krbsailing said:How much does an ATM machine cost? How many dollars do you have available in the machine? What is the normal/average withdrawl?
If you can make $350 to $500 then it sounds like your doing pretty good!
I really was not ranting....merely stating a different point of view
Everyone has a right to have their own opinion. I was not trying to give you a hard time, only trying to explain why some businesses choose to have ATMs and how it is possible to make money with one.
ATMs are kind of like pool cues, you can spend as much as you want to. But I would say to usually figure on $3500 with shipping, installation, and training for a good quality, dependable machine. This is at or just below cost for us depending on where the location is located. We sometimes can offer additional discounts for locations with a proven track record of transaction totals.
Average withdrawal is $48.00. It will vary depending on the type of location but that is the ATM industry average. Of that, an industry average of $15 is spent at the location. Bar and nightclub average is a lot higher, usually around $35.00 of the $48.00 is spent back at the location. (300 transactions x $35.00 = $10,500, 2% of that (credit card fees) is $210 per month that you would have spent in credit card fees)
The amount of money kept in the machine is totally up to the owner. It all comes down to how often you want to fill it. Everyday, once per week, once per month or you can even just wait for it to run out before filling it. There is no set amount that needs to be filled each time so it is really up to the owner. The money that is withdrawn from the ATM is deposited back into the owners account in 1 - 2 1/2 days so the same money can be used in the ATM multiple times in the same month. After about three to four months the owner will have a good idea of how much they need to fill the machine with and then just adjust the fills for events like holidays or tournaments.
Hope this answers your questions.
Nathan