3 Major Benefits of ATM Machines in Your Businesses

If you own a store or other business, you might wonder what benefits of ATM machines you could reap. If you haven’t wondered about this, you should. In this article, we cover 3 major benefits of ATM machines to store owners. However, you will find that each major benefit breaks down into so many different opportunities!

Not only do ATMs generate revenue, they are also convenient for your employees and customers. So an asset that serves all three parties is definitely something to consider! Keep reading to see if an ATM machine is a good idea for your business.

Increase Revenues

ATM machines increase revenue. Think of an ATM machine as a mini-business. There are thousands of independent ATM deployers (IADs) nationwide whose entire business is ATM machines. They wouldn’t do it if ATMs didn’t generate income! 

Of course, it’s not necessarily a mini-business to them because they might have upwards of 10 machines to operate. But for you to add just one ATM machine to your existing business is a small way to make big revenue.

Surcharge Revenue

How do IADs make a profit? The entire business model for an IAD is to charge a convenience fee—for ATM machines this is known as a surcharge—for users to have quick, convenient access to their cash without having to get to a bank. 

This surcharge is an IAD’s sole source of revenue, and whatever is left after making the return on investment (ROI) and subtracting small maintenance costs (receipt paper, transportation costs, cleaning supplies, etc.) is profit!

Now, most IAD’s have to find location owners who are willing to host the ATM machine. Otherwise, they’d have nowhere to put their machines! To make the deal worthwhile for the owner of the location, the IAD typically offers to share part of the surcharge revenue.

If this is an arrangement you’re interested in, you can be matched with an IAD who will take care of servicing the machine (and potentially share some of the surcharge revenue) while you reap some of the other benefits of having an ATM machine in your store. 

All you have to do is send in an ATM placement request, and ATMDepot.com will set you up with someone who will place and operate an ATM in your store at no cost to you!

Alternatively, you can purchase, own, and operate your own machine. You would be responsible, then, for loading cash, refilling receipt paper, cleaning the machine, addressing errors, etc. However, you would also get to keep the entire surcharge fee, rather than just a portion, to compensate you for your time. If you are interested in this route, check out our ATM startup kit!

Whether you operate your own ATM machine or work with an IAD, there are still plenty of other opportunities to increase your revenue.

Increase Average Spent

If you own a store, maybe a convenience store, gas station, boutique, etc., you want to increase the amount each visitor spends. An ATM is a great way to do this. Why? Cash. When people have cash in their hands, it’s convenient, it’s available, it’s quick, it’s ready. 

Having an ATM machine available to your visitors and existing customers increases the chances of them purchasing more items, especially those impulse purchases like snacks, gadgets, souvenirs, reusable totes…. All of this adds up in the course of a month to drive up your sales (and the surcharge revenue is the cherry on top!).

Increase Traffic

When you add an ATM machine to your store or business, you draw new customers who might only stop by specifically because of that ATM machine. Put a sign up to advertise that you offer ATM services, and you appeal to a whole new range of customers aside from those who might want and need the services of your actual store.

The more services you offer, the wider range of customers you appeal to, and the more business you create for yourself simply by bringing people into your business. Some of these people might not have ever stopped by otherwise, and others still might see something they never knew they needed from your store or business! Therefore, an ATM machine can be quite the lead magnet….

Increase Customer Loyalty

In addition to bringing new traffic to your store or business, an ATM also promotes repeat customers. Almost every consumer (82%) is happy that ATMs are available to suit their needs. This means that a majority of consumers have convenient access to ATMs. Yours could be one of them.

Once users know the ATM exists, they know where they can always quickly and easily access their money. In this way, you bring in more customers regularly.

You can also look for an ATM machine with the ability to print coupons on ATM transaction receipts. Offering coupons to ATM users provides an incentive for passersby to choose your ATM (as opposed to, say, the one across the street) and also encourages purchases of goods and services from your regular business!

Advertise

Another upgrade you can make to an ATM machine to increase revenue is a graphics screen. With a large screen that has the ability to display graphics, you can promote your business with your logo, sales, promotions, etc. Or, you can add another revenue stream by selling ad space on your ATM to nearby businesses!

Save Money on Credit Card Fees

Not only can you make extra money with an ATM machine in your store by increasing revenue, but you can also save money. If you don’t (already) run a cash-only establishment, you likely have to pay a fee every time you process a customer’s credit card. And these fees add up.

If you offer access to cash in your store, you encourage more cash payments. More cash payments mean less credit card transactions, less fees, and more money in your pockets. Then, if it works for your business, you might be able to become a cash-only establishment and never pay another credit card transaction fee again!

Another option you have is Bitcoin. As cryptocurrency becomes more and more popular, you might find that you want to start accepting crypto payments. Depending on where your business is located and the needs of the consumers in the area, you might find that converting your ATM machine to a Bitcoin ATM machine (BTM) brings in customers who may have trouble finding this service. You might even decide to have both!

Improve Safety

Why will passersby use your ATM machine as opposed to the one across the street? People who need to use an ATM machine want to feel safe and comfortable doing so. Most ATM users feel safer using a machine that is located in or near a trusted store or business that has surveillance, lighting, and a good reputation. 

Even if your business is lacking one or more of these, just having an ATM inside your store or business will make users more comfortable than using one out in the open on the street. To ensure you place your ATM machine strategically in your store to enhance comfort and safety, check out our article about ATM security tips.

An ATM machine might also benefit your employees. Do your employees really want to make another stop before or after work to access their money? Probably not. Additionally, they should feel more comfortable using a machine in an environment they are familiar with. So the ability to bank where you work is a plus for your employees, too!

As far as you and the money generated by your store or business, an ATM machine keeps you safe as well. Using store money to load the ATM machine keeps those funds safe and secure. In this way, an ATM machine functions as an on-site safe as well as a money-maker. 

Is Your Business Right for an ATM?

While there are many benefits of ATM machines for store and business owners, it might not be a good fit for everyone. There are some costs associated with operating an ATM machine, including the cost of the machine itself, so you want to be sure you will make enough revenue in surcharge fees to justify the purchase of the machine.

So how do you know how well an ATM will do before you purchase the equipment? Here are a few factors to consider:

Traffic

There are two rules of thumb you can use to predict the success of an ATM machine:

First, calculate 2-3% of the average number of customers your business sees in a day, then multiply that number by the surcharge amount (about $3). Multiply that by the number of days you are open in a year to get a rough estimate of your yearly ATM revenue.

Alternatively, you can take the number of adult patrons your business sees every day and multiply that number by the surcharge amount to get a rough estimate of your monthly ATM revenue. To create a range, take the number of daily adult patrons and add 10% to get a higher monthly estimate and subtract 10% to get a lower monthly estimate. Then look somewhere in the middle of those two numbers for a closer estimate of monthly revenue.

If your business doesn’t see enough daily traffic, these numbers might not be worth the effort of maintaining an ATM machine. So when evaluating the need for an ATM machine, you’re really looking at the demand for the service. Do enough people visit or pass by your store to make an ATM machine worthwhile?

Proximity of Nearest ATM

Furthermore, you want to consider whether or not the market for an ATM has already been cornered. If the store next to you, down the block, or across the street already offers this service, you might have to share customers. This can impact your ATM revenue. However, you can always offer a competitive surcharge fee and coupons to draw that business away from nearby ATMs. 

Number of Employees

If you own an office building as opposed to a retail store, you might want to add an ATM machine to the premises to benefit your employees more than customers or clients. In this case, you want to make sure there are at least 200 people in the building every day and that there is a need for the service. 

If there is a coffee shop, gift shop, cafeteria, or other nearby place for employees to spend money, then an ATM might be beneficial. You might also see an increase in transactions on Fridays before employees go out for the weekend and payday. This might also be extremely convenient for them. So just make sure you properly gauge the need for an ATM machine before committing.

Special Events

Mobile ATM machines are great for use at outdoor events. If you own a bar, restaurant, food truck, or any other business where events take place like carnivals, live music, fundraisers, pop-up markets, etc., then an ATM machine could be a great benefit to patrons.

Essentially, any place where patrons have the opportunity to make donations or purchase merchandise, food, and beverages is the perfect place for an ATM machine. 

Start Reaping the Benefits of ATM!

There are many benefits of ATM machines in retail stores and other businesses. It all comes down to demand. An ATM is a great opportunity for you to make some extra cash as well as satisfy the needs of your customers and employees.

To own and operate your own ATM machine and keep every cent of the ATM profit, request an ATM start-up kit, and we’ll get you started! If you’d rather partner with an IAD and simply reap the benefits of increased traffic and sales, just send in an ATM placement request! Once you evaluate the need for an ATM machine in your store or business, contact us to get started! Click here for more information about special offers for business owners.

Pros and Cons of ATM Business

Curious about the pros and cons of ATM business before you jump right in? While there are many benefits to starting an ATM business, it does involve a certain amount of work and risk—just like any other business. However, the ATM business is one of the simplest to start and operate.

After reading the pros and cons of ATM business here, decide whether the rewards outweigh the work. What might be a deal breaker for one person might not be a deal breaker for another. So consider your options carefully and make a decision that works for you! 

Pros

Passive Income

The whole point of starting a business is to make money, right? The money you make from your ATM machine is considered passive income because the machine does most of the work for you. You essentially make money while you sleep, while you take a vacation, while you work your day job….

Speaking of day jobs, you might decide you want to quit your day job. If the money you make from operating your ATM machine supports the lifestyle you desire, then quit your 9-5 and enjoy the flexibility and freedom of running an ATM business.

Otherwise, the money you make from your ATM machine supplements your existing salary. You now have extra money to put towards the things your salary doesn’t currently cover. And the best part is, it’s a simple business model! 

Simple Business Model

The ATM business is not complicated. In only five steps you can have a machine delivered to your front door (not that you would want to run your ATM from your home…). Complete and submit your documentation, select your equipment, choose a location, set your surcharge, and once the machine is installed you can start to make money!

One of the greatest benefits an ATM business offers that other business models don’t is that you can start making money immediately. An ATM business is a service-based business rather than a sales-based business, so you don’t have to pursue clients and customers. If you strategically choose an optimal location for your machine, the customers will come to you. The quicker you make your return on investment (ROI), the quicker you start to profit. 

And most of your revenue will be profit. Your only business expenses will be receipt paper, insurance (if you have it), and whatever you set aside for maintenance. Plus, an ATM business is scalable. Once you get the hang of owning and operating one machine, purchase and place another! You could be making thousands of dollars a year with five to ten machines.

Even with ten machines, you still get to enjoy a fairly flexible schedule. An ATM business requires minimal work from you. Again, that’s why it’s called passive income! 

Longevity

As long as people use cash, there will be a need for ATMs. So you don’t need to worry about them becoming obsolete any time soon. Although society is moving in the direction of digital currency, it has yet to take over completely. 

Even still, if you decide you’d like to get into the Bitcoin ATM business, that’s an option as well. And it won’t require very much effort to make the switch. Either purchase a Bitcoin ATM or convert a traditional ATM machine if it has the capability. 

The point is, you have a lot of time to make a lot of money with ATM machines.

Cons

Work

At the end of the day, an ATM business is still, well, a business. So it is going to require some work. We said that it is simple, not that it is easy. So be prepared to invest a little bit of effort. In terms of responsibilities, though, you have very few when it comes to operating your ATM machine.

The initial work you have to do is find a location to place your ATM machine. Unless you already know some business and store owners personally who might be able to benefit from an ATM on their premises, you will have to approach local businesses and stores to try to convince them to share their space and join an ATM partnership.

You also have to think strategically about the best, most lucrative location for your ATM. You have to identify a gap in the market. Where is there a need for an ATM? Where is there a lot of foot traffic? Will you be able to offer a competitive surcharge and bring in users every day?

But once your machine is up and running, the only things left to do are refill the machine with bills and receipt paper and address any maintenance issues. If something breaks or if there is a technical error or if the machine requires routine cleaning, those are your responsibilities. Unless…

You do have the option of delegating your responsibilities. You are, after all, the business owner. So you could pay someone to vault the money for you or you can arrange to share responsibilities with the location owner. The only downfall to this arrangement is that you then have to share a larger amount of your profit. Less work equals less pay.

Financial Risk

Again, like any other business, there will be startup costs. And while there is no guarantee you will earn it back, it’s pretty difficult to lose money with an ATM. Especially since you can move your ATM anywhere you want to try to find a winning location.

Although minimal, you will have to make an initial investment. Your costs will include the ATM equipment, insurance (if you choose), and rent. If you want to place your ATM at, say, a mall, you will probably have to pay a set, monthly fee to rent the space. If you work with a small business, you can probably get away with sharing a percentage of the ATM revenue.

Background Check

Finally, to run an ATM business, you have to pass a background check. Unfortunately, you cannot legally operate an ATM if you have a felony charge or have been convicted of a financial crime. Since running an ATM machine involves money wire transactions for other people, you must pass a background check in order to prevent money laundering activities.

What Are the Pros and Cons of ATM Business?

If you are wondering if an ATM business is right for you, think about the pros and cons of ATM business. Consider how much work you are willing to put into it, how much you want to make from it, and what goals you will have for your business.

If you want to get rich, then you may want to look at different options. However, if you are looking for something flexible that requires little involvement so that you can pursue other ventures simultaneously, then the ATM biz is perfect.

Most of the cons associated with starting an ATM business you’re going to find in any business venture; they aren’t specific to an ATM business. Things like effort, networking, startup costs, etc. are standard necessities when starting a business. Use this list of pros and cons to help make your decision. When you’re ready, contact us and we will get you started with documentation!

10 Inspirational Quotes for Entrepreneurs in the ATM Business

We’ve collected 10 inspirational quotes for entrepreneurs such as yourself. You might be considering getting into the ATM business, or you might need a little motivation to take the next step with your existing ATM business.

The ATM entrepreneur is a little unconventional. You don’t have a product to push, and you don’t have to make sales calls. However, a business is a business, so you will still find yourself struggling to get started, in unknown territory, and on the brink of scaling.

Entrepreneurs before you have experienced similar uncertainty and obstacles. So we’ve taken their wisdom and applied it to the ATM business to help show you that you aren’t alone, that you can do this, and that good mentors can help.

1. “The secret of getting ahead is getting started.” -Mark Twain

Mark Twain is best known for his novels The Adventures of Tom Sawyer and The Adventures of Huckleberry Finn, but he was also an entrepreneur. The money he made from writing he invested in the Paige Compositor, an invention designed to replace the human typesetter.

Overlooking the fact that Twain’s investments caused him to go bankrupt, his writings were extremely successful, and he is still a household name today. He, like most other writers, would agree that you cannot write a book without writing the first chapter. And you cannot write the first chapter without writing the first word.

Similarly, you cannot operate an ATM business without first purchasing a machine, and you can’t place a machine without first finding a location for it. If your dream is to build passive income with an ATM business, you have to take that first step

2. “Nothing will work unless you do.” -Maya Angelou

Although not an entrepreneur as it applies to assuming the risks of a business, she did assume the risks of other enterprises. Poet and civil rights activist, Angelou knew that she could not accomplish her goals without hard work.

While the ATM business is a lot less labor intensive than many other business models, it still requires a modicum of effort on your part. The goal of an ATM business is to bring in passive income, but you still have to negotiate a location, make sure the machine is stocked, address any error codes, and fix any damage. 

However, if you can manage these simple tasks and don’t neglect the work, you can run a successful ATM business

3. “Rule number one: Never lose money. Rule number two: Never forget rule number one.” -Warren Buffett

Warren Buffett is a business magnate and investor worth around 103.8 billion dollars. He is clearly an expert at not losing money….

Now, as an ATM owner, you can take this quote quite literally. You wouldn’t want to lose the bills that enter your machine. And with security options like through-the-wall (TTW) ATM machines and video surveillance, the risk of losing those bills is greatly minimized.

And that’s really the only way to lose money in the ATM business. Once you purchase your ATM equipment, all you have to do is make your return on investment (ROI) and then you can start to profit. That’s it. You have a relatively low startup cost and you can start earning revenue as soon as your machine is up and running.

Now, the rate at which you make your ROI is dependent upon your ATM business strategy itself. There is no doubt you will make money. Every time someone uses your machine you make money. It’s your job to experiment with how much business you can get in a month and find out how you can continue to encourage more business. 

4. “Don’t just commit to the sprint. Commit to the marathon.” -Yulin Lee

Yulin Lee is a money, wealth, and financial coach dedicated to helping women regain control of their finances. Her personal success has been a marathon: a product of endurance and concentrated effort.

Chinese immigrants, her family worked hard to get by in the United States. Lee supported herself through college by working part-time jobs. She made some financial mistakes, learned some lessons, and after 12 years of her career in hi-tech, she pivoted from “income earner to wealth builder.”

If you are anything like Lee, you will not be satisfied with just one ATM machine. No. You will aim to place 10 or more machines throughout your city in order to make thousands of dollars a month in passive income.

A sprint is great if you need to make money right now. But if you want to eventually make even more money and let your ATM gig become your day job, then you will want to focus on scaling your business and adding more machines. 

5. “I am always doing what I cannot do yet, in order to learn how to do it.” -Vincent van Gogh

Van Gogh is considered the greatest painter after Rembrandt. But van Gogh was not born with a paintbrush in his hand. He didn’t even begin painting until 1880 at the age of 27 and continued for the last ten years of his life.

Van Gogh visited museums and met with other painters. He learned from the styles of French painters, Japanese prints, and Impressionists all before finally developing his own, personal style.

We can all learn from this lesson of van Gogh. We cannot learn until we try. No one wakes up knowing how to run an ATM business. It takes research, strategy, and a mistake or two along the way.

Just because you don’t know, for example, how to configure your machine doesn’t mean you shouldn’t purchase one. The technical side of owning an ATM machine is an aspect you will learn on the job as the need arises. The more you do it, the better you will get, and the easier your business will become. Before you know it, you will be an ATM expert because you’ve been there, done that.

6. “Find a great mentor, someone who has already been through the many challenges of being an entrepreneur.” -Jodi Levine

Jodi Levine is a professional crafter. She is famous for making elaborate crafts out of household and supermarket items. After graduating from RISD, she went on to work for Martha Stewart Living in the Craft Department. Talk about a great mentor! 

If you want to know everything there is to know about the ATM business, you need to find a mentor in the industry. ATMDepot.com is a good place to start. 

CEO Noah Weider has been in the ATM industry since 1994. His mission is to help people understand how the ATM business works and become independent ATM deployers (IADs). Contact ATM Depot to speak with industry professionals with over two decades in the ATM business.

7. “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.” -Henry Ford

Henry Ford—American industrialist, business magnate, founder of the Ford Motor Company, and chief developer of the assembly line technique of mass production—died with a net worth equal to $200 billion (adjusted for inflation). 

So you can see where the inspiration for this quote came from…. Ford became one of the richest people in the world.

Henry Ford was so successful because he was devoted to service. Not only did he revolutionize transportation with his Ford Model T, he also was the first to manufacture an automobile that middle-class Americans could afford.

Now, you won’t become a billionaire through your ATM business alone. But you can maximize your profits by devoting yourself to service. You want to offer your customers the convenience of cash withdrawal at any time. Therefore, you want to make all of your decisions with the customer in mind.

What locations are the most in need of your ATM machine? What denominations will your customers expect to be able to withdraw? Can you offer your customers 24-hour access? Will you offer security features that make your customers feel safe using your machine at any time of day?

These are the questions you need to ask yourself when structuring your ATM business. If you have a service mindset, the profits will come. 

8. “There’s no shortage of remarkable ideas. What’s missing is the will to execute them.” -Seth Godin

Seth Godin is a successful entrepreneur, author, and public speaker. He started the idea of Permission Marketing and ended up selling the company to Yahoo! in 1998. He got into Stanford Business School because of a nonprofit company he co-founded.

They started a snack bar, a ticket bureau, a travel agency, a concert promotion business, a birthday cake delivery business, a bagel business… and he and his 400 college student employees ran them all. Now, Godin writes a popular blog, and his company, Squidoo.com, is ranked among the top 75 sites in the US.

Godin’s surplus of “remarkable ideas” might have something to do with his ADD. But the idea is always the easiest part of business, isn’t it? The hard part is the execution.

So if you have the idea to start an ATM business or scale your existing one, you aren’t alone. The difference between you and those who are already operating an ATM or 10 is that they executed their idea. 

If you’d like to start an ATM business, ATM Depot can help. Check out our article “How to Start an ATM Business in 5 Steps.”

9. “A simple rule of business is if you do the things that are easier first, then you can actually make a lot of progress.” -Mark Zuckerberg

Mark Zuckerberg, media magnate and internet entrepreneur is known for co-founding Facebook, Inc. Before dropping out of Harvard to focus exclusively on developing the famous social networking site, Zuckerberg developed a number of other programs such as CourseMatch, Facemash, and Harvard Connection.

While adept at computer software and programming (Zuckerberg created a message program “Zucknet” at the age of 12), the things that come easy to Zuckerberg do not come easy to many people. Fortunately for you, an ATM business is very simple to operate.

The success of Zuckerberg’s early projects led him to the idea for Facebook. Although you won’t become a billionaire from owning and operating ATM machines, you can make a lot of progress with them. 

You don’t have to have a background in banking, electronics, or even business to start an ATM business. So the ATM industry might be daunting to you. But like Zuckerberg says, if you start with the easy parts, the rest will follow. It’s about building momentum and taking things one step at a time. 

10. “If people are doubting how far you can go, go so far that you can’t hear them anymore.” -Michele Ruiz

Michele Ruiz is a three-time serial entrepreneur. She co-founded BiasSync which helps organizations manage unconscious bias in the workforce; founded Ruiz Strategies, a consulting firm focused on helping organizations enhance diversity and inclusion goals; and has an online mentoring program, Possibility Architect, that helps female entrepreneurs scale their businesses.

Ruiz’s inspiration comes from her own experiences. She did not become a successful entrepreneur, keynote speaker, Emmy Award-winning TV news anchor, and best-selling author by letting people tell her that she couldn’t do those things.

If there are people in your life telling you that you can’t start an ATM business, that you don’t know enough, that you can’t make enough, etc., you won’t be worrying about them when you quit your day job or make enough in passive income to get that new car or take that vacation you’ve always dreamed of.

The Benefit of Inspirational Quotes for Entrepreneurs

We all need a little inspiration and motivation from time to time. Whether it’s for starting a business, scaling a business, or just getting out of bed in the morning, we sometimes need to be reminded of those who have been in our shoes and achieved their goals despite adversity. You can apply these inspirational quotes for entrepreneurs to your ATM business no matter which stage you’re at. The first step is to start. The second step is to keep going. And the third step is to ask for help. Remember, you’ve got a partner in ATMDepot.com.

5 Common ATM Error Codes and How to Fix Them

ATM error codes can help you keep your ATM working properly. No one likes to see an “Out of Order” sign. Customers expect ATMs to be available and functioning when they need cash. And that’s your service—convenient access to their accounts.

So it hurts your business as well when your ATM isn’t functioning. You lose out on transactions, so it’s important to get your machine back up and running as quickly as possible.

It isn’t very common for new ATM machines to malfunction, but anything can happen at any time. So no matter the age of your machine, it’s a good idea to conduct regular servicing and maintenance to keep your machine running for as long as possible with as little downtime as possible.

There are 5 common ATM error codes that you are bound to see throughout the course of your ATM ownership. But they are easy fixes that you can handle yourself. It’s also fairly simple to conduct other troubleshooting if you follow the right steps. Follow this guide as well as the appropriate owner manuals to help.

How to Troubleshoot Your ATM

There are a few simple steps you can take to troubleshoot your ATM if you encounter issues. The first step is to assess the situation. This involves you recognizing that your ATM machine isn’t functioning properly. The first thing you should look for are error codes.

The second step is to identify the problem. You might obviously know what part or function of your ATM machine isn’t working. If not, an error code can help. An error code may or may not identify the problem specifically. If it doesn’t, it should at least guide you in the right direction.

Next, you need to resolve the issue. Consult outside resources such as your ATM manual or an ATM technician to determine the severity of the issue. There are two categories of ATM troubleshooting: first line maintenance (FLM) and second line maintenance (SLM). 

FLM can be performed by the ATM owner or cash loader. Most ATM troubleshooting can be done by the ATM owner by following simple directions associated with the error codes and referencing instructions or using the proper ATM owner manuals. 

Simple issues like paper jams, cash jams, and empty receipt paper you can fix yourself. SLM will need to be performed by a qualified technician. 

Hopefully your problem requires only FLM. Fixing the problem yourself is quicker and cheaper than calling a technician.

But, if the machine needs to be opened up for servicing, you might need SLM. It’s best to call an expert when tools and specialized knowledge are required.

Finally, make sure you document everything. Take note of what went wrong, what action you took, and what the result was. You might need this information later for warranties, equipment audits, or to advise employees when future troubleshooting is necessary.  

5 Common ATM Error Codes and How to Fix Them

The purpose of ATM error codes is to diagnose a problem with your machine. They should guide you to the proper repair strategy. There are dozens of ATM error codes you could come across during your time as an ATM business owner, and they vary by machine.

However, we’ve identified the 5 most common ATM error codes and explained how you can quickly fix them:

1. 40047 – Dispenser Error

This means that there is a cassette misfeed and the dispenser isn’t working properly. To fix the problem, check for bill jam. If no bills are jammed, clean the dispenser sensors. If the problem persists, you may need to exchange the cassette box.

2. 20013 – No Receipt Paper

If you receive this error, one of two things could have happened. One, the receipt paper is empty. Or two, there is a printer jam or some obstruction. If you are still having trouble, try the paper reset switch. The printer may require service if it still isn’t working and your troubleshooting has been unsuccessful.

3. D1500 – Connection Error

This means there’s a modem disconnection or timeout. If the host doesn’t respond in 60 seconds it can result in this error. To fix it, verify the host phone number and modem speed. If they’re consistent, your modem could be defective and you’ll need to contact the telephone company.

There’s also a chance that the modem cannot support the connection or there is excessive line noise (D170x). This happens when the phone line connected to the ATM will not support data-communication. You might be able to fix this with an in-line filter.

Another cause could be excessive EMI transmissions from an outside source such as a neon sign or freezer. Or, it could be a programming issue. Check all programming, especially the Dual Master Key setting and Host Processor Mode.

4. F000F – Incorrect/Empty TID

If the terminal ID (TID) is not set, you will need to do so. This error code is triggered when the TID is not set or is set incorrectly. You can check this in the Host Setup.

5. 20002 – Low Cash or No Cash

You will get this error when the low cash warning sensor on the dispenser is open. If “Low Cash Warning” is enabled in the Transaction Setup menu, this sensor will open when the cassette reaches (+/-) 75 bills. If your machine is typically stocked with a low amount of bills, you might want to disable this function. And of course, to fix this error, feed the ATM!

ATM Troubleshooting Resources

When you work with ATMDepot, you’ll never be at a loss for resources or assistance. Here is a list of resources you can draw on if you need help addressing an issue with your ATM machine:

Error Code Lists

You might encounter an error code that’s specific to the manufacturer of your machine. You can search the list of Triton ATM error codes here and Tranax (Hantle) ATM error codes here. The list of Genmega’s error codes can be found in Appendix A of the Operator Menu Guide.

ATM Owner Manuals

Your ATM machine should come with an owner manual, but it’s possible that it’s been misplaced since you received it. If you ever need to quickly reference the owner manual for your ATM machine, we’ve got them all listed here.

Warranties

Each new ATM terminal offered on ATMDepot.com comes with at least a 12-month warranty. Some machines come with a 24-month parts warranty. And others include labor in the warranty. Refurbished ATM machines include a certified 1-year parts and labor warranty. 

So you’ll want to check for this if you encounter issues within these timeframes. You could save yourself a lot of money if your machine is under warranty. Details for each machine can be found here.

Tech Support

For quick service questions, you can call our toll-free support number 888-959-2269 or complete a form online to contact us with a service request or other inquiry. Also, by entering your terminal identification number (TID), you can access our technical support number that can assist you 24/7/365.

ATM Error Codes and Troubleshooting

The most common ATM error codes are going to be simple fixes you can take care of yourself. On the rare occasion that you’ll have to consult outside resources, you should know that they are available and easy to access. The most important thing is identifying the problem immediately and resolving the issue quickly. Because you don’t want your customers to face an “Out of Order” sign on your machine!

The Importance and Benefits of Cold Calling in 2021

In the age of the Internet, you might think cold calling is dead or at least old fashioned. Well we can assure you that there are many benefits of cold calling even in 2021. This assurance comes from the fact that the Internet actually has made business so much more competitive than it was when cold calling first began.

If you have a problem, you more than likely go to Google for the solution. If someone has a solution for you that isn’t on the first page of search results, you might never know about it unless he or she contacts you. Therefore, you want to use every route you can to make sure your prospects know you exist and can help solve their problems. 

The saying, “If you build it, they will come,” does not apply to your business. Are your prospects aware of the benefits of adding an ATM machine to their businesses? Do they know that they don’t have to purchase the machine themselves, they can simply provide the space? Probably not. And that’s where you come in. Your business requires you to educate your audience.

How Cold Calling has Evolved

Cold calling is still alive, but strategies have evolved with customer buying habits. Although you aren’t selling anything, the same concept applies: you need to engage with your prospects.

Don’t confuse cold calling with sleazy telemarketing. We would never recommend that. Don’t use a tactic that wouldn’t work on yourself. Cold calling is, on the other hand, a helpful tool for lead generation. Especially if you’re just starting out in the ATM business.

Customers have heard umpteen sales pitches, seen thousands of ads, and deleted a mass of emails without even opening them. They’re tired of being sold to. What they want is to be heard, understood, and helped.

By the end of this article, you’ll not only be able to see the value and effectiveness of cold calling but also how you can use it successfully to jump start your own business. 

What is Cold Calling?

Cold calling carries quite a stigma. Most definitions you’ll find suggest a negative connotation. Yes, cold calling means making an unsolicited call to someone you’ve never had contact with before in order to convince him or her to purchase a product or service.

And yes, we recommend that you use this strategy to close ATM placement deals with business owners. But let’s take a second to consider what we don’t mean by cold calling. Cold calling is NOT

  • about harassing people until they purchase something
  • a dead pitch to a stranger
  • a sales call from a random person
  • grabbing a phone book and randomly dialing numbers

While these are methods of cold calling, they aren’t successful. But there are other methods.

The cold calling that is successful is about identifying the people you most want to work with and building relationships with them. So it’s not random at all. You carefully prospect your callees and eventually pitch your services. But not right away….

The Goals of Cold Calling

First, you need to make a connection. Your goal isn’t to land the deal on the first call. It’s to try to earn a little more time to connect. Think of the first cold call as a verbal landing page—you want to build awareness of your brand and get your prospect to engage with you. It’s just one touchpoint on the path to building a relationship with your prospect.

All you need at first is a micro-commitment. And then you’ll slowly build on that as you gain your prospects’ trust. The commitment we’re talking about is getting them to engage and share with you. A micro-commitment could be as short as a 5-minute phone call or as simple as a look at an informational email or resource from you.

You want them to talk about the issues they are experiencing in their business. You want them to open your email later that day or week to get you a second point of contact.

While the end goal of cold calling is to solve your prospect’s problems by placing your ATM machine, the initial goal is to pique your prospect’s interest enough that they take your offer seriously when the time comes.

Successful cold calling is, unfortunately, time consuming. The more prospects you call the better your chances are of sealing some deals. 

Say you call 100 people tomorrow. Maybe only 20 people actually answer your call. Of those 20 people you talk to, only 1 or 2 are interested in corresponding further. But don’t let that discourage you! If nothing else, you at least open yourself up to more leads.

Benefits of Cold Calling

We’ve briefly discussed one of the major benefits of cold calling: opening yourself up to leads. But the best part is that you get to choose those leads. You don’t have to wait for someone to answer your ad who may or may not be the person you’d like to work with. 

So, you don’t have to waste your time talking to people who aren’t a good fit for you. You choose the people you’d like to work with and pursue them as leads.

A second benefit is that cold calling requires minimal effort for a big result. Even if you can only spend 2 hours a day reaching out to prospects, the more people you talk to, the more deals you have the opportunity to close. 

Another benefit is that it can easily be outsourced. If you’d rather not speak to prospects over the phone or if you just don’t have the time, you can pass it off to an employee or hire a virtual assistant. Once you have landed a client or two you’ll be able to use part of the revenue to hire out your cold calling.

Finally, cold calling works, even in 2021. Cold calling will exist for as long as people use phones to communicate. It allows you to approach the market directly without having to rely solely on referrals. It gives you control over your lead generation by meeting the market rather than waiting for it to come to you.

How to Cold Call

Cold calling does not work if you don’t do your research. You want to build a relationship with your prospects, so you’re going to have to find ways to connect with them. That means you need to know who they are, what they do, how they do it, etc. Most importantly, you need to know what their pain points, or problems, are.

You won’t be successful if you join the call with a selling mindset. You need to maintain a helping mindset. Remember that your goal isn’t to sell your service, it’s to solve a problem. In order to provide value to your prospects, you have to understand them before you can pitch your solution.

When you call, here’s what you need to know:

  • Your industry
  • Your prospects’ pain points
  • How you can solve your prospects’ pain points

Here’s what you need to do:

  • State your prospects’ pain points
  • Propose a valuable solution
  • Counter objections
  • Close the deal

As you can see, your call cannot only present your offer or even be centered on it. Otherwise, your prospects will view your calls as salesy and sleazy and they will probably hang up before you even finish. Instead, your call needs to provide immediate value to demonstrate that you can make their lives easier.

“Share something valuable before you ask for something valuable in return,” says founder of Inflexion-Point Consulting, Bob Apollo. That’s how to make cold calling work.

How to Overcome the Fear of Cold Calling

Now, you might still be experiencing some hesitancy to pick up the phone and strike up a conversation with a stranger who you want to agree to work with you, another stranger. And you might still even be concerned about the ethics of cold calling. Hopefully we can squelch some of those fears.

First of all, if industry peers are successfully cold calling, then you should be too. How do you know if they are? Ask them! Talk to people who are successfully cold calling to help boost your confidence and avoid losing out on business to your competitors.

Second, just because you are approaching your prospects instead of the other way around doesn’t mean they aren’t interested in what you have to offer. You shouldn’t base your prospects’ interest in your offer on how much they know about you and your service. You should instead base it on what problems they have that you can solve.

And that leads us to our third point: cold calling does not have to be sleazy telemarketing. The difference between the two is that at the end of your call, your prospects will feel like they have learned something useful, that their time was well-spent, and that they will benefit from continuing the conversation.

The Importance and Benefits of Cold Calling: Jump Start Your Business in 5 Steps

We see so much value in cold calling as a strategy to close ATM placement deals with business owners that we’ve created a 5-step process for you to follow. From researching your prospects to making the call, we explain each step in detail and provide tips and advice along the way.

We’ve even put together scripts you can swipe to use on your calls. So don’t worry if you aren’t sure what to say or if phone calls make you nervous. With our help, you can prepare a script ahead of time and manage the nervousness that sometimes accompanies cold calling.

Our scripts also strategically help you transition to further correspondence and eventually seal the deal. We want you to be successful and have developed a valuable resource to help you jump start your ATM business. You can find ATMDepot’s “ATM Cold Calling PDF Guide: How to Close Deals with Cold Cals in 5 Steps” in the Member’s Area of ATMDepot.com. This guide not only tells you what to do, it tells you how to do it. In 2021, cold calling is as important as ever. So don’t wait to get started and place your next ATM!