Considerations When Renting an ATM
First and foremost, you need to know the difference between renting and leasing. Often, the terms are used interchangeably, but they are not exactly the same. Renting allows you to use an ATM for a shorter period of time (though that doesn’t mean you can’t rent for a long period), sometimes as little as a day, whereas leasing typically means a long-term agreement. It is important to know the distinction before making a decision, because both options fit different needs.
When deciding whether to rent an ATM, consider the following:
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Event Planning and ATM Rentals
Renting an ATM is also a great idea for more temporary needs, such as parties and other events. An ATM offers guests an easy way to access cash if they don’t want to (or can’t) use a credit or debit card for purchases. Whether you’re looking to hold a party at a rented venue or setting up some sort of fair or market, ATM rentals are a benefit to customers, guests, and vendors alike. For example, many bartenders at events or vendors from craft fairs and flea markets, can’t afford the extra cost that comes with card purchases or may just find it to be too much of a hassle. An ATM solves this problem for everyone involved.
Not only are ATM rentals perfect for short-term events, but the majority of the money withdrawn from an ATM is spent at the actual event. Customers have access to the convenience of quick cash and vendors reap the benefits of their spending.
How Much Does Rent an ATM Cost?
Providing an exact cost for renting an ATM is difficult, as the duration of the rental period and the company you rent through directly affect the total price. Typically, rental prices are done by the month, though companies that allow shorter rentals may charge per day or week. That being said, here is a general pricing guide to provide an idea of what you can expect to pay when renting an ATM:
- ATMs have an average rental cost between $50 and $120 per month. Shorter rental periods are available from most companies.
- Installation and training fees average between $50 and $500. If your location has high foot traffic or you are renting for a short amount of time, some vendors waive these fees and take a portion of the machine’s surcharges instead.
- Stocking the ATM, which typically means hiring either an armored truck service for an average cost between $100 and $500 per month, or a cash loading service for an average cost between $40 and $60 per month.
- A phone line (which the ATM needs to function) for an average cost between $20 and $40 per month.
- Replacing receipt paper, which has an average cost between $10 and $50 per month.
- Statement fees, which have an average cost between $10 and $30 per month.
Making Money from Your ATM
It might seem that these costs are high and that there isn’t much money to be made over the costs of an ATM, but that’s where the surcharges or “convenience fees” come in. While the average surcharge on an ATM is around $2.50, they range from as low as $1 to as high as $9. How much you stand to make from that surcharge depends on the percentage of the surcharges that your rental provider takes. When you buy an ATM, you typically have more control over these fees and how much you can make on them. But when renting, it all depends on your provider.
Be sure to read through your rental agreement and see what exactly it says about your surcharges. Talk to your rental company and see what percentage they take. For long-term rentals, you should be making money off of the ATM within a year.