ATM FAQs

Everything You Need To Know

 

ATM FAQs – What You Need To Know  –

To Increase Your Sales And Grow Your Business With An ATM

 
This page summarizes the most frequently asked questions about ATM ownership and placement. Our intent is to give you as much information as possible about owning and maintaining an ATM as we can.
 
Operating an ATM is usually trouble-free. Replace the money, replace the receipt paper, push a few buttons to access administrative functions, not much to it – really.
 
So go ahead and browse our ATM FAQs. If you have any questions that aren’t answered on this page, or just want to chat about your opportunities to earn additional income with an ATM – just contact us by email or give us a call at 888-724-1114. We’ll be happy to chat with you. We’re friendly and flexible.

What Benefits Will I Get By Owning Or Leasing An ATM?

Here are the main benefits of having an ATM located in your business

  • You earn surcharge income from each transaction processed on your ATM
  • Gives your customers immediate access to cash from their debit, bank and credit cards.
  • Keeps your customers from leaving your business and going elsewhere to get cash from a different ATM nearby.
  • Can increase your sales by up to 50% of the amount withdrawn from your ATM.
  • Reduces or eliminates the need to accept cheques.
  • Reduces credit card usage and the associated credit card fees.
  • Generates additional traffic to your business from passers by.
  • Increases your customer satisfaction and loyalty.
  • Best of all – you earn surcharge revenue for every transaction.
Are There Any Monthly Charges of Hidden Monthly Fees For My ATM?

Evolution Cash never has any hidden fees. Your monthly costs will depend on which ATM Plan you choose. If you choose the Free ATM Plan – you pay nothing, and you earn a portion of the transaction surcharges. If you choose to Lease or Purchase your ATM, your monthly payments can be quite affordable, depending on what arrangements are made. Your earned transaction surcharges will typically cover your lease payments. The only ongoing expenses you will incur will be for electricity (to power your ATM), a dedicated phone line, and, depending on what ATM Plan you choose, keeping your ATM stocked with cash and receipt paper. By the way, we provide your receipt paper for free – as long as you process your transactions with Evolution Cash. We pride ourselves on our transparency and our flexibility – so we’re happy to put together the perfect plan for you and ensure that you clearly understand what, if anything, you have to pay, and what you’re paying for. Better yet, if you decide that you’re not quite happy with the ATM Plan you have, we will happily switch you to another Plan or call it quits – no arguments – no penalties – no problem.

What’s Included With My ATM Purchase Or ATM Lease?
  • Free Shipping & Installation
  • Free Processing – No Fee
  • Free Training
  • Free Indoor / Outdoor ATM Signage
  • Free Online Statements and Reports
  • Free 24/7 Toll Free Support
  • Free Maintenance and Repair
  • Free Receipt Paper and Supplies
When And How Much Will I Be Paid For The Transactions On My ATM

Once your new ATM has been in service for one month, you will receive a detailed monthly report that sets out the total number of transactions, total cash dispensed and total surcharge revenue you earned for the month.   Depending on the ATM Plan you choose, you can earn as much as 100% of the surcharge revenue generated by your ATM (automated teller machine). The actual amount you earn will depend on two factors:

1) The ATM Plan you choose

2) The number of transactions processed on your ATM.

Evolution Cash Technologies will directly deposit your earnings to your designated bank account on the first business day of the following month. Remember – if, at any time, you want to change your ATM Plan so that your earnings increase – we will happily accommodate you – no problems – no penalties.

How Do I Load My ATM?

If you choose an ATM Plan in which you commit to loading your ATM with cash once your ATM is installed, you will be trained on the procedure of loading cash into your ATM machine. Don’t worry, it’s not that complicated. Loading cash into your ATM machine is about as easy as loading paper into a photocopier.  We’ll make sure that you’re completely comfortable with the process. The money that you load into your ATM will be re-deposited back into the bank account of your choice on a daily basis as customers withdraw cash from your ATM. During the regular work week, your cash will be re-deposited back into your account within 24-48 hours from the time it was withdrawn from the ATM. All weekend transactions which include Friday, Saturday and Sunday, will be deposited the following Tuesday. If you choose our Starter ATM Plan we will assume all responsibility for ensuring that your ATM is loaded.

How Much Can I Expect To Earn From Placing an ATM In My Business?
The ATM Industry’s rule of thumb holds that generally 3 – 5% of passers by who see an ATM machine in an establishment will likely use the ATM.   So let’s assume that you have a total of 300 people a day coming through your doors, and let’s say that you are charging a $2.50 surcharge per ATM transaction. Lets also assume that your business is open 30 days a month.   If you take the middle ground and expect that 4% of the people that see the ATM machine will use it, you can count on your ATM machine to generate a minimum of 360 transactions per month.   To calculate your earnings you would take these 360 transactions and multiply them by the $2.50 transaction surcharge. That comes out to $900.00 per month or a total of $10,800.00 per year. All that from one ATM machine at one location.         You should take into account whether your establishment accepts credit cards or gives cash back at the point of sale (POS). If it does then the lower end of the rule would apply and it might even reduce the number by as much as 20%.   A similar formula is used for hotels or big commercial buildings. With hotels, we take the number of rooms, times the occupancy rate and apply the same plus or minus 10% rule. So if your hotel has 150 rooms with an 80% occupancy rate you might expect 110 – 135 monthly transactions. If your hotel has any events or banquet rooms, that number would be proportionately higher during those times.   Similarly with commercial buildings (office buildings, or meeting facilities for example) you can expect that 10% of the total number of employees working in the building, and / or the number of annual meeting attendees, will use the ATM on a monthly basis. You should calculate the number of days per month that the cash machine will be used based on the number of days that the companies in your building are open, and/or the number of days that meeting facilities are rented.
Where Do I Get the Money To Put In The ATM?

If you decide you purchase or lease your ATM, you will have to load it with cash for your customers to make a withdrawal. You will need to use your business bank account or open one if you don’t already have one.   Go to your bank and tell them you need bundles of $20 bills to put in an ATM. Most people start with $3000 to $5000, however, depending on your traffic and location, you can load as little as $500.00. Most ATMs hold around $20,000, although very few ATM owners put that much money into their ATM.

How Do I Get Back The Money That I Load and That Is Withdrawn From My ATM?

When someone uses your ATM, they are accessing their debit or credit card account to get an overnight loan from your ATM. ATM owners earn a surcharge fee for this convenience.
 
Each ATM has a terminal ID and a bank routing number. When someone withdraws money out of your ATM, the banking networks know what machine did the transaction through these numbers. That’s how the banking networks also know where to put the money back, through the routing number.
 
For Example: All ATMs settle on banking days at 4:00 pm EST. Money taken out of the ATM before 4:00 pm EST will be re-deposited into your bank account within 24 to 48 hours. Any money taken out after 4:00 pm will be re-deposited the day after. Any money taken out after 4:00 pm EST on a Friday will not show up in your bank account until Tuesday. Saturday and Sundays are not banking days.
 
All the surcharge money earned is deposited into your bank account once a month. All vault cash you load is returned to you via your bank account,within 24 to 48 hours.

What Are The Requirements To Qualify For Free ATM Placement?

The two major factors which determine whether your business qualifies for a Free ATM are traffic volume and location.

My Business Accepts Credit Credit Cards – Is It Still Worthwhile To Place An ATM In My Location?

Absolutely! This will not only put available cash in the hands of your customers, but it will also help save you money on your credit card processing fees.

If I Decide To Place A Free ATM In My Business, Who Is Responsible For Filling The ATM With Cash?

That depends. Evolution Cash has two Free ATM Plans.   The first is our Starter ATM Plan. With this plan you remain completely hands off. All you do is provide the space, a telephone line or internet connection for the machine, and an electrical outlet. We handle everything. You don’t have to do a thing – except collect your surcharge earnings each month – and we direct deposit those for you into your designated bank account.   Our other Free ATM Plan is the Lite ATM Plan. If you choose this plan, you pay nothing for your ATM, you provide the space, telephone line or internet connection and electrical outlet – but you also assume responsibility for loading the ATM with cash.   The difference between the Lite ATM Plan and the Starter ATM Plan is that with the Lite ATM Plan you earn a greater percentage of the transaction surcharge.

Can I Get A Temporary ATM For A Limited Time Or A Special Event?

Yes you can! We can accommodate special events of any type and size. Contact us by email or call us at 888-724-1114 to discuss your special needs.

What Kind Of Reporting Tools Do You Provide?

We offer real-time online transaction reports. You’ll be able to view a variety of reports (depending on which ATM Plan you have chosen) such as detailed transaction history, low cash alerts, monthly transaction totals, etc.
 
You’ll receive detailed information about how to access your reports when your ATM is installed, and we’ll teach you everything you need to know about going online to view your transaction information.
 
If you have any questions about our online reporting tools, please contact us by email or give us a call at 888-724-1114.

Who is Responsible for ATM Repairs and Regular Maintenance?

It depends on which ATM Plan you choose? If you choose to place a Free ATM with either a Starter ATM Plan or a Lite ATM Plan then we are 100% responsible for all repairs and maintenance.
 
If you choose to Lease or Purchase your ATM, with our Pro ATM Plan or our Premium ATM Plan then you are responsible. However, because each new ATM comes with a full parts and service warranty and 24 /7 Toll Free Support, just call us and we’ll get you what you need.
 
We have ATM installers and repair persons available nationwide.
 
For more info, please contact us.

How Secure Is The ATM?

All our machines are securely bolted to the floor and have advanced devices that can be fitted to thwart theft if required. 

If you feel that your ATM is vulnerable, you can always install additional lighting, security cameras, and an alarm system. Other than adding cameras and alarm systems, there are a some additional common sense security measures you can put in place:

Whenever possible, install your ATM indoors and away from large glass windows and doors.

Ensure that the space around your ATM is well lit. You will significantly reduce the risk of theft or robbery if the area where your ATM is located is brightly lit. Your customers will also feel safer using an ATM in an area that is well lit.

Install an alarm system in the building in which your ATM is located. Thieves will generally avoid ATM locations which are well lit and alarmed.

 

 

 

Do I Need To Insure My ATM?

There are two aspects to insuring ATMs. The first is insuring the ATM machine itself and the second is insuring the cash inside the machine.
 
The machine itself is insured by the owner 24 hours a day, 7 days a week. That means that if you have a Free ATM machine or a Leased ATM, we provide the insurance coverage for the ATM machine itself.
 
If you choose to Purchase your ATM machine then you should obtain appropriate insurance for it. If you do buy your ATM we will provide you with the relevant information about your ATM that you should give to your insurance broker or provider in order to arrange for appropriate insurance.
 
Ensure that your existing insurance policy covering cash held on-site has sufficient coverage for the cash stored in the ATM. We would suggest that you review your policy with your insurance broker or provider just to make sure that your ATM machine and held cash is comprehensively covered.

How Long Will It Take You To Install the ATM?

The whole process for an average site takes between 2 – 4 weeks. If you’re in a hurry Get Started Now!

A Customer Informed Me That The ATM has Made a Mistake on a Transaction – What Should I Do?

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. 

When your ATM is installed, you will get the phone number for our 24/7 Toll Free Help Line. The technicians there will explain what to do. However, in short you will need to ask the customer to go to their bank and get them to recover their funds.

I Want To Change The Location Of My ATM. How Do I Go About Doing This?

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.

I Am Changing / Have Changed My Bank Account Details. What Should I Do?

If you change the details of the bank account into which we deposit your transaction surcharge earnings, we must be told as soon as possible so that your funds are directed into the correct account.

Can I Co-Brand My ATM With My Business Name?

If you decide to purchase your ATM we can provide you with information and contacts from whom you can order branded wraps for your ATM, specialty signage etc.

If you need an ABM – automatic bank machine; ATM – automatic teller machine; cash machine or bank machine contact Evolution Cash for the best ATMs in Ontario, Manitoba, Saskatchewan, Alberta, and BC Canada.
Read out ATM FAQs to find out everything you need to know.  It’s easy to get a free ABM or Free ATM and get started in the ATM business today.

Get Started

Enter your contact details and our closest Account Manager will contact you within one business day.

CAPTCHA
Please wait...

ATM Profit Calculator

ATM Profit Calculator
If you're considering whether to place an ATM in your business, but don't know whether it's worth it, let our easy to use ATM Profit Calculator show you how much money you can earn with an ATM. Just click on the button below.