How to Lease an ATM: What You Should Know Before you Rent an ATM

How to Lease an ATM: What You Should Know Before you Rent an ATM

As a small business owner, you likely spend a considerable amount of time searching for new streams of revenue and ways to boost sales. Instead of starting another sale that doesn’t generate the revenue you need, consider looking for ways to bring in new customers from around the neighborhood. Renting an ATM might be the solution you need.

Small businesses typically draw a significant amount of foot traffic. Odds are at least a few of the customers who enter your business on any given day are in need of cash. If they can’t find it, customers will leave and do business elsewhere. A well-placed ATM offers them easy access to their bank accounts while providing small business owners extra income via surcharges. Once word gets out that your business has an ATM, you’ll draw in traffic from around the neighborhood from customers in need of cash. Instead of turning away cash-less customers, you can gain business from people looking for an ATM.

If you want to rent an ATM for your small business, it’s important to first understand how to lease an ATM. You’ll also want to know what you should expect as an ATM lessee.

Leasing an ATM Requires Minimal Initial Investment

The prospect of buying an ATM is attractive for many businesses because the income from surcharges isn’t negated by monthly payments, but it can take a while to see a full return on your investment.

When you purchase an ATM outright, it can take between 8 and 9 months for a business to see a return on its investment in an ATM, assuming the ATM surcharge is $3. This timeline can be a major deterrent for smaller businesses. When you rent an ATM, you reduce the upfront costs associated with purchasing a machine. Plus, your ATM lease payment is tax-deductible, which makes it even more manageable.

If you want to see a return on your investment in a shorter amount of time, consider leasing an ATM.

You Need to Keep the ATM Stocked with Cash

Any business owner can speak to the pain of stockouts. You’re missing out on potential sales. An ATM that runs out of cash is no different.

Luckily, you don’t need to empty your cash drawer to meet the demands of customers when you rent an ATM. You only need to place enough cash in it to meet the needs of customers for a single day. So, if you estimate five customers will use the ATM on any given day with an average withdrawal amount of $100, you would only need to place $500 in the machine each day. After every transaction, the money is re-deposited into your account, allowing you to easily withdraw and refill the machine the next day.

When you lease an ATM you’ll also need to consider how to transport cash and keep it safe. Depending on where you rent an ATM from, you can enlist the aid of armored truck services to help with cash replenishment. This is especially helpful if you expect to be moving large amounts of cash on a regular basis.

Think Carefully About ATM Placement

One of the most important decisions you’ll make when you lease an ATM is the location of the machine in your business. You need to strike the right balance between placing it in an area with substantial foot traffic while also ensuring it can be closely monitored.

Unsurprisingly, ATMs are targets for thieves, who will search for any way to easily steal a few bucks. When you’re determining where to place the ATM, consider security camera coverage and visibility. You’ll want to make sure it’s in a well-lit area where cameras can easily reveal any type of malfeasance. When you rent an ATM machine, you should avoid placing it in dimly-lit areas such as parking garages or in places where you can’t keep an eye on it, like the back of your store. If, for instance, you own a convenience store, it would be wise to place the ATM near the front counter where there will be plenty of eyes and cameras on the machine to keep it safe.

A few extra minutes thinking about ATM placement and putting yourself in the mindset of a thief can make all the difference.

Anticipate Additional Costs Associated With ATMs

Like any other investments your business makes, you can’t only consider the direct, easy-to-anticipate costs associated with leasing an ATM.

For one, you need to factor in the cost of supplies. Receipt paper will likely be one of the main expenses you’ll encounter when you rent an ATM machine. Other costs include the equipment required to allow the machine to operate wirelessly. You might also need to invest in new security equipment.

In addition, you also need to add ATM repair costs into your budget. ATMs have many moving parts. Over time, they can wear out, which can cause the machine to break down. When that time comes, you’ll need to pay for repair services and replacement parts. Your ATM distributor will likely have a way for you to submit maintenance requests and find certified technicians. Make sure to agree on who is responsible for repair costs when you sign your lease agreement.

If You’re Looking To Rent an ATM, Worldwide ATM Can Help

With all of this in mind, it’s worth pointing out what should arguably be your number one consideration as a potential first-time ATM lessee: your ATM lessor partner. Top ATM leasing companies will help you anticipate and navigate the challenges you’ll face in implementing a new ATM in your business and help you plan accordingly. Your ATM leasing company will be your business partner who shows you all you need to know on how to lease an ATM.

At Worldwide ATM, our goal is to make sure you get the most out of your investment. We consider our clients our business partners. That’s why our customer support lines are open 24 hours a day, 7 days a week. We also guarantee quick service for ATM repairs. You can also feel peace of mind in knowing your business has one of the most secure ATMs available on the market today.

Simplify your business. Contact us today for a free consultation!