In the past, the market was saturated with used high-end ATMs from banks. However, that is gradually changing as more and more retail ATMs are making their way into the market. Most of these used machines result from bankruptcy filings made by financial institutions. 

Therefore, leasing companies have to sell them to recover the money merchants couldn’t pay. These used ATMs for sale are remarketed to other merchants or installed in locations for use as ATMs. In such a case, the initial leasing company takes up all responsibility for cash replenishment. So, what are the things to look out for if you’re a merchant and want to purchase a used ATM? 

Tips and Tricks to Buying a Used ATM

Although some leasing companies choose to deal with the machines themselves, some are placed on sale. Here are some guidelines to help you while selecting an ATM as a merchant:

• TDES Compliance 

Major networks such as Visa and Mastercard have a preferred encryption form. All ATMs manufactured after 2005 meet this standard. An easy way to check for TDES compliance is by looking at the location of the enter key on the keyboard. 

Also, a sticker inside the machine shows the date of manufacture. So, if it’s any time before 2005, it is not Triple Des compliant.

• ADA Compliant 

Used ATMs for sale also need to comply to the Americans with Disabilities Act (ADA). In 2012, the government laid down this requirement, needing ATMs to have the following features:

• Voice guidance via a headphone jack 
• Wheelchair accessibility (display lower than 48”)

• Age of the Machine 

Most ATMs today are made to last up to seven years. Although older machines still work, it isn’t easy to find some parts in case they need replacing. Fortunately, improved technology makes it easier to manufacture parts unavailable on the market. 

With that said, buying newer and updated machines is advisable to save yourself the stress of replacing parts and repairing machines. 

• EMV Compliance 

EMV cards are the latest in the industry. They are smart cards with a chip and more security features on them. Most newly made ATMs accommodate smart chip cards and are the best to purchase if you don’t want to upgrade the ATM. 

• Last Use Date of the ATM 

Leasing companies are open about when and why the machines aren’t in use. However, if you’re buying from somewhere else, it’s best to ask the reason for the sale, and the last time the machine was operational. Unfortunately, some people sell faulty ATMs to unsuspecting merchants. 

• Machine’s General Appearance 

In what condition is the machine? It’s vital to purchase a used ATM that is in good condition. Remember, customers prefer clean machines, especially without graffiti. So, ensure you get a good deal from the leasing company. 

The Price 

A good ATM goes for about $3,500 to $4,000. However, getting a used machine for half the price or lower is a better deal. Most of these machines need repairs. So, although the leasing company might ask for about $2,200, keep bargaining. 

In other words, look at the machine’s features before making a proposal. You don’t want to be stuck with a machine you cannot afford to repair. On the other hand, used ATMs are worth buying. If you get a credible seller, don’t hesitate to buy one.