If you’re reading this, there’s a good chance you’re thinking about buying an ATM. And that’s great! ATMs can be a hugely valuable addition to any small business. But before you pull the trigger and make a purchase, there are a few things you need to know.

In this guide, we’ll walk you through everything you need to do when buying an ATM in 2024. By the time you finish reading, you’ll be ready to make informed decisions about what ATM to buy, who to buy it from, which processor to partner with, and more.

Step 1: Understand The Cost Of Owning And Operating An ATM

Before you learn how to buy an ATM, you need to understand how much it costs. The average retail ATM machine costs around $3,000 but can range from $2,000 to $8,000 depending on the included features.

Many different factors can effect this price such as the ATMs wifi compatibility, display type, banking services available, and if the machine is built-in or free-standing.

Additionally, depending on the brand of ATM you choose to purchase, there are often many different selections you can make regarding the lock type, display, and amount of cassettes that you want.

When choosing the options that you want for your ATM it’s important to analyze the various pros and cons of these features. For example, one cash cassette may be enough to hold the cash you’re planning to put in your ATM but you would like the ease of use and security features of an upgraded S&G lock for an extra $350.

Another important cost to consider when buying an ATM is the operating cost. ATMs require cash to dispense and that means that you need to load it with bills. The average ATM goes through about $6,000 to $8,000 per month. Although you get this money back when someone buys the cash out of your ATM, you’ll still need to have around $1,500 to $3,000 in cash per week to ensure that your customers can use your ATM.

The final cost to understand is maintenance. ATMs have a lot of moving parts and that means that sometimes things break. It’s important to budget around $200-$300 per year to cover any maintenance expenses you may have for your ATM.

Step 2: Choose The Right ATM For Your Business

Now that you understand how much it costs to own and operate an ATM, it’s time to pick which machine is right for you. With so many different ATMs on the market, it can be difficult to decide which one you should buy.

In our opinion, there are two main ATM brands that you should be considering: Hyosung and Genmega. Both of these brands are known for their reliability and sleek designs that fit comfortably into any business. Each of these companies sells various models for different applications, but if you’re a small business looking for a free-standing ATM, there are only a handful that you should be considering.

The first is the Hyosung Halo II. This ATM is widely known as the most reliable ATM on the market and your customers will love its design and ease of use. The Halo II offers a variety of high tech capabilities such as a 10.1″ color LCD and wifi modem compatibility that make operating this machine a breeze.

An additional ATM that we highly recommend is the Genmega Onyx P. This ATM has a huge amount of customization options that allow you to tailor it to your exact needs. Whether you’re looking for a huge 12″ color touch display or the enhanced security features of a Cencon lock, the Onyx P is the machine for you. Did we mention it looks great too?

Step 3: Find A Reputable ATM Provider

Choosing who to buy your ATM from is one of the most important decisions you can make. With the huge variety of different retailers, it’s essential that you look for one that you can trust and will provide you with support even after your machine is delivered.

At Legacy ATM we offer many different services that make the process of buying an ATM as smooth as possible. We offer free shipping on all of our ATMs and you can even choose from various installation options if you want us to help in-person or support you virtually.

Additionally, we offer a variety of different services such as maintenance and processing to help get your ATM up and running and keep it that way. If you’re interesting in purchasing your ATM from us, click here to view our selection of ATM machines.

Step 4: Partner With An ATM Processor

ATM processing is often something that people don’t consider until they have an ATM and can’t make any transactions with it. In order to dispense cash to your customers you’re going to need to find a partner that can process those transactions for you.

With average credit card processing fees range from 1.5% to 3.5%, these fees can quickly add up. That’s why at Legacy ATM we simplified how our customers process ATM transactions.

If you choose to sign up for Legacy ATM processing, our fees can be broken down into either: $0.50 per transaction for dispensaries or $0.25 per transaction for any other business, that’s it.

Step 5: Take Delivery And Install

Now that you know which ATM to buy, who to buy it from, and how to process the transactions, it’s time to order your new ATM. If you order from Legacy ATM we’ll ship straight to your door for free and then it’s time to install it.

The first step is to find a good location for your ATM that’s visible and has access to power and ethernet (If you aren’t using a wifi connection package). We recommend that you connect your ATM to an AC power outlet that doesn’t have any other devices connected to it.

The next step is to secure your machine. To do this, you’re going to want to bolt your machine to the ground and this process is widely dependent on the type of floor in your business.

If you have wood or concrete floors you’re going to want to use a rotary hammer drill with a 1/2″ wood or concrete drill bit. If you have tile you’ll need to use a special 1/2″ carbide tipped glass and tile drill bit.

You’ll want to drill four holes 2-3/4″ deep into the ground and hammer in your anchors before tightening the nuts with any type of 3/4″ wrench.

Once your ATM is secured you can finally program the machine to your specifications, load it with cash, and start dispensing for your customers!

P.S. If you buy an ATM from Legacy ATM and select an install package we’ll do all of this for you.

Final Thoughts On Buying An ATM

Owning and operating your own ATM can be a great way to increase revenue and provide added value for customers. Now that you understand the costs of ownership and how to choose the right machine, reputable provider, and processing partner, you’re ready to get your own ATM!

We hope this guide has been helpful, but if you have any questions don’t hesitate to reach out to us.