Post 3

Automated Teller Machines or ATMs provide a customer convenience feature that can benefit some small businesses. According to ATMIA (Automatic Teller Machine Industry Association www.atmia.com) there are approximately 2.3 million ATM’s worldwide. According to Mike Lee, CEO of ATMIA, one of the benefits to retailers of having an ATM is “ATMs increase annual sales of retailers situated in proximity to them by up to 25% through a phenomenon known as impulse buying”.

The owner of an ATM earns a profit by charging a fee for the convenience of providing cash. Fees typically range from $1.75 - $2.50 per transaction. The ATM owner will need to check with state regulations to learn the maximum allowable charges for withdrawals. Often, the ATM owner will pay a “rental” fee to a business establishment for the space occupied by that unit. All of the money withdrawn from an ATM is directly deposited back into a checking account for the machine owner, usually the next business day, along with fees that are earned from transactions. According to Aimee Leeper, Marketing Manager for Triton Systems, “the average ATM in a retail environment will have 6-10 transactions per day.” Transaction fees will need to be based on competition nearby, convenience, costs and the location of the ATM.

There are costs to consider when installing an ATM. ATM machines can cost between $1,500 and $15,000 to purchase depending on the type of machine and the vendor the machine is purchased from. There are ongoing maintenance, supply and upkeep costs to keep the machine operational and in compliance with regulations. Also, there are monthly line charges for access to interbank networks. Before installing an ATM it will be important to look at costs versus potential revenue to ensure this investment will be profitable.

Starting a business, you will make mistakes. Your mistakes will cost you personally, both time and money. It’s okay to make mistakes! It’s part of your learning curve. Just don’t make the same mistake twice! Think of this as the “tuition” you pay for eventual business success.

Before considering the installation of an ATM it’s important to research:

• Costs both upfront and ongoing,
• Benefits to customers and the business,
• Customer needs so the correct features are available,
• Regulatory issues to avoid any penalties,
• Risks both theft and down time,
• Vendors who can provide the features needed at an affordable price,
• Features customers prefer,
• Profit potential for offering this service
• And alternative solutions such as accepting credit card payments.

Installing an ATM is a business decision worth considering if you are trying to keep customers onsite and give them the ability to make larger purchases. It is not the answer for every small business.

Post 2

Automated Teller Machines or ATMs provide a customer convenience feature that can benefit some small businesses. According to ATMIA (Automatic Teller Machine Industry Association www.atmia.com) there are approximately 2.3 million ATM’s worldwide. According to Mike Lee, CEO of ATMIA, one of the benefits to retailers of having an ATM is “ATMs increase annual sales of retailers situated in proximity to them by up to 25% through a phenomenon known as impulse buying”.

The owner of an ATM earns a profit by charging a fee for the convenience of providing cash. Fees typically range from $1.75 - $2.50 per transaction. The ATM owner will need to check with state regulations to learn the maximum allowable charges for withdrawals. Often, the ATM owner will pay a “rental” fee to a business establishment for the space occupied by that unit. All of the money withdrawn from an ATM is directly deposited back into a checking account for the machine owner, usually the next business day, along with fees that are earned from transactions. According to Aimee Leeper, Marketing Manager for Triton Systems, “the average ATM in a retail environment will have 6-10 transactions per day.” Transaction fees will need to be based on competition nearby, convenience, costs and the location of the ATM.

There are costs to consider when installing an ATM. ATM machines can cost between $1,500 and $15,000 to purchase depending on the type of machine and the vendor the machine is purchased from. There are ongoing maintenance, supply and upkeep costs to keep the machine operational and in compliance with regulations. Also, there are monthly line charges for access to interbank networks. Before installing an ATM it will be important to look at costs versus potential revenue to ensure this investment will be profitable.

Starting a business, you will make mistakes. Your mistakes will cost you personally, both time and money. It’s okay to make mistakes! It’s part of your learning curve. Just don’t make the same mistake twice! Think of this as the “tuition” you pay for eventual business success.

Before considering the installation of an ATM it’s important to research:

• Costs both upfront and ongoing,
• Benefits to customers and the business,
• Customer needs so the correct features are available,
• Regulatory issues to avoid any penalties,
• Risks both theft and down time,
• Vendors who can provide the features needed at an affordable price,
• Features customers prefer,
• Profit potential for offering this service
• And alternative solutions such as accepting credit card payments.

Installing an ATM is a business decision worth considering if you are trying to keep customers onsite and give them the ability to make larger purchases. It is not the answer for every small business.

1st post

Automated Teller Machines or ATMs provide a customer convenience feature that can benefit some small businesses. According to ATMIA (Automatic Teller Machine Industry Association www.atmia.com) there are approximately 2.3 million ATM’s worldwide. According to Mike Lee, CEO of ATMIA, one of the benefits to retailers of having an ATM is “ATMs increase annual sales of retailers situated in proximity to them by up to 25% through a phenomenon known as impulse buying”.

The owner of an ATM earns a profit by charging a fee for the convenience of providing cash. Fees typically range from $1.75 - $2.50 per transaction. The ATM owner will need to check with state regulations to learn the maximum allowable charges for withdrawals. Often, the ATM owner will pay a “rental” fee to a business establishment for the space occupied by that unit. All of the money withdrawn from an ATM is directly deposited back into a checking account for the machine owner, usually the next business day, along with fees that are earned from transactions. According to Aimee Leeper, Marketing Manager for Triton Systems, “the average ATM in a retail environment will have 6-10 transactions per day.” Transaction fees will need to be based on competition nearby, convenience, costs and the location of the ATM.

There are costs to consider when installing an ATM. ATM machines can cost between $1,500 and $15,000 to purchase depending on the type of machine and the vendor the machine is purchased from. There are ongoing maintenance, supply and upkeep costs to keep the machine operational and in compliance with regulations. Also, there are monthly line charges for access to interbank networks. Before installing an ATM it will be important to look at costs versus potential revenue to ensure this investment will be profitable.

Starting a business, you will make mistakes. Your mistakes will cost you personally, both time and money. It’s okay to make mistakes! It’s part of your learning curve. Just don’t make the same mistake twice! Think of this as the “tuition” you pay for eventual business success.

Before considering the installation of an ATM it’s important to research:

• Costs both upfront and ongoing,
• Benefits to customers and the business,
• Customer needs so the correct features are available,
• Regulatory issues to avoid any penalties,
• Risks both theft and down time,
• Vendors who can provide the features needed at an affordable price,
• Features customers prefer,
• Profit potential for offering this service
• And alternative solutions such as accepting credit card payments.

Installing an ATM is a business decision worth considering if you are trying to keep customers onsite and give them the ability to make larger purchases. It is not the answer for every small business.