27 Feb How to Add an ATM to Your Business
We’ve all been there–we unexpectedly find a shiny, flashy arcade game in an establishment, just begging to be played. We rush over and our excitement quickly sours when we realize that the game requires quarters, and we just used all ours up at the parking meter.
Fortunately, there is a way to save patrons of your arcade-infused business from this fate. It’s just one of the many benefits of installing an ATM at your establishment. You can also net extra revenue from ATM transaction fees, and add additional revenue when customers spend money from the ATM at your business. Did you know that up to 80% of customers who withdraw cash from an ATM inside a business tend to spend more money inside that business? At some bars and restaurants, it’s estimated that an ATM customer will spend 15% or more than a non-ATM customer.
Before Installing the ATM
Before you install an ATM at your place of business, here are a few things to think about.
- Placement – You want to place the ATM inside your business so it’s easily visible (keep in mind, an ATM can bring in new foot traffic… people often search for a convenient ATM) and accessible to your customers. Accessibility is not only a convenience factor, but also ADA standards require that there is enough room so that the ATM is wheelchair accessible. There will also need to be an accessible power source and communication line wherever you decide to place your ATM.
- ATM Options – ATMs come with a variety of options, but some options can help attract customers. For example, do you want a illuminated topper for the top of the ATM? This offers both visibility and security. Do you want a wrap for the machine that has your business logo on it or a special design?
- Surcharge Fee – When deciding on the surcharge you want to assign for transactions, there are some things to consider. The surcharge is a service fee for using the ATM. This fee amount should be based on the going rate in your area. This might mean visiting other establishments in your area that have ATMs to see what they are charging. You don’t want to undercut your price, as this is where the ATM’s profit-generating ability comes into play. On the flip side, you also don’t want to be overpriced because customers are generally attracted to using the machine with the lowest charge. Usually, the entire surcharge minus a small processing fee that belongs to you is deposited to your account the next business day. For instance, if the fee is set at $3.00 per transaction and you have 400 customers use the machine in a month, you’ve made a $1,200 gross profit for the month.
Believe it or not, ATM installation is relatively easy. A few tools and a little elbow grease is all you really need.
Make sure the site where you plan to place your ATM is free of any debris and/or obstacles in the way of accessing the ATM. Use a tape measure to ensure the area will be ADA compliant. ADA standards typically require a 48” x 30” clear space in front of the ATM. Be sure to always check with your local government for firm or any additional requirements.
Once the site is ready, use a hand truck to move the ATM into the location you plan to install it. Use a marker to trace the holes on the bottom of the ATM onto the floor. You will also need a hammer drill if your floor is concrete and anchor bolts to secure the ATM.
Move the ATM to the side and drill holes exactly where the marker marks are. Put the anchor bolts for the ATM through the bottom of the vault and into the holes and tighten. Once installed, double check everything to ensure the bolts are tight and the machine cannot be moved. Plug the machine in and connect it to the required sources if you are using a phone line. If you are using a wireless ATM, all you will need is the power source.
And there you have it! You’re that much closer to making sure your patrons never have to worry about not having cash to exchange for coins. If you have coin-operated arcade games in your establishment, we highly suggest adding an ATM. It’s easy and will only make you more money!