An ATM is a major purchase for a small business. Ranging from $1500 to over $4000, it may seem like a large expense. But when you consider the income generated from ATM surcharge fees, reduced credit card transaction fees, and a potential increase in customer traffic, the benefits of an ATM might outweigh the costs. Before you buy an ATM for sale in New York, consider these factors to determine if an ATM will succeed in your business.
Business Type
First, think about how your business operates. If your customers are only making large purchases, access to small amounts of quick cash may not be very useful. However, you offer cash only services or have credit card minimums, cash becomes extremely important to your customers. If customers will be tipping, they may wish to have cash on hand for this purposes. Additionally, if customers are typically using their debit cards to get cash back from their purchases, they are more likely to use an ATM if one is available to them. An ATM for sale in New York could be attractive if you run the right type of business for this service.
Location, Location, Location
Consider not only the need for cash in your business, but also the access to cash in the surrounding area. Your ATM will be more valuable if there are few banks or other ATMs available, and the closest ATM machine is further than walking distance away. This is particularly true if your business is located in an area with other cash only businesses nearby. If yours is the only ATM in the area, this will increase foot traffic into your business for access to cash, which can ultimately increase patronage and sales.
Cost for Cash
While you may run the right type of business for an ATM and you might be located in a prime area to take advantage of the benefits to having this machine, cost is always an important consideration. Estimating the amount of cash you can generate from fees and weighing the upfront costs with the long term investment can be helpful to your decision making process. Another option to consider is a partnership program, such as the program offered by ATM World Corp. In partnership, you are sharing the investment, as well as the profits, which allows you to benefit from the machine without providing as much cash up front.
The type of business your run, your location and your financial situation are all factors to consider when determining if an ATM for sale in New York is the purchase your business should be making. When the situation is right, the purchase of an ATM can lead to small business success.
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