Will “Doing it Yourself” Save You Money on ATMs?

Posted on April 13th, 2015

Save with ATM Outsourcing

by Mark Smith, Sharenet

My wife and I recently bought a camper we pull with our van. At first, we only considered the cost of the camper as being our high expense item. It turns out we had to add an entire towing system to our van, costing us an additional $1,000 not included in the camper loan. We thought we could handle everything on our own and do it all for less money but we were very wrong.

The same principle applies to ATM programs. Many financial institutions (FI) feel they can do it all in-house. However, it rarely works out that way. Why?

Costs

FIs are usually buying a small number of items…and paying a premium price. ATM service providers specialize in ATMs and buy in bulk, driving down costs across the board.

When you look at the overall costs of your ATM program, you may find it is inconsistent with what the original program promised. Many “out of scope” charges from vendors are actually fairly common and ATMs demand much more labor and internal resources than many FIs realize. Without the help of a dedicated professional, institutions may end up spending quite a bit more than anticipated.

Labor

Most FI ATM teams do much more than handle ATM operations. Since they do not specialize, they are likely spending more time on ATM-related tasks than a dedicated ATM operator. Communication, processing and branding are just a few of the labor intensive services needed to run a successful ATM network.

Peace of Mind

FIs operating their own ATM fleets often don’t have much recourse if the job was done incorrectly. Not so with ATM service companies, who typically offer service guarantees to their clients.

With ATM outsourcing, FIs receive ALL the required ATM services managed by ATM professionals and experts. Most ATM outsourcing options provide quality brand products and service teams that are thorough; ready to help at a moment’s notice, all for one monthly price. ATM outsourcing can save an institution hundreds, if not thousands of dollars by cutting the price of equipment and related services.

FIs should take the time to compare costs for existing ATMs, pending deployments and the cost to get sites prepared and/or upgraded. It is important not to forget the smaller items and details, as well. Then ask an ATM outsourcing company to analyze the numbers and offer a quote. It may astonish you how much more you have been paying to do it yourself.

Contact Sharenet ATM for more information

Spanish Tag: ¿Haciéndolo por su cuenta; le ahorrara dinero?