When buying a used ATM Machine, it is necessary that you ensure the machine has been updated with the latest software and complies with mandatory requirements. Many of the used machines sold online are not updated and it is hardly ever disclosed. Buying an outdated model will cost you more than a brand new machine as you have to upgrade it to make it operational.
There is an abundance of low priced used ATM machines on the online market. A lot of individual buyers aren’t aware of the latest regulations and often fall prey to unscrupulous sellers. If you are interested in previously owned ATM machine for profit or for your store, do your research and ask these questions before purchasing:
1. What is the manufacturer date of the ATM Machine?
Check details like the manufacturer date of the machine. Usually, the machines can last 7 years. ATM machines older than 7 years might still work but their parts are hard to find. As technology gets better, parts get cheaper every day. The manufacturers simply don’t make parts of older ATMs since the new ones are cheaper. So if the used machine is more than 7 years old, avoid buying it.
2. When was it last in use?
If the machine wasn’t in use for past few years, it is probably because it lacks the mandatory upgrades. The previous owner of the ATM machine found it more convenient to sell it off than spend on its upgrading. Check when the machine was last in use to make sure it comes equipped with the latest requirements.
3. Does the machine comply with latest regulations?
The latest ATM machines should be TDES (Triple Des) compliant, ADA (Americans with Disabilities Act) compliant and EMV compliant. TDES is an encryption type that is standard for any ATM manufactured after 2005. The machines made prior to 2005 are not TDES compliant. The government mandates that all ATM machines be ADA compliant, which means they have a headphone jack for voice guidance and has displayed no higher than 48″. EMV being the latest in ATM technology mandates that all machines must accept EMV cards. The ATM cards embedded with a smart chip will work in new and upgraded ATMs. Make sure the model you are buying supports all of these latest requirements.
4. Does the machine look beat up and dented?
Is it full of scrawls and looks like hasn’t been cleaned ever? People are most likely to use clean looking ATMs rather than swipe their cards in a messed up machine. Appearance and cleanliness do matter. Check the used ATM machine you buy is clean and well-maintained.
5. What is the machine’s serial number?
Using the serial number of the machine, you can get in touch with the ATM manufacturer and learn more about the ATM.
Don't get conned into buying a used ATM just because it is cheaper. These deals can set you back by hundreds of dollars in the future. Find satisfactory answers to the above questions before making the deal.