How Much Do ATMs Cost?
An ATM, or Automatic Teller Machine, can provide your customers with the convenience of getting cash when it is needed. For retail businesses, installing the machine on site can result in increased foot traffic and higher revenue while reducing the chances for fraudulent checks, insufficient funds, and credit card fees. For ATM businesses, setting up the machines in the right locations where there is a steady stream of potential clients can mean big business from surcharges.
How much does it cost?
- On average, an ATM is going to cost anywhere from as little as $2,000 to as much as $17,000. There are also co-op deals where the owner of the property and company will split the profits 50/50.
- At S & T Enterprise Group, Inc., an ATM supplier in Las Vegas, Nevada, ATMs generally cost less than $2,200 to $15,000. The most popular ATMs cost less than $3,000.
- Aside from buying, you can also lease a machine. Leasing an ATM typically costs around $75 to $200 per month.
- For example, At ATM Instant Cash, a typical 3-year ATM lease costs between $90 and $150, depending on the equipment. The purchase price includes the ATM, installation, on-site training, network fees, all related signage for the promotion of the machine, and all shipping costs.
- According to the Consultative Group to Assist the Poor, individual ATM purchase prices are $20,000 to $30,000. The cost of magnetic cards is from $0.25 to $0.50 each while smart cards typically cost $6 to $10.
What is going to be included?
- There are basically three different types of ATMs: built-in or wall ATM, freestanding ATM, and countertop ATM. These machines can connect by using a dedicated phone line or a wireless connection.
- When installing an ATM, the allocated space should be 26″ wide, 36″ deep and 60″ tall. The ATM provider will supply the materials such as signage, door/window stickers as well as placards to make the machine visible. ATM supplies are typically offered by the provider and usually shipped within a certain period of time to avoid downtime.
- Before installation of the machine, the appropriate paperwork has to be completed, unobstructed access has to be provided, and the appropriate wall plug and the dedicated phone line need to be laid down properly. Once all necessary documents are completed and once the order is placed, the ATM should be operating within two weeks, depending on the ATM provider.
- Some ATM providers offer a full parts and labor warranty for 5 years and with available extended warranties.
What are the extra costs?
- Professional installation and training costs of ATM machines range from $169 to $375, based on the zip code.
- A phone line installed for the ATM requires additional charges. Depending on the area, the cost can be about $100 for the one-time installation fee and approximately $40 for the monthly fee. With some ATM providers, a phone line or cable Internet service can cost $20 to $60 a month.
- ATM processing may be free at some ATM providers but ATM processors may require small charges, which depends on what type of processing is used. Administrative functions such as machine refilling and machine total resetting entail dialing out to the ATM processor, resulting in a data phone call, which comes with a fee.
- Extra cash cassettes may also be needed, with the average cost being about $100 to $500 depending on the machine. Additionally, ATM vendor fees can cost $10 to $20 a month.
Factors that influence the price:
- ATM Type. The cost of an ATM is influenced by the type of machine selected. The most expensive are the built-in or wall ATM, which can cost around $5,000 to $10,000 each. This type of machine costs more due to the construction work that needs to be done when installing it. Usually seen at financial establishments, these machines are normally used where there is a lot of foot traffic. The freestanding ATM is typically found inside stores, restaurants and gas stations. They cost around $3,500 to $7,000. Countertop ATMs, which are smaller than freestanding ATMs, cost about $2,000 to $4,000.
- Upgrades. Getting additional options for the ATM can result in higher costs. Options such as a removable 1,000 note cassette upgrade can cost $100, an electronic lock for quick access costs $50 while an electronic lock upgrade can cost $100 to $150, depending on the ATM. A cabinet upgrade can cost $500. Also, installing a feature called Thru-the-Wall Pedestal can cost $950.
- ATM features. ATMs have various features and functionalities. The more superior the feature is, the more it costs. ATMs that are UL 291 business-hours rated safe and are enhanced to meet current Triple-DES specification can cost more compared with ATM machines having regular features.
Tips to know:
- If looking to obtain an ATM with the purpose of starting an ATM business, be sure that there are at least 3 to 4 people who will use the machine every day. Installing an ATM in an area with considerable foot traffic can give potentially bigger revenue.
- People who are already in the ATM business and are planning to switch ATM processing services need to check their existing ATM agreement for the termination clause.
- Revenue from an ATM business may be higher if the machine is installed in areas where there is a high need for cash and the business does not accept credit cards.
How can I save money?
- Make use of free ATM machine price quote to find reasonable rates currently offered online.
- Ask about used and refurbished ATMs. Some providers offer such units at considerably low rates.
- Installing the ATM machine yourself can save you money. However, be sure that you have experience in the said field to ensure that the machine will function properly. Installing a freestanding ATM should be fairly simple.