Cost to Install Automatic Teller Machine(ATM)
Instead of paying employees to constantly stand at the counter and administer money to customer, a useful tool is an Automatic Teller Machine, or an ATM. Not only does an ATM replace the need for physical human labor, it also offers convenience for customers to access their funds whenever they need them, day or night and even on holidays. Most of the time, you will see ATM machines installed at a bank for its customers to use free of fees. Other times retail business including gas stations and malls will have ATM’s available for their customers to use. Encouraging customers to pay with cash will decrease credit card fees and fraudulent checks for the business.
Determining Factors of the Cost
An ATM can be quite pricey to purchase as they range anywhere from $2,000 up to $30,000 depending on the company and model you choose. There are also other routes you can take other than buying it outright. Most companies will offer month to month or yearly leasing along with co-op programs. A co-op deal is when the owner of the machine splits any profits from surcharges with the owner of the property it is located on.
Leasing an ATM machine will be more costly in the short term but could pay an entire machine off in less than 2 years. The monthly rate for an ATM machine will range from as little as $75 to as much as $200 per month! Included with that monthly fee though is the installation fee, ATM sign advertising, training, and all shipping costs. When purchasing a machine, all those costs are extra.
When purchasing an ATM instead of renting one, installation costs and staff training are not included with the price. Either you will need to figure out how to install it yourself or hire a professional who can complete the installation in no time. Based on the company you hire, installation along with training should cost no more than $400 but could also cost as little as $200.
With the day and age we are in, phone lines are becoming less common as everybody uses cell phones now. To have a functioning ATM machine it will need to be hooked up to a phone line. Depending on the company used for installation it could cost up to $100 to have the phone line installed plus an additional monthly fee between $20 and $60.
Ways to Save
If you are looking to purchase a machine versus renting one, look for used or refurbished models. These should work just as good as brand new models but will be substantially cheaper. Just be sure that it works properly first if it is not from a reputable company.
Installing an ATM is fairly simple but does require some skill and knowledge in the field. Avoid paying an installation fee by installing the machine yourself but be sure to read the instructions carefully and become knowledgeable in the process before attempting it to insure 100% functionality of the machine.