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).