into NYC. Our headquarters now has ample storage, a showroom, conference room and plenty of offices. Our new office allows us to better serve our growing local affiliate base. For the first time every we have the room to stock more than just a few machines. Normally we have 25-30 ATMs in stock at all times now.
2010- ATM Price Wars
Nautilus Hyosung enters the FI space with the 7600 series of ATMs. It is gangbusters. Citibank purchases the 7600 series by the thousands. At the time, Nautilus Hyosung ATM line costs 30-50% less than NCR and Diebold. Hyosung ATMs prove to be a more reliable unit, with a lower total cost of ownership and far fewer service calls than the competition. Nautilus Hyosung becomes the “Henry Ford” of the ATM industry. Making a better product at a more affordable price point. They changed the ATM industry as we know it and creates a more reliable ATM at a lower cost than NCR and Diebold. This proves to be of great advantage for us in the years to come. Nautilus Hyosung also begins a tit for tat price battle with Genmega. This takes the pricing down from the $3500 range to the $2500 range in a single year. New Best Products affiliates begin enter the ATM space in record numbers. Now owning your own ATM business became affordable to the masses. It also made the ATM a commodity. People now choose to replace and discard their old ATMs and just buy new every few years.
2012- New Technologies Emerge
Nautilus Hyosung creates the first full function ATM for Citibank. A full function ATM accepts envelope free check and cash deposit and has the ability to post deposits to accounts in real time. NCR and Diebold scramble to release a competitive product. Best Products sells several hundred full function ATMs to Banks and Credit Unions in NY and NJ. New technologies emerge in banking and financial institutions start to notice a shift in consumer behavior. Customers start to demand the latest technologies, and start to demand more from their banks. Mobile technologies start to emerge and online banking is still in its infancy.
2015- A New World for Banking
Best Products welcomes our 5,000th customer!