The Straight Goods
Consumers still like to carry cash, they are also accustomed to having convenient access to cash to pay for a night out on the town. With this in mind, bar and restaurant owners and operators must weigh the pros and cons of acquiring ATM machines and services vs. debit card machines and services. Realistically, the fees paid to debit card providers, some of them outrageously high, can amount to 10% of your net revenue. Performing this simple mathematical equation may have you gasping for air in no time!!
An ATM provider, on the other hand, that offers you an opportunity to split the proposed surcharge is a fair provider, one that most likely has the best interest of your business in mind. Do not allow yourself to believe that all ATM companies are created equal. Just as in other industries, there are vendors who provide exceptional services and pride themselves on integrity and there are those who we categorize as ‘less than desirable’ who primarily have their own best interests in mind.
Here’s what an outstanding ATM company looks like: One that will have a representative answer each and every question you and your management team may have and appear to perform an on-site analysis at your location(s). Once satisfied with their offering, a negotiation of the terms should ensue, a process excluding any complicated, convoluted contracts with numerous additional monthly charges often difficult to discern. Transparency is paramount when selecting a new provider or renegotiating an existing contract.
Go ahead and dust off those existing contracts that may reside in the back of your file cabinets and read the fine print, there may be terms you hadn’t originally anticipated signing up for. Equal parts of knowledge, service and integrity is a great recipe for an optimal relationship with your ATM provider, if only for a trial period.