Understanding What Is The Right ATM Processing Agreement For Your Business


Just Prior to making the decision of buying an ATM machine, it is important that you do some research. After purchasing an ATM, you will still require a company to have the transactions processed, in a manner quite similar to processing credit card transactions. Given in this blog, are some tips that will help you in selecting the right ATM supplying and processing company. In achieving this you will get the best service for the processing requirements and also the right ATM machine for your retail or business place.

ATM machines are not just good for your business, they are also quite affordable. The concept was first introduced to the retail segment back in the 90s. With all these years down the line technology has made much advancement ATM companies and manufacturers have come up machines that are quite developed. Even a lot of the older machines are still in use.

Before you select an old machine it is important that you are completely aware of it – the manufacturer, till when it was working and the company that would take care of its maintenance and other servicing. Beware of the ATM machines that are available for a lesser than market price. Purchasing an ATM machine from a non-reliable source such as a private party or an individual is definitely going to turn out as a big mistake. Always buy a brand new one from a company that you have heard of and know of the model, compliant status of that and all the conditions. New ATMs are not too pricey and some of the companies will also provide you with free maintenance that essentially includes repair work.

Once you have made a purchase you will still need processing. This, as said before will be availed to you by a good company. Such companies generally specialize in processing of ATMs. It can be that you already own an ATM machine and require processing. If so, you can look for these companies. Suppose you need servicing, then you can provide the passwords and also the keys to the service providers. With these they will simply re-program the ATM machine of yours onto the processing platform for ATM. There are processing companies that also guide you in purchasing the right ATM machine that is compliant. Any reputable company that offers these services will need an agreement for processing that will protect you, their client and also them in legal terms. This document will be required by networks and sponsoring banks. Such an agreement will generally last for almost 5 years, though that varies from the policy of one company to another.

These ATM agreements will protect you as the companies will be moving your funds when one of your customers will withdraw cash from the ATM in your store. The funds are moved from the customer’s bank account to your bank account. Some ATM companies may not charge you for setup but they may incur some amount for setting up the system in order to balance these costs. Often the equipment are offered by these companies at considerably lower rates. However owners often put too much attention on this and forget about the processing part. You should always know well about the deal regarding the equipment. It is only then you get what you have actually paid for. It is required of the buyer to know every detail of the processing agreement and avoid the seemingly good deals or else some companies may rope them to sign a long term agreement. An ATM processing agreement should offer a 24 x 7 support along with a toll free number.