In order for your ATM business to flourish, you will need to partner with the right ATM processor. An ATM processor serves as the communication between your machine and the banking networks so users can remove and insert their funds.
Considerations for Selecting an ATM Processor
There are several things to take into consideration when selecting an ATM processor including:
Equipment Selection
Many ATM processors offer equipment to their customers. Typically, you can purchase or rent ATM machines. Many consumers find that using their provider’s machines helps with compatibility and technical support.
Customer Support
Consider both the initial setup and ongoing support offered by the ATM processor. Often, it’s beneficial to work with an ATM processor that offers setup services and around-the-clock support. The more hours your machine is operable, the more transactions your machine can accomplish.
Banking Network Availability
There are multiple banking networks. Look for an ATM processor that supports all, or at least most, of the popular networks across the country. The more networks your machine supports, the more customers your machine can service.
Earnings Potential
Your profits will depend on what you must pay out to your ATM processor and the location/venue owner. Shop around to ensure you’re getting the best deal.
Costs and Fees
There are typically start-up costs associated with your ATM processor. Installation fees, setup fees, and software fees may all apply, eating into your earnings potential. Additionally, hidden fees can creep in with many processors. Before signing a contract, read the fine print and carefully review terms that may not work for your business needs.
What Does an Ideal ATM Processor Provide?
An ideal ATM processing partner will offer transparent and competitive rates while avoiding any hidden fees or confusing contractual obligations. Additionally, processors should provide robust support in case of hardware or software malfunction.
EFX May Offer a Solution to your ATM Processor Needs
EFX provides value-added functionality and a higher level of client satisfaction. EFX is proud to stand by our promise of white-glove customer support, providing one-on-one service while driving results, and minimizing spend.
Evaluate your current processing solution, and give us a call today to discuss potential cost savings.