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| ATM Programs - ATM FAQs |
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ATM Faq's
HOW DOES THE ATM TRANSACTION WORK?
Simply speaking the ATM user swipes their card in the ATM and requests
a withdrawal, for this example $100 is requested and the machine's
surcharge is set at $2. The ATM dials into the appropriate banking
network via a secure phone or wireless modem, the network accesses your
banking network, verifies the pin, and other account information
including available balances. If the requested amount is available the
network processes the transaction sending a signal back to the ATM
approving the withdrawal. The ATM then dispenses the $100. Later that
evening the processing network automatically wires the $100 plus the $2
surcharge amount directly into the ATM owners account.
WHEN DO I GET MY SURCHARGE OR COMMISSION MONEY?
If you bought the machine outright from Convenience ATMs, Inc your
surcharge income gets deposited into your account the next banking day
after the transaction. If you are a location owner who "placed" an ATM
owned by Convenience ATMs, Inc in your store/location you will receive
your commission checks at agreed upon intervals.
HOW MUCH IS THE SURCHARGE?
The ATM owner sets the amount of the surcharge. Average surcharge nationwide is $2.25
DO I HAVE TO AFFILIATE MY ATM WITH A LOCAL BANK?
No, most stand alone ATMs are not affiliated with local banks
WHERE DO I GET THE MONEY TO FILL THE ATM?
If you are the owner of the ATM you will be filling the machine with your own money.
WHO FILLS THE MACHINE WITH MONEY?
If you own the machine you can elect to fill the machine yourself, be
sure to get used bills when you do as new bills tend to have a great
deal of residual inks which cause the bills to stick together and
possibly jam in your machine. Used bills for ATMs usage are commonly
called "ATM cash" by bank tellers, be sure to ask for that when
ordering your money. There are also "vault cash" service providers such
as Brinks and Wells Fargo who can be hired to fill your machines at a
nominal cost.
IF I AM NOT THE OWNER OF THE ATM WILL I BE RESPONSIBLE FOR FILLING THE ATM WITH CASH?
In most cases no, the owner of the ATM will fill the machine. However
you as the business owner may elect to fill the machines yourself for a
greater percentage of the surcharge income.
ARE ATMS INSURED?
Not always, the owner of the ATM may elect to insure the machine and
the cash in it. Most underwriters for ATMs require a minimum amount of
insurance coverage to make it worth their while and wont cover a single
machine, expect that the minimum amount will be at least $1500 for an
annual premium and maximum amount of insurance covered on the cash will
be roughly $15000 per any one machine, deductibles wont go lower than
$1000 and are usually $1500 to start.
WHAT HAPPENS WHEN THE MACHINE GIVES OUT THE WRONG AMOUNT OF MONEY?
In nearly 99.99% of all transactions the correct number of bills is
dispensed. On rare occasions the machine may "jam" on a crumpled bill
or run out of cash and not dispense the requested amount. In these
cases the machine will automatically process a "reversal" immediately
following the error crediting the users account for the amount NOT
dispensed. The user can verify this with their bank immediately
following the transaction.
WHAT IF THE ATM GIVES OUT THE WRONG AMOUNT AND DOES NOT PROCESS A REVERSAL?
In these cases which are extremely rare the ATM user should call their
bank to verify completion of the transaction and amounts processed. If
the incorrect amount was dispensed and the error is verified by the
customer's bank a "regulation E" claim should be filed with the issuer
of the card used. The issuing bank will process the claim and issue a
refund as necessary.
HOW MUCH MONEY CAN AN ATM HOLD?
This all depends on the type of machine. Higher volume machines such as
those in kiosks hold much more money than your stand alone models and
therefore do not need to be replenished as often. Many ATM owners opt
to keep a smaller amount of money in their machines either to limit
their risk in case of theft or because they do not have the available
money to stock the machine with more. Many locations can get by with
only a few thousand dollars which, depending on the traffic, could last
a few days or even weeks.
HOW OFTEN ARE ATMS STOLEN?
Although ATM theft often makes the news they actually happen extremely
rarely. Statistics from NATIONAL FEDERAL ATM SURVEYS and the ATM
insurance agency indicate a theft rate of 20 - 25 machines per year.
With over 1.2 million machines in operation nationwide, the odds of
getting your machine stolen are similar to winning the lottery.
WHAT CAN BE DONE TO PREVENT THEFT OF MY ATM?
There are any number of steps that can be taken, a list of some steps follows:
- install the machine away from entryways, doorways, or any place where
an automobile can get at your machine either via direct ramming or
chain.
- ensure base of the machine is bolted to a solid preferably concrete floor.
- weigh down the machine with cement bags, bricks, metal plates,
anything to make it very difficult to lift in the event it is uprooted.
- install real or even "fake" security cameras.
- purchase a vibration alarm/alert system
- purchase an electrical disconnect alert system.
- remove cash cassette at close of business
- install GPS theft tracking device (similar to automobile LoJack device)
WHAT HAPPENS IF THE ATM I PURCHASED STOPS WORKING AND IS STILL UNDER WARRANTY?
While it is fairly rare to have problems with new machines, problems
nevertheless do occur. To remedy the problem first attempt to call us
and explain the problem you are having, we may be able to correct the
problem by talking you thru a resetting process. If the problem
requires more than a simple fix a technician will be dispatched to
correct the issue. All parts are covered for 1 year, technicians
service fees may not be covered under the warranty.
ARE THERE ANY MONTHLY CHARGES OR HIDDEN MONTHLY FEES FOR MY NEW ATM?
After you have purchased your ATM there are no monthly fees (other than
your phone line connection or wireless subscription if you have
purchased a wireless router to connect your ATM to the banking network).
WHAT ARE SCRIP MACHINES OR CASHLESS ATMS?
Scrip machines or cashless ATMs work very similarly to ATMs except they
do not dispense cash, the user of one of these machines will get a
receipt or voucher which they then take to the counter or register
associated with the machine and they will give you the cash amount
indicated on the receipt directly from the merchants cash register.
These machines usually do not accept credit cards and many networks do
not accept them. In addition the fees involved in ownership greatly
reduce the owner's profit margins.
ARE THERE ANY CONTRACTS REQUIRED WHEN I PURCHASE AN ATM?
Yes, a processing contract is required before any machines will be
shipped. This type of contract is required to link your ATM to the
banking network. As long as your ATM is in operation it is required to
be in effect. (For large volume purchases of 5 machines or more on a
single purchase it may be waived).
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