Choosing Business Goals

3 Tips For Spotting A Quality Used ATM

21 April 2022 by Wade Wheeler

The financial industry has come to rely on many pieces of equipment when conducting daily business. Automatic teller machines, more familiarly known as ATMs, are a common type of financial equipment in use today.

The addition of an ATM to your retail facility will allow your customers to access the cash they need to make purchases.

New ATMs often cost more than a small business owner is willing to pay, but a recycled or used ATM can be a valid option. Use the following tips to help you spot a quality used ATM for your retail store.

1. Check for Compliance

The rules and regulations governing the finance industry have evolved through the years. An ATM that was manufactured several years ago may no longer be in compliance with current rules and regulations.

Take the time to familiarize yourself with the important compliance features you should be looking for in a used ATM.

Your used ATM needs to comply with ADA standards and must be EMV compliant as well. Since many older ATMs are not EMV compliant, you should check to see if an upgrade kit exists for the ATM model that you are thinking of purchasing. These upgrade kits can help make older ATMs EMV compliant while keeping costs low.

2. Check the Age and Condition

It's important to complete a thorough inspection of a used ATM before you make a purchase. The age and condition of the machine will not only affect how well it functions, but these features can also dictate what the machine is worth.

The exterior of a quality used ATM should have a slightly used appearance but no major dings or dents. All keypad buttons should be present and functional. The rubber components in the cash dispenser should feel firm, not spongy or soft.

By paying close attention to these details, you will be in a better position to negotiate the price of the machine and identify a used ATM that will serve your retail store well in the future.

3. Check the Function

No one wants to spend money on a used ATM that doesn't work, so you should test all of the features you can before making an offer on any machine.

It can be helpful to bring along an experienced ATM technician when you are looking at used ATMs. Technicians know how to use an ATM's internal diagnostic testing to check the function of the printer, card reader, keyboard, and cash dispenser.

Contact a seller near you to learn more about used ATMs and other used financial equipment. 

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