Questions and Answers
1. How can I make money from the ATM?
Answer. The most common answer is through the fee income (surcharge) generated from the ATM. However, we tend to overlook what the ATM is really doing for your business. An ATM in your location puts additional spending in the hands of your customers. Therefore increasing your incremental sale and customer loyalty. The question that needs to be asked is, “how much does the loss of just one customer cost your business?”
2. Where can I put my ATM?
Answer. After conducting my surveys, it has been determined that an ATM transaction is made out of impulse. Testing this theory, ATM’s were placed in both the front and the back of two separate but equal locations. It was with the assumption that the machine in the back of the store would drive inside sales up along with the ATM transaction. It was quite the contrary, sales weren’t up, and transactions were down. The ATM located in the front of the store did 3 times the transactions. So to answer this question, place the terminal as close to the front door as possible.
3. Do I need a dedicated phone line?
Answer. Yes! You will have to arrange with your local phone company to have a Dedicated Phone Line installed. You will need to allow approximately 10 days for them to respond. The terminals dial out on an 800 line, so you will not be charged for long distance calls. Line must be within 2 ft. of the install.
4. Do I need dedicated electric?
Answer. Yes! All that is required is a standard 110 grounded outlet. Power must be within 2 ft. of the install.
5. What are acceptable surcharge rates?
Answer. A good first step is to look at the average surcharge rates for the area. The national average for surcharge is $1.75. In our experience, surcharge rates average as follows: Convenience Store $1.75-$2.50 Bars $2.00-$3.00 Gentleman’s Clubs $4.00-$10.00 Bowling Alleys $2.00-$2.50 Gas Stations $1.75-$2.50 Grocery Stores $1.75-$2.50 Nightclubs $2.00-$4.00
6. What percentage of the surcharge do I receive?
Answer. We have put into place many revenue options and turnkey programs. Net profit will be determined based on the service contract, vault cash management and cash replenishments programs you utilize. Allow us to present a solution to your unique business needs.
7. Should I load my own cash?
Answer. This is the most economical way to operate your ATM. The cost of vault cash can be quite expensive, with armored car service running in upwards of $200 per trip, obviously eating into the bottom line. The ATM has been designed in such a way that it takes no more than 5 minutes a day to maintain and replenish the cash.
8. How much money should I keep in the ATM?
Answer. This will vary from location to location taking into consideration several factors; daily traffic flow, nearest ATM, public awareness, etc. You will be able to determine in short order just how much cash your ATM will need. The average transaction is $60 and if the ATM does 20 transactions per day the ATM would dispense $1200 per day. You can lead up to this, and start with just $500-$1000 until traffic builds.
9. How much cash can an ATM hold?
Answer. Our smallest terminal holds 1000 bills per cassette. Our typical terminal cassette will hold 2100 single denominations.
10. What cards are accepted at the ATM?
Answer. Virtually all cards will be accepted through the ATM. Very seldom do we run into a situation that a card is denied at the terminal. When this does occur, the problem is typically due to a bad magnetic strip or a very small processing network not yet identified by the larger regional or national networks.
11. What happens to the monies taken out of the ATM by my customers?
Answer. All funds dispensed through the ATM within a 24 hour cycle are routed through a host computer and issuing bank, then back into your account within 48 hours. The surcharges generated from the terminal are reconciled on a monthly basis.
12. Can I receive statements more frequently than once a month?
Answer. Yes! Software programs are available that can provide you with real-time data for each and every one of your ATMs, allowing you to monitor them on line.
13. Who services the ATM?
Answer. Service is provided by our local tech service network throughout the state of Ohio. Service contracts are available upon request.
If you have any questions or need further information about any of the above, please contact your Carroll Companies ATM Support Professional.