Open Forum

Which ATM?

  • 1.  Which ATM?

    Posted 10 days ago
    When I started my rehab, I had a through-the-wall ATM picked out, I think it was the Genmega 3000 or maybe the 3500.

    I don't actually have the wall space after all as I had planned, so now I'm thinking a free-standing ATM.  Plus, the cost is probably going to be about 1/2.

    What ATMs have you folks purchased and like?  Price range?  How many $20s do I need to keep stocked?  I'm behind the game because my architectural rendering had this very nice ATM pictured and it's hard to go back on my plans, but I think it's time to bite the bullet.

    I also would love some advice on the banking relationship.  I have a credit card banking relationship, but I think that is totally different.  Online research shows a mess of choices and experiences.  I have strong credit and great banking references, does that matter?  How does one avoid the bandits?

    I'm going to charge a low amount; maybe $1.50 or even $1.00.  I take a stack of $20s to the bank twice a week and banks are starting to charge me for "cash handling in excess", which means I have $40 or $80 to move over to whatever ATM fees I have to pay monthly.

    I don't like a front loader, but I imagine I can just take the cassette out and into the office to deal with it.


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    Luigi
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  • 2.  RE: Which ATM?

    Posted 10 days ago
    This is the one I am now thinking about.

    Bolt to the floor, run an ethernet cable and done. Do I want one cassette ($20s) or two ($10s) or three?  ($20, $10, $5)?

    I "make"  $20s in the store, I have to buy $5s and $10s from the bank.

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    Luigi
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  • 3.  RE: Which ATM?

    Posted 10 days ago
    OK, Several thoughts.

    The choice of ATM is simply, whatever works best for you.  The newer models have nice color displays.   Everything should be chip compliant and also ADA compliant.    My current models are Hyosung Halo II and they are very nice.

    Do not undercharge for use of your ATM.  Like anything, this is an investment and needs to make a decent return.  You will find that people expect a fee in the range of whatever is normal in your community.   I charge $3 and have never had a complaint.  The same goes for your washers, dryers, and other services.

    I use different balances at different stores, depending on demand.   Start with 1 or 2 thousand and see how long it lasts.  If it empties in 2 days, go up.  If it sits there a month, go down.   I try to keep no more than about 10 days demand in the ATM, and that may be too much.

    As for accounting, as cash comes into the store and is put into the ATM, the cash is considered income and then a deduction is entered as a credit to the ATM asset account.   When the ATM credit is received from the bank, it deducts from the ATM asset account.  For example, here is a sample entry for a deposit.

    Cash Sales  $2000
    ATM                 -500

    Deposit      $1500.


    When the ATM entry comes in, it has its own entry, which may be one or two entries depending on how your bank processes it.

    ATM  500
    ATM fees $15




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    Charlie Smith
    Charlottesville, VA
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  • 4.  RE: Which ATM?

    Posted 10 days ago
    Oh, and definitely make sure you have an internet connected ATM, rather than dial-up, assuming you have internet in the store.  Much, much, faster response.

    Charlie

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    Charlie Smith
    Charlottesville, VA
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  • 5.  RE: Which ATM?

    Posted 9 days ago
    Luigi, like Charlie I have the  Nautilus Hyosung HALO II.  The reason is I wanted a bigger 10 inch screen and on this model it came standard.  Other manufactures had a 8" screen and had an upcharge to get the larger screen.  I have two of them.  One dispenses $20 bills and the other is a dual currency and spits out $10's and $5's.  I started charging $1.99 initially and have never changed it.  Mostly because I don't like carrying large amounts of cash to the bank so one of the purposes of buying the ATMs is to to convert paper money into electronic money and make a fee.  I have 4 major banks within 4 blocks of my location charging $3 to $3.50 in fees and a CU across the street charging $2.50.  So do your research on the ATM fees being charged by financial institutions close by before deciding what to charge.  I may increase my fee at some point but my customers sure like the $1.99 I charge and are vocal about it. One final thought...the weeks between Thanksgiving and Christmas double what you normally load in your ATMs as cash will fly out of them.


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    Michael Nemetz
    Store Owner/ Employee
    Michael N
    San Francisco
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  • 6.  RE: Which ATM?

    Posted 9 days ago
    Edited by Duane King 9 days ago
    The GenMega 2500 is a good strong dependable machine, we have 17 of them.

    I have a couple of Hyosung 4000w that hang on the wall.  I actually recessed them into the wall for better security.  These have worked well and don't take up floor space and you can't put a chain around them.  GenMega also has a wall mount (the Onyx wall).  I don't have any of them so I can't say how their dependability is.

    Also, make sure you set up a separate checking account since you will be getting 2 deposits a day. This way you don't need to reconcile it each month. Then just transfer money from your ATM account to your business checking to pay bills.

    Our good ATMs will go through 4-5k a week. Others will do 2-3k a month.   Once you get up and running you will quickly find out how much you will need to keep it stocked.  Always go through your bills and fixed folded corners, no staples, tape or tears and make sure you alternate (unface) the bills.

    A good processor will not charge you anything! If you are getting charged statement fees, processing fees or anything, change processors.

    And it isn't as easy as bolting to the floor, running a CAT5 cable and done.  You will need to have the machine programmed and the master keys installed.  Depending on your area that is $300-$500 to have done. Make sure you are handed all passwords (attendant, service, master and two passwords for the master keys).

    Duane.

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    Duane King
    Store Owner/ Employee
    LMARIES Laundromat
    Bowling Green OH
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  • 7.  RE: Which ATM?

    Posted 9 days ago
    If you don't buy a multi bill dispenser I would recommend dispensing in $10's. Customer may not want $20 in quarters. I recommend checking prices charged in your area and be at the higher price. Your not looking to attract customers into the store just to use ATM. The laundromat customer is a captured audience. They will pay what ever you charge. Don't expect to make a fortune from machine. It will take many years to recoup your investment. We use a vendor. He puts his machine and he fills it and maintains it. He charges 2.75 and we get $1 per transaction. You don't have do do any bookkeeping or repairs. No investment.

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    Denise Rubenstein
    Store Owner/ Employee
    Laundermagic of Patchogue
    Bayport NY
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  • 8.  RE: Which ATM?

    Posted 9 days ago
    I used 10s in my stores for years, but 10 bills are usually in poor shape and it can lead to jams.  Plus it got harder and harder to get enough 10s to keep my machines full.  Changed to 20s and all is good.

    And why would you not want people to come into your store to use your atm? You make more money off of them than someone who does 1 wash load.

    If I would need to replace my atm for any reason, I could recoup my investment around 4 months as I make an average of $600 per month on service charges.  Plus that doesn't even take into consideration the extra money spent in my store from the money being dispensed from the atm.  Buy.....  Always buy and buy new.

    With over 20 atms we have had little to no maintenance (occasional jam) and there is no book keeping.  Money is taken out and then deposited the next business day.

    Duane.

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    Duane King
    Store Owner/ Employee
    LMARIES Laundromat
    Bowling Green OH
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  • 9.  RE: Which ATM?

    Posted 9 days ago
    I notice that Michael Nemetz said he is successfully using a dual canister dual currency ATM giving out $5 & 10s.  My thoughts are a slight variation of that for especially the percentage of us who have all our end user equipment accepting dollar coins:   Seek out & let the very competitive ATM manufacturing industry know that it would be worthwhile for us owners to have the option of a higher denomination coin hopper.  That way for just the expense of the duality ... it would almost be like another BILL CHANGER.  It seems like our Canadian Operators with the higher prices they need to charge ... could or would consider giving an option for Toonies both on dispense & on accepting!

    Based on our specific experience there is less maintenance requirements with a tried & true hoper than a bill canister.  I am pretty sure that our Hyosung Nautilus has the same canister as the other ATM users ... & there is no question that all brand new bills stick together problematically & too worn of bills can also be a problem.  Just because a MEI (Mars) bill acceptor takes a bill does not mean that bill will be good enough for bill canisters.

    I honestly think that our $5 dispensing ATM does get more use because we never did take the plunge into the non-chip card reader territory.  When our ATM required a new chip card receptacle with a deadline ... we made darn sure that we updated.  Much easier & less costly than the logistic of almost 60 readers to update!  Our customers prefer the $5s but occasionally we swap them $20s from one of our two Standard Changemakers which automatically pre-organize our 10s & 20s together in a specific stacker bin.


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    Michael Walsh www.kingkoin.com
    Store Owner/ Employee
    King Koin Laundry, Car n Dog Wash
    Bismarck ND
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  • 10.  RE: Which ATM?

    Posted 9 days ago
    Michael,

    I have a bill changer to take $10 and $20s to $5 bills.  I would NEVER tie a coin dispenser to an ATM.  Currently if you have a customer that only received $4.75 from a $5 bill you can just hand them a quarter and be good.  If an ATM did the same thing you can not just give the customer the quarter.  An ATM will do a reversal and even though you gave the customer the extra quarter they could still contact their bank and chances are you will get a charge back for the quarter.  Now I am just using a quarter as an example.  But what if they didn't get their $10 in change. And if you were in the store and new there was a problem and handed them their $10, you can still get a charge back.  When it comes to ATMs the banks always sides on the customers when problems.

    And the lower the denomination you dispense the faster you will wear out your dispenser.  By dispensing $5 bills your ATM will wear out 4 times faster than dispensing $20 bills.

    ATM
    Bill to bill changer
    Changer / Card system

    I don't like combining two machines into one.  As one wears out and technology changes then the other 1/2 of your machine could be fine, but may need to be replaced since the other 1/2 needs replaced.

    Duane.

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    Duane King
    Store Owner/ Employee
    LMARIES Laundromat
    Bowling Green OH
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  • 11.  RE: Which ATM?

    Posted 8 days ago
    I would recommend the Nautilus Halo machines, easy to set up and pretty easy to trouble shoot if and when there are problems. I am sure others are solid as well. You can find these for sale new and used, and in fact you may want to consider a used ATM. They are usually very reliable and have a usable life of about 10 years. The thing to watch for is the processing fees. If you buy one new, be sure you are not locked into a specific processor who is then going to charge you more and make up for the cost of the ATM.  I have a connection to purchase without being tied to a specific processor if you're interested. Like others have said- you want to be sure get into a great processing relationship. It can be more important than any other factor in your long term success.

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    ANNA DAVIES
    Store Owner/ Employee
    AMD WASHTIME
    Palm Desert CA
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