ATM Machine questions

[Kitty]

I just had a sales rep com in and give a pitch for us to lease an ATM. Says their fee is 20 cents, going rate is 2bucks a transaction. Net 1.80. Anyone have one, or any stories on lease/buying ATM machine for your mat???

[Anonymous]

Read the small print. I had a company try to lease me one a while back. It was a real fake deal. The lease was like $500 a month of which they would pay me something like $510. The lease was with a third party and as it turns out if they go out of business you are stuck to pay the lease with no reimbursement. Guess what, they went out of business and lots of people got stuck.

BE CAREFUL!!!!!

[anonymous]

Kitty --

I've had a Samsar ATM in the store for almost 3 years. Never had any trouble with it. I fill it myself about once a month. It is a single denomination machine, and I have it set to give 10's.

An ATM requires a dedicated phone line, so that is an added expense. I, too, charge a $2.00 transaction fee, and keep $1.80 of that fee. The $2 is a bit high for my neck of the woods, but we are off the main drag, so I get very little non-laundry, walk-in business on the machine. I don't capture enough in fees to pay the whole lease payment.

The reason I put it in is because I don't accept checks for cash, and I have no credit/debit card payment capability for the drop-off laundry customers. It is the only machine in the store that does not pay for itself, but I consider it to be a tremendous convenience for many customers who would otherwise need to jump in the car and drive almost 1 mile round trip to the nearest bank ATM. My wash prices are high enough that they more than offset the shortfall in the ATM lease payment. It is one of the "added value" services that I provide to my customers, and it is greatly appreciated by those who forgot to bring enough money.

If you are on a main street with lots of traffic or walk-bys, you might do better on the fee total than I do.

[Kitty]

That is my first impression.....They stated the lease amount is 120 per month for 5 years. As we spoke, I was somewhat interested as we are in a small neighborhood strip. No one accepts credit cards for several blocks. Maybe there may be a market for an ATM? However, I asked what is the cash price? They didn't know...this seems too slickish to me. They said that no one ever wanted to pay cash and everyone leased, mmmm.....I said as that may be, I want the cash price to determine what a "great" deal this actually is. Do some people only care for the monthly payment and not the terms of an aggreement, or do these guys guess their pitch catch some people off guard? I will be tossing the info. Thanks

[anonymous]

Kitty --

My sales rep had to call headquarters to find out the cash price when I asked. I decided to do the lease, because free maintenance/parts were provided for the 5 year lease term. Since I didn't know jack about ATM's, I didn't want to be up the maintenance creek without a 5-horse motor.

[anonymous]

I never thought of that Mr. Bubbles-we don't accept credit cards either-good idea-I'll look into it, we don't have one nearby.

[Kitty]

AHHHHHHHHHH, Mr Bubbles, is actually a MS. Bubbles! Woman are amoungst you boyz.......

[anonymous]

Oooops! Kitty just let the cat out of the bag! Although I'm surprised nobody could tell. I do have a non-guy way of looking at things. Or maybe I spend a lot of time thinking like a customer. Am I the only female laundry owner on this board???!!!

[anonymous]

sorry Ms. Bubbles

[anonymous]

Say that with a smile, pilgrim, or I'll hit you with my rolling pin! ;)

[anonymous]

Have I dated you sometime in the past?

[Fred50]

Are you my wife on the other computer??

[anonymous]

Only the Shadow knows.......

[Beverly]

We purchased our ATM machine and it generates about $635/mo.
Within 10 months it paid for itself. We charge $2 per transaction and retain 35 cents. We dispense $20 bills and fill the machine every 5 days! The majority of our users are NOT 'mat customers.
Thus far, we are VERY satisfied with this ancillary service!

[anonymous]

For those of you with ATM's, have you had any security problems like increased breakins or robberies?

[Beverly]

We purposely positioned our ATM near the Attendant's counter within the store, away from the front window. It's accessed from the front (access from the rear was more expensive) and we remove the money box during the week when it's less busy. We have cameras all around; so far, so good! You're in the neighborhood...bring your card and try it out!

[anonymous]

I would love to try it out, but at 2 bucks a pop then another 2 bucks from BofA for using a non-BofA machine that 4 bucks to get 20. Not a good deal for me.

[anonymous]

My ATM is inside, right next to the parking lot door, backed up against a reinforced brick wall. Sits right where the change machine sat for almost 30 years. It's anchored into the concrete, and has a video camera pointed at it. Also, it is in between 2 motion sensors. Have only had one "break-in" and it was actually an inside job before the ATM was ever installed.

[Kitty]

Is an atm profitable in a mat?

[anonymous]

Beverly what type of machine do you have?

You paid about $6000 for it?

[anonymous]

In your post, you mentioned that the customer transaction fee is $2.00 and that you retain .35 cents. Is that correct? I assumed that the processing fee was .35 and your retained $1.65

[anonymous]

Has anyone ever gone to their local bank or credit union where they do business and see what they can do about placing one of their machines? You see them all over the place with the banking institution's name on it. Or do they also lease/purchase them and stick their name on it?

[Beverly]

Westlake--you're quite right regarding my error; the company retains 35cents of the $2.00 charge and our portion is $1.65 per
transaction. Today's "I want it now generation" balks only on occasion at the $2.00 charge. Heck, I have some regulars who come in 4-6 times a week just to get their cash! And I just smile and say thank you very much when they leave$$$$$.

Kitty---I'd say it's a profitable venture when our ROI was
reached about 9 months after purchase date. It's almost trouble free even with the little ones around. Our only obligation is to refill the machine with $20's, usually done every 5 days. We receive 24 hour (or less) credit back into our account.

Andy--The $6000 system we bought is called by Cross InterTech,
"Mini Bank 1000". You can call our nation-wide distributor, who incidentally, offered to buy back the machine (less installation costs) if I were dissatified in any way within the first 6 months. His name is Dale at (800) 544-7090.

[Fred50]

Beverly,

Did you have to contract with a local bank to interact with their network or did the ATM CO. take care of that?

Does the distributor covers repair
for a warranty period?

What happens after the warranty period? Is there a local repair co. and what do they charge for service?

I'm in a large strip with no ATM machines and no banks close by. I would have figured that people would balk at $2.00, but if it works for you, G-R-E-A-T!!

Thanks!

[Beverly]

Mark---

The distributor took care of the bank connection. I can check the
transaction details (date/time/amount withdrawn) via the computer.

The distributor handles any repairs/maintenance for that 35cent
per transaction fee. Frankly, the way the machine is constructed
very little can go wrong and one does not have to be a mechanic to fix things.

I'll need to verify the warranty expiration information.

My landlord said I should renegotiate the transaction fee rebate because the distributor also receives 35cents per transaction from
the bank. Therefore he's getting 70cents per transaction as his
commission, not just my deduction. You might just use that info
as a negotiating tool for yourself.

'Hope this helps....

[anonymous]

Does your machine do both English and Spanish?

[Beverly]

Si, senor!

[pgh]

I am interested in anyone who OWNS an ATM in their mat. Anyone have one in unattended mat? I have looked for prior posts and nothing seems to delve into the subject very far. ANY HELP?

[Coinwash]

Hi,

I think you used all caps. I searched atm instead of ATM

also the wild card is *

Tech out

[CharlieS]

I have two ATMs. One is in an unattended mat. The other is in an attended mat. Both are Cross 2100. I charge $2.00 per transaction. I also chose to pay .35 per transaction to cover a 5 year warranty program, but could have chosen not to. The ATM is in 5 languages, English, Spanish, and 3 others.

Both are on a lease program. I pay about $140 a month for one, about $200 for the other, which is a rear load design. Both are money losers, although one is getting close to break even. Both have a dedicated phone line.

Overall, I'm pretty happy with these. The purpose was to make sure that anyone who uses my mat knows that they can get the funds they need to do or complete their wash.

These were obtained from a company called Cash Alternatives, out of California, and are leased through a company they work with. They have been great to deal with and I would definitely use them again. Their number is (800) 544-7090. Dale Grabinski is the main guy.

Charlie

[Anonymous]

I have one in my attended mat for the purpose of making funds available for both laundry and my drop off. (Very few check requests) I have the .35 /1.65 breakdown too and mine is owned. (bought with store) I love it except having to go to the bank and get $ to stock it. I usually go about once a month and stock with 10 dollar bills. My coin machines only take 1, 5, 10. Other than that has been great!