New ATM and the Cycle Of Money

[bigleo48]

So I use to have a bank owned ATM and they paid me rent. After 6 years they decided to pull it out because not enough users from other banks (where they collect $2 fee) were using the machine. After looking at receipts dropped in the garbage, I could see how many were from other banks as the $2 fee would be listed. So I surveyed the receipts and discovered that about 31% of all users were from other banks. I could also see that the ATM was used about 40/day. That meant that about 12 uses per day was available or $24. ATMs now are about $2800 new. At that rate I would certainly have it paid off in less than six months.

After a month, I have discovered that usage was much higher. But the fun thing is that I now recycle all cash and no longer make deposits at the bank. So the bills I collect I put in the ATM and the coins get sorted and back into the change machine. I now enjoy watching people use the ATM, get change & wash. Just goes round and round! If the coin count gets too high, I just exchange them for bills and put them in the ATM. The cycle of money...as long as it ends up in my bank account, I'm a happy guy!

 

[BBE]

Just out of curiosity, do you have the atm as an alternative of providing credit card customers with a solution without having to retrofit each bay to take credit cards? Or do you do both?

 

[bigleo48]

Just out of curiosity, do you have the atm as an alternative of providing credit card customers with a solution without having to retrofit each bay to take credit cards? Or do you do both?

I have the ATM, CC acceptances in all bays, Auto and Pet Washes. I would have them at the vacs/vending if I could.

 

[mmurra]

Nice way to go! What are the clearing fees for the atm transactions? Similar to debit/credit? Mark

 

[bigleo48]

Nice way to go! What are the clearing fees for the atm transactions? Similar to debit/credit? Mark

Zero...get 100% of transaction fee is kept ($2 in my case) and no fees whatsoever.

 

[mmurra]

NICE! Sounds like the way to go. Mark

 

[Waxman]

Does anyone in the US own their own ATM?>

Waxman

 

[mjwalsh]

Does anyone in the US own their own ATM?>

Waxman

I was given a heads up to the advantages of owning by many laundromat owners who had successfully owned their own ATM about 4-5 years ago ... about 3 years ago I carefully looked the 5 year contract over on the processing side of owning our own & it has been practical ... possibly even for those that have a portion of their equipment on CC. Otherwise non customers are also introduced to an owners facility. I did look at more than one ATM company's proposal & another contract was not nearly as good practically completely leaving us out of the extra $$$s beyond what we get & what Big Leo is referring to ... when it comes specifically to credit card use vs the more basic debit card reimbursement. In our case can amount to over $40 NET per month from them besides the $2 per transaction (same for us) that Big Leo is referring to. I had checked into a double canister style for extra initial cost where the customer could choose the combination of different denominations of bills. Had I been able to choose a hopper that would have dispensed dollar coins ... I would have jumped at the opportunity ... making less need for the dependency we have on our two Standard Changemakers. Then at some point in the future ... like quarters ... there would be no need to deposit to bank but just recycle the coins ... making for almost no transport.

mike walsh www,kingkoin.com

 

[Waxman]

I was told that in the U.S. in order to have your own ATM you need special banking credentials.

True or Untrue???

 

[mjwalsh]

I was told that in the U.S. in order to have your own ATM you need special banking credentials.

True or Untrue???

Waxman,

Untrue based on our experience. Also based on our experience, in filling our application to the ATM seller who coordinates the Gateway Processor Setup etc. we had to state that the owner (you in this case) had never been convicted of a felony. They also verified via outside sources the prospective owner has no criminal record. I was told by a Microsoft Certified Network contractor to stay away from a certain local DSL provider because of potential complications with the Dell Sonicwall router that he installed & configured about the same time as the ATM setup.

Also based on experience, I would install yourself the physical through the wall type of ATM or whatever. I would let the seller of the ATM coordinate the actual setting up of the ATM configuration technicalities because that part is very particular ... yikes ... special unique authorization codes have to be inputted independently by someone from a remote location other than the installer's code. My impression was that it is a very mature process & not "fly by night". The access to accurate detailed pertinent reports both from the machine printer & via online is another thing that impressed me about the technology itself. It probably has something to do with who you buy from & assists in the long term setup.

The seller who we are still under contract (protects both of us) with also provides free supplies such as thermal paper rolls. I like the fact that the receipts given to the ATM customer says right on it real clear & in large enough font: King Koin Laundry, Car n Dog Wash plus our address. It just seems like just another reminder or advertisement for us.

I hope this helps

mike walsh www.kingkoin.com

 

[seattleguy]

Any recommendations on ATM seller companies to start with?

 

[seattleguy]

bump. Looking for suggestions on ATM resellers.

 

[mjwalsh]

SeattleGuy,

Sorry for the delay. Its 100% BigLeo's fault ... me so so sorry ... just kidding BigLeo

I was hoping that BigLeo would share some of his ATM specific research ... especially about the current status of optional coin hopper dispensing small footprint ATMs. I was told on Friday by its North American Distributor out of Atlanta that the following is very popular in Canada: http://www.wincor-nixdorf.com/inter...500xe/ProCash1500xe_node.html?gtp=1148654%3D2 The reason why it is so popular in Canada (loonies & toonies) I am thinking is because it has the option having both a coin hopper & a bill dispenser for added end ATM user choice of what they receive without another step to a bill changer &/or a bill breaker machine.

Most manufacturers seem to have an in the wall more secure rear loading ATM. For our building wall & room arrangement, that was not the best fit.

As far as getting the best contract from a reseller, we have found ATM-Link out of Houston, Texas to be both competitive & also having excellent support ... no complaints after over 3 years. We went with a Hyosung Nautilus 2700CE. My understanding is that CE does not have the Microsoft support discontinue issues that XP has so that could be a plus ... I am not sure.

mike walsh www.kingkoin.com

 

[bigleo48]

I have actually never seen a coin dispensing ATM. Multiple bill denomination dispensing ATMs are also very rare and a pain I am told, aside from being about 3 times the price of a simple single denomination ATM. I have a Triton Argo. Nice, simple and cheap.

The solution I am told is to have a bill breaker on site. I just take my $5 & $10s to the bank and change them for $20