Based on statistical findings, consumers tend to spend 20 to 25 percent more in convenience stores that have an ATM installed on site.
As such, it has been helping an array of businesses supplement their income and increase foot traffic to their businesses.
In order to capitalize on this opportunity, the leading nightclubs, restaurants, gas stations, and convenience stores are investing in ATM machines.
Depending on the make and model of the machine, the cost of an ATM machine will set you thousands of dollars back.
If you do not have much money and still would like to have one on-site, renting or leasing be a great alternative.
The cost of buying, renting or leasing an ATM machine varies significantly from one provider to another based on several factors.
So, what exactly is the cost of a new ATM machine?
Average ATM Machine Cost – Industry Standard Rates
A freestanding ATM machine can cost between $3,500 and $7,000 apiece spending on the make and model.
Then there are the ATM machines that are built-in—commonly referred to as through-the-wall ATM machines. These are normally priced between $5,000 and $10,000 per unit.
If you would like to get a more affordable option, you should consider getting a used or refurbished ATM machine.
For a refurbished ATM, pricing starts at $500 per unit. You can also get one without the cassette and dispenser for between $1,250 and $1,750.
For instance, a Triton stand-alone ATM machine that features a dial combination lock, 800-note cash drawer, lighted sign, dial-up connectivity, and a door sticker will cost between $2,000 and $2,500.
You can also get a freestanding unit that has a color LCD display, thermal receipt printer, 1,000-note cassette, and dialup connectivity for between $3,000 and $4,000.
How Much Does an ATM Lease Contract Cost?
Well, there is no direct answer to this question. Instead, you need to consider the various cost factors that will be included in your contract. In this regard, the cost of renting an ATM machine is depended on an array of things.
ATM Lease and Rent Cost
Currently, there are many providers that will allow you to rent or lease an ATM machine, if that is your preferred option. In this case, you should expect t pay about $40 to $100 per unit per month.
If the installation cost is to be included in the agreement, you will end up paying about $200.
On average, most store owners report that the cost of an ATM machine is between $2,000 and $4,000 per unit. In addition to the purchase price, you may also incur additional costs when acquiring an ATM machine.
To begin with, you will need a phone line, which will cost you between $20 and $40 per month.
You may also need an additional cassette for the machine, priced between $100 and $500 apiece. A cash loading system, on the other hand, will cost you between $40 and $60 per trip.
You also need to factor in ATM vendor fees and replacement receipt paper for the receipt printer.
Nonetheless, an ATM machine will draw more customers into your business, and allow you to offer your customers reduced transaction costs.
Again, the credit card processing fees you charge can turn out to be a great source of revenue for the business. The good thing is that you can actually explore the many benefits of the machine without any ownership commitment.
Discussed below are several factors affecting the purchase, rental and lease cost of an ATM machine:
ATM Software Cost
Most ATMs run on a Windows operating system platform. However, each manufacturer has their own software stack of ATM applications to run.
For instance, Hyosung ATMs have Moniplus 2S, for NCR ATMs traditionally have their version referee to as Optra Edge, but now it will be Activate Enterprise.
Diebold ATMs, on the other hand, used to run on proprietary software known as Agilis software, but they have migrated to Phoenix Vista. On average, typical ATM software for a dispense only ATMs runs about $1600-$2500 per ATM.
If you wish to add deposit automation functionality that shifts the range to $2200-$4000 per ATM. If you plan to use deposit automation, you’ll also need a consolidator server solution to get the images from the ATM to the backend proof department.
Those ATMs also need an agent to deliver the image files to the server. That agent typically runs $600-$1000 per ATM.
Lease agreements, including the service agreement, will vary from vendor to vendor, and it’s important to know what’s in the fine print. For instance, who will you call when if your ATM needs repairs?
How soon will they respond to the call? If repairs are necessary, where it the closest service rep located?
Can you opt-out of the agreement if something goes wrong or does not comport with your expectations? Leasing an ATM machine provides the immense benefit of not having to hire a repairman and pay out of pocket for the repairs.
In addition to the costs of maintenance and repairs, receipt paper, cash loading services, and telephony services, ongoing costs will also include software update fees.
Given a large number of ATM attacks, you may have to purchase a surveillance camera and additional security software.
Experts recommend that ATM operators and banks perform regular software updates and upgrades.
Again, you also need to apply to whitelist in an effort to block malware as well as implement the latest security practices. Also, beware that old ATMs are more vulnerable to attacks.
Even if you pay more for a newer model, have peace of mind knowing that your customers are safe. Plus, a secure ATM may also help you avoid costly lawsuits down the line.
How Much Does It Cost to Install an ATM Machine?
The various ATM machines available in the industry require professional skills to install. The cost of installing an ATM machine varies from one project to another and is mainly influenced by the type of machine being installed.
On average, you should expect to pay between $700 and $1,200 for the installation. Rigging costs or physical installation costs range from $1000 to $2000. This rate essentially depends on site type and probably the geography.
Lastly, bringing the ATM to live with the help of a skilled technician ranges from $500 and $1000. Again, this will depend on the software load type and complexity.
All in all, ATM installation costs range between $2500 and $4000 but can be higher based on construction costs or other site prep factors ahead of showing up to the site.
Ready to Invest in an ATM Machine For Your Business?
Whether you would like to buy several units as part of an ATM network or just need a single piece, you must be concerned about ATM machine costs.
Newer models will offer you all the security and technology you need for a safe and secure transaction environment.
However, new and modern ATM machines come at a higher cost, ranging from $2,000 to $7,000 per unit.
Used and refurbished ATM machines are the cheaper option, with some going for as low as $500.
For lease and rental agreements, you can get one for between $40 and $100. In addition to these, there are several other factors that will impact the overall ATM cost you invite.
This guide has all the details to help you understand the much you should expect to spend on an ATM machine.