An ATM machine is a computerized device that allows clients of financial institutions to withdraw cash from the device without any assistance from tellers or cashiers.

Many grocery stores, gas stations, and mini-marts choose to set-up these machines in or near their stores to increase foot traffic. As cash can be withdrawn easily through these machines, customers find it very convenient to shop for things in the store. This allows businesses to earn profits from people's money.

Also, as people can easily withdraw cash from ATM machines, this minimizes the chance of bad checks. With an ATM machine, businesses are assured that they will increase their sales and minimize losses or deficits.

With ATM machines located inside the store, people will have more cash to purchase goods from the store. Access to an ATM machine will also reduce the need for the merchant to swipe debit cards for items that the customer wishes to buy, thereby reducing the costs on the merchant’s end so that they don’t incur a fee for accepting a debit card. Some banks make their customers pay an ATM machine cost to use their debit cards, but if an ATM that is set up with the customer's bank, then the customer will not incur any charges to use the card in the ATM. This is better for both the merchant and the customer.

Lease or Rent ATM Machine

Some businesses choose to own ATM machines for convenience. As there is no need for employees to monitor the use of the ATM machine, the machine can serve clients twenty-four hours a day, seven days a week if the machine is outside, or if it is installed in a store that is open 24 hours a day. So long as the machine never runs out of cash or gets damaged, it last for a long time without needed anyone to maintain the machine. However, certain things must be considered when you want to own your own ATM machine.

The model of your ATM machine will determine its price. Usually, new machines cost around $3,000 to $6,000 each. These prices may be too expensive, so you can try other options such as leasing an ATM machine. Leasing an ATM machine will require you to prepare a business plan with information about your personal finances. The monthly leasing cost for these machines is usually around $60 to $110 a month. Leasing a machine saves you more money rather than buying it. Besides, a written lease agreement will also come with benefits of having a leased ATM machine.

What To Consider When You Lease an ATM Machine

There is no need to rush yourself into a commitment to rent ATM machine. You must know the advantages of leasing as well as its drawbacks before you decide to go into this business.

Choosing a technology.

When you lease units from ATM service providers, ensure that they provide you new ATM machines that accommodate customer's needs. This provides an assurance that you will be equipped with an up-to-date machine that doesn't need much servicing. Once the contract expires, you have an option to renew it or give the ATM machine back to the company. Nevertheless, renting ATM machines guarantee you that units are always working and in good condition.

Tax implications.

Acquiring an ATM machine for your business will require you to inform government agencies about such installations. It is a way to prepare you for whatever circumstance that will come your way while it operates inside or outside of your store. There are also tax implications to consider. It is important to note that leased ATM machines are tax deductible.

Maintenance and repair plans.

You certainly need a machine that can withstand the pressures of withdrawals from customers. Once the unit goes down or becomes slow, customers will rush to the next ATM machine available. Rented ATM machines need service providers that can fix the unit quickly, and provide regular maintenance. This is done after thorough search for providers that furnish quality ATM machines and services.

Knowing the Average Lease Costs for ATM machines

There are several ways to acquire a rented ATM machine. Listed below is a rough estimate of prices for these machines.

• You can end up paying a leased ATM machine cost from around $60 - $110 per month for best selling machines. At the end of the lease, you can own your own machine. This is inclusive of free technical support and customer support, along with repairs and supplies.
• There are also refurbished ATM machines that you can purchase outright for about $800 - $1000. These models come out of other stores that have replaced their machines with the latest models. This allows you to purchase ATM machines at substantial savings. 
• Professional installation and training fees average $150 - $400.
• You will need to establish the ATM machine costs associated with leasing including:
  • Having a phone line, which will cost around $20 to $40 a month.
  • Hiring a professional cash loading service, which will be around $40 to $60 a month.
  • Possibly hiring an armored truck service, which will be about $100 to $500 per month.
  • Statement fees will cost around $10 to $30 per month.
  • Replacement receipt paper will cost around $10 to $50 per month.

All in all, it is better to lease a machine rather than to buy one because you will always have the latest models and exceptional servicing of the machine whenever you need it.