If you’re a business owner, renting an ATM has likely crossed your mind. After all, the benefits are clear: You can save money on upfront costs by not purchasing an ATM yourself, and if the demand for your products or services goes down or you need to move locations quickly at any point during your rental contract period (and for any reason), then you will be able to return the machine at no extra cost. However, another option available regarding ATMs is placing them yourself through a third-party provider such as Plunge.
This is the best option for most businesses as it provides a good deal of flexibility.
You can choose to rent an ATM for some time and then return it whenever you want. This is ideal if you’re only interested in testing out what transactions your business will generate with an ATM before committing to purchasing one.
Alternatively, you may decide that renting an ATM isn’t the best option for your business – perhaps because the rent isn’t as affordable or there aren’t enough locations where you want to place the machine. That’s okay too! You don’t have to buy anything at all! If a site doesn’t work out after placing an order through our website, we’ll refund 100% of your deposit (excluding shipping).
ATM placement is the process of finding a location for your ATM. ATM placement is different from ATM rental in that it’s a service provided by ATM companies rather than an agreement you make with the landlord or property owner where you want to place your machine.
ATM placement services are paid for by the operator of each machine, so as a result, they can vary widely depending on what kinds of fees are involved and how much money you want to spend on advertising and marketing materials.
ATM Rental vs. ATM Placement
ATM rental and placement are two different ways to give your customers access to cash. If you rent an ATM, you’ll have the option of keeping it for as long as you want, up to one year. In contrast, if you place an ATM, the business providing the machine will determine how long it stays in their location.
ATM rental is best for businesses with a large or growing customer base because they can’t predict what kind of demand they’ll receive when they release their new product or service. For example: If your company launches a new line of skin care products on Amazon Prime Day, but sales don’t quite meet expectations until Black Friday rolls around later in November—and then repeat this pattern every holiday season—it makes sense to rent instead of buying an ATM because there’s no way to know how often customers will need access to cash during those months.
How does an ATM rental work?
An ATM rental is when you rent an existing ATM from a third-party service provider and place it at your location. It can be a temporary or permanent solution for those who don’t want to buy their machines or prefer not to deal with the hassle of getting a loan due to high-interest rates.
ATM placement is a service offered by banks and other financial institutions in which they will install an ATM on your premises. You must first submit an application, including several questions about your business, how long you intend to keep the machine on site, etc., and then wait until approval before installation begins. Placements are generally available only for commercial customers since retail locations typically don’t meet all requirements (e.g., adequate lighting).
What to look for in an ATM placement program
When choosing a company to provide ATM placement, it is essential to look at the following:
- Fees. Make sure that the company you select has transparent fees and terms. If they don’t, or if they only offer vague information about their fees, then it is likely that they are hiding something. For example, some companies charge additional monthly payments based on the number of transactions made through the machine or per transaction. Find out exactly what these charges will be before signing anything!
- Reputation. When looking at different companies that offer ATM rental services, could you do your research on them? Check out Yelp reviews (if applicable), read customer testimonials online and ask around with friends who have used similar services in the past; seeing as an ATM placement program isn’t cheap (we’ll discuss this later), it’s worth doing all this due diligence beforehand so that nothing unexpected happens down the road such as having no money left for rent because someone stole from your machine without knowing how much money was left inside there during installation day – yikes!
Don’t be fooled by ATM companies that are less than forthcoming about the terms of their contracts. Protect your business and learn the difference between an ATM rental and a placement program.
If an ATM company is offering to let you rent a machine, don’t be fooled by their choice of words.
You might be told that they are renting the machine, but they are charging you a one-time fee for it. It may sound like a better deal than paying monthly rent, but it’s more expensive overall.
- If a company says they rent you an ATM and then charges you a one-time fee for the machine, don’t fall for it! They’re charging monthly rent—which isn’t necessarily cheaper than other companies charge when spread out over multiple months.
We hope our guide has helped you better understand the differences between ATM rentals and placements. As we’ve said, these two options can help businesses of all sizes reach out to customers who want fast access to cash on the go. But before signing up for either service, it’s essential to ensure that you’re getting exactly what you need from each one—and not just what your provider is offering as a standard package!