When a business has an ATM placed in its location, the company through which they get the machine will often require a contract. While there may be some cases where a contract might not be needed, this is rare. Signing a contract is the standard for most companies, and the contract served to protect the company offering the machine, and it can ensure peace of mind for everyone who is involved with the machine.
What Types of Information is in an ATM Placement Contract?
The contracts for ATM placement can differ based on a range of factors. However, certain items tend to be the same or similar from one contract to another. It's important that you always make sure that you read over the contract and thoroughly understand it before signing anything. If there are any questions you have, make sure they are cleared up before signing. You may also want to have your attorney look over the contract to make sure it is fair and that it is a good option for your business.
One of the items that will often be included in the contract is the availability of the machine. You will need to make sure the ATM is available during business hours at your location with as little downtime as possible. The contract will also make clear exactly what happens with the transaction fees and surcharges and who receives the money. Ideally, you want to work with a company that can provide you with 100% of the surcharge fees associated with using the ATM. This can be added income for your establishment.
The contract should also make it clear who is responsible for installing the machine. Typically, the company that is providing the machine will ship and install the machine and train the staff of your company on its operation if needed. Information regarding the maintenance and the repair of the machine will also be included in these contracts. Most of the time, it is not possible for the business owner to have work on the machine by anyone other than an approved service provider.
There may also be insurance requirements that will need to be covered. The insurance ensures that the ATM is protected from destruction, loss, or theft, for example. You will be responsible for safeguarding the ATM while it is on your premises.
One of the other clauses that may be included in the contract is exclusivity. In some cases, you will find that there are rules that ensure that you are not using other data processing services and that you do not have other competing machines on your site.
How Is a Contract Signed?
There are several ways that the contract could be signed. There is the traditional method of pen and paper, but those who are more technologically savvy might prefer the speed and convenience of signing the document electronically. The way the contract is signed will depend on the company through which you are getting the ATM, but most companies today are going to offer both options. The contract will generally be signed before the ATM is installed, but again, this can depend on the company you choose.
How Long Are Most Contracts?
When you sign a contract with these types of companies, the length of time that the machine is required to be at your location can vary. The typical length of time is four to five years for the contract, but you will want to speak with the company you are considering to learn the length of the contract along with what the company will be able to offer.
Finding the Right Company for Your ATM Machines
When you are choosing an ATM company with which to work, you must look at their ATM placement contract. You want to make sure that you have a fair contract that is understandable, and that provides both of the parties with the protection they need.
Of course, it's about more than just the ATM placement contract. You also want to consider the reputation of the company with which you are working. Make sure that the company offers only high-quality, new machines that are durable and that will last for a long time without needing repairs. You should also check to see what type of customer service the company can offer. You want to find an ATM company that will be able to provide around the clock phone service and who can provide you with the repairs and the maintenance that you need. The last thing you need is a company that doesn't respond when you have questions or need help with the machine.
Take the time to find a quality ATM company, check the ATM placement contract, and start gaining the benefits of having an ATM at your location.