An average ATM machine costs $3,000. However, they can range anywhere between $2,000 – $8,000. Many factors influence the price, such as the level of banking services available, if it’s freestanding or built-in, and whether or not it offers wireless technology. A newer version with advanced technology can cost more than $10,000.
Retail ATM machines are a great way to introduce a passive income stream to your business. However, it is smart to research the various retail ATM machines and their associated costs. Understanding their features may impact your decision.
What are the additional costs of an ATM machine?
Besides the initial purchase, there are ongoing expenses of owning an ATM machine. For example, the average professional installation fee is around $200—many businesses choose self-installation to save money.
Other ATM costs you can expect can include:
· Extra phone line (approximately $30 per month)
· An additional cash cassette (between $100 and $500 depending on the ATM)
· Replacement paper for receipts
· An optional cash loading service (approximately $50 per trip)
As well as budgeting for the initial cost, you’ll also need to consider how much cash you need for it. For example, average retail ATM machines go through between $6,000 to $8,000 per month, meaning you need between $1,500 and $3,000 per week. They also require ongoing maintenance, so you will need to consider budgeting a few hundred dollars each year for these services.
Are Retail ATM machines right for your business?
If you’re considering buying a retail ATM machine, ask yourself these questions to decide if it’s a good choice for your business:
· Do your customers frequently ask you where the nearest ATM is?
· Does your business rely on cash transactions?
· Is cash used often in the community where your business is located?
· Do other businesses in your industry offer ATMs onsite?
· Are there any nearby ATMs?
· Do your customers ask for cash back when paying with their debit cards?
If your answers show a need for cash in your area with limited competition for nearby ATMs, now may be an excellent time to look at our range of retail ATM machines and find out how much your preferred ATM machine will cost.
Partner With North America’s Leading Retail ATM Manufacturer
Hyosung America is a trusted retail ATM machine provider deploying over 80,000 in the US, Canada, and Mexico since 1988. We understand how important it is to adapt our Hyosung retail ATM machine solutions to meet the needs of our retail customers.
Our retail ATM machines provide practical, user-friendly, and secure experiences for customers. With bill payments and fund transfers tools, we can offer more than just transactional services. Contact us today to discover how adding these machines can help your business and the costs for Hyosung ATMs.