You need to buy medicine immediately and while paying the bills, you are short of cash. The closest ATM machine is some kilometers away but you cannot afford to waste time due to an emergency. Things could have been easy if the medicine shop had an ATM machine installed. This is beneficial for both the business as well as the customers. The chances of losing buyers will minimize because there will not be any necessity of finding a bank to draw money as you have an ATM machine in your own shop. So, if you are planning to place one in your store, then here are some important points that you can keep in mind.
- The first thing you need to decide is whether you want to buy a machine or work in collaboration with an ATM placement company. If you are planning to buy a machine, then the cost you need to bear is large. First of all, you have to pay an amount to buy the machine, next you have to get in touch with the company and make arrangements for the maintenance. At the initial period, the company may serve you free of cost and after that they will start charging a price. Whereas, if you rent out a portion of your store to the company and they install the machine, the profit you earn is more. There is no need to pay for the machine; rather you get a rent for the leasing out the land. The company offers you free maintenance service and you earn more as the customers who are running out of cash do not go away because they can now draw out the amount from the ATM placed inside store.
- It is important for you to know the technology the machine uses. In case you are buying a machine, it is important to know the set-up and all the technical factors because it is your responsibility to keep the ATM machine updated. Whereas, if the ATM company is hiring a location to install the machine, it is entirely their responsibility to upgrade it and integrate software that can help customers to draw money without any confusion.
- Placement of the machine is an important factor that should be taken into concern by the business owner. Usually, the machine must be placed in a location that can be accessed by all the customers. For instance, if you are running a restaurant, it is better to place the ATM in front of the gate. This helps the customers to draw out money, if they want to pay their bills in cash. Moreover, it can even help the passersby who are in sudden need of hard cash. As an owner of the machine you get a chance to earn surcharge revenue by deciding the processing fees that the customers need to pay on using the machine. This is possible only if you have bought the machine.
- It is essential for you to decide whether you are ready to bear the cost. This totally depends on the kind of business you run. For instance, if you have a departmental store or a medicine shop, owning an ATM machine can be beneficial. It will give you more traffic to the business and you will not lose any customers. Hence, calculate the nature of the traffic and then decide whether it is worth adding this additional cost.
If you have been approached by any ATM company to avail their services by renting out a portion of your land, the offer is good enough because you are not responsible for anything. But if you are buying a machine, it is important to think of every aspect before investing a ransom.