Here are some common ATM misconceptions:
- The major banks own all ATMs. The banks do not own all the ATMs in Canada. The majority of cash dispensers or “white label machines” are run privately by businesses who are competing with banks and other financial institutions. According to the Canadian Banker’s Association, that represents over 46,000 privately owned ATM machines. Research the ATM providers in your surrounding area and select one that fits your criteria for an ATM provider.
- ATM providers primarily sell the hardware, the ATM machine itself. There are three primary options when selecting the type of ATM set up that may work best for your business: a turnkey solution which facilitates all aspects of the functioning of the ATM by the ATM provider on the merchant’s behalf. Then there is a more hands on approach in which the provider maintains and monitors the machine’s performance yet the merchant loads their own cash into the machine. Third, a self-funded ownership of the ATM, in this scenario, you load and maintain the machine yourself, therefore receive 100% of the transaction fees. A turnkey solution is often the best option as it removes the responsibilities and liabilities involved in operating and maintaining an ATM in your business.
- It is a simple task to own and load your own ATM. Realistically, there are many steps you must take before plugging in your ATM machine; a back ground check, open a business bank account, start an account with an armoured car service for cash delivery, purchase insurance for the machine as well as for the cash within, installation of a dedicated ADSL line … Have an ATM provider deal with all of these aspects of their business on your behalf.