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Vendingnoob86

ATM business issues

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Posted (edited)

Hi,

We are in the ATM business and have 70 machines dispatched and do around 16k surcharge paying transactions a month. I keep having problems with banks closing down my accounts, or refusing to open new ones. Does anyone else have the same issue? What have you done?

I pickup my money from branches and do not order from trucks. Someone told me if I can somehow pickup cash from an armored truck company instead of the banks, I may be able to keep my accounts open. However, I don't know if I can wire money on the morning of the settlement and pickup the cash right afterwards.

Another issue is note quality. Money in circulation is quite bad. Is there a way to get better quality notes? i am thinking of ordering money, and will gladly pay anything it takes each month, because right now a lot of time is being wasted sorting through bank notes to prevent machine jams. Currently we use 1.2 million per month. The problem i see is the gap between when the settlement is deposited into your account and the time it takes to place an order and obtain a delivery or a pickup...we need the cash the same day, especially after a weekend.

Is it possible to obtain notes directly from an armored truck company, as opposed to waiting for a delivery? maybe wiring funds early in the morning to get them an hour or so later?

do you have any advice you can share?

Edited by Vendingnoob86

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Most banks have cash management services, which will include armored services.  Armored cars will only deliver to commercial address. If you have a friend that has a store front, best bet. There is many downsides to it. 

Feel free to drop me an email at todd@newenglandatm.net , I can give you some advice working with your bank.  I spent 10 years in the banking business before starting the ATM business.  Super busy lately, will do my best to get back to you ASAP.

Banks are really trying to get away from cash.  It creates security issues, creates liabilities and cost them money.  Not to mention a whole host of other issues.  

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Can’t say I’ve ran into this issue. Have you want to a local bank and explained what you seen doing prior to opening an account? If you have a business license and fill out the proper paperwork I’m not sure how they can close your account.

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2 hours ago, Bucky said:

Can’t say I’ve ran into this issue. Have you want to a local bank and explained what you seen doing prior to opening an account? If you have a business license and fill out the proper paperwork I’m not sure how they can close your account.

Oh, they most definitely can.

If they are loosing money or its high risk, they will.

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