An ATM Offers a Number of Benefits To Restaurants and Stores

The ubiquitous automated teller machine is a fact of life for today’s consumers, but this familiar apparatus has only been existence for about 40 years. The first ATM debuted in New York in 1969, but could handle cash dispensing transactions. Within a couple of years machines that were able to accept deposits and payments came on the scene, and by the 1980s more and more customers had come to appreciate the convenience the machines offer.

The numerous benefits of placing one or more ATM machines in a store or restaurant have been well documented. Some businesses have been able to stop taking checks and instead gone to all-cash transactions. Many business owners find that customers so appreciate the convenience of having access to their bank accounts through an ATM that they begin frequenting the business or restaurant more often based on the availability of the machine.

Arranging to an ATM placement at a business is a simple process today. A business owner will need to decide whether he wants to apply for a free ATM, lease one or buy it outright. Free ATMs don’t go to just any business that wants one, but instead must be approved by the company that owns the machines. The criteria for hosting a free ATM primarily include high customer traffic in the area or the store. A business owner also has the option of leasing an ATM or buying one. Each option comes with different responsibilities.

A free ATM is one that requires nothing from the business owner financially to place in his store or restaurant. The company that owns the machine maintains it, puts the cash in it and even pays the business owner part of each transaction fee for allowing its placement in his establishment. In most cases the business owner will need to set up a dedicated phone line in order for the ATM to handle financial transactions.

A business owner who leases a machine can pay for it in between 12 and 60 months. If he chooses, he can buy the ATM up front at a lower cost. Many companies that sell ATMs also service and maintain the machines for a small fee, and may even load the machines with cash if the business owner chooses that option. The business owner shares the profits generated by the transaction fees with the ATM company.

Business owners who have had an ATM placed in their stores or restaurants for several years may be ready to upgrade to a new machine. The older ATM still in good working order can then be offered as one of the company’s used ATM machines for sale. Smaller business owners or those who have just decided to place a machine in their store will find that used machines provide the convenience that their customers want at a price the business owner can afford.