No. The ATM doesn't increase the amount of cash you have on site - it simply moves it from a night safe to a day safe (in the ATM), and at night all cash is removed from the ATM. The ATM is securely bolted to the floor and the safe is secured by an electronic, PIN protected, lock. Leaving the safe door open overnight (just like a till drawer) clearly shows the ATM to be empty.
It is highly unusual for an ATM to make a mistake on a customer's transaction; however, if the machine runs out of money or if there is a serious cash jam it is possible. Ring the 24 hour helpline and they will explain what to do, but in short you will need to ask the customer to go to their bank and get them to recover the money.
The machine itself is insured by the provider 24 hours a day, 7 days a week. Your existing insurance policy covering cash held on-site is generally sufficient to cover the cash stored in the ATM. However, we would suggest that you review your policy just to make sure that your ATM machine and held cash is comprehensively covered.
You fill the ATM with the cash takings from your business. The ATM is just another till on your premises. You will only need to put in enough cash to last each day so this will vary from business to business.
At the end of each day a 'closeout' is performed by the ATM where it advises the payment company how much money it has dispensed so that their computers work out how much money, including your commission, is owed to you. The money dispensed is credited into your account overnight, while the commissions are typically paid at the end of the month.
The whole machine installation process for an average site takes between 2 - 4 weeks.
Earning potential is directly related to the number of transactions going through your ATM. This will vary from business to business depending on customer demographic, footfall, opening hours and cash-out availability both on the premises (via EFTPOS) and in the immediate locality.
This is dependent on the type of ATM installed and the volume of customers using the machine. We will be happy to let you know our assessment of what this number could be.
All our machines are securely bolted to the floor and have various advanced devices that can be fitted to thwart theft if required.
If you change your bank account details we must be told immediately so that no money is put into the old account.
We require a minimum of 2 weeks' notice. However, the more notice you give us the more likely it will be that we can meet a date that you require, and there will be a charge for our technicians to come to site and perform the move.
Full training will be provided when the machine is installed, but the money that has been dispensed from your machine during the day will be paid back into your bank account overnight automatically.
There is an agreement that once a site is approved and an ATM is installed, that it will remain in place for a minimum of 3 years. If the site experiences a decrease in foot traffic the provider may move or remove the machine during this 3 year period – at no cost to the business.
To name a few: increased customer traffic, increased revenue from customers, transaction commission share on every successful cash withdrawal, absolutely free installation and no ongoing charges.
The business would usually fill the ATM with cash. When money is withdrawn this money is deposited into your nominated bank account. There are also options where the provider will fill the ATM.
The only cost to you will be the electricity supply and the machines use as much as a 100w light bulb when idle and as much as a 2 bar heater when actually dispensing cash. Other than this, there is no cost at all.
As you fill the ATM with your own cash and there is no extra cash being kept on site the insurance premiums should only reflect an increase in asset values on site. Insurance companies tend to treat self-cashed ATMs as a computer or a cash register.