New Vs Used ATM Machines? Pros and Cons

Should you invest in a new or used ATM Machine? Read on to know more.

Over the last few years, ATM has become a widely popular mode of making transactions and pull out money from anywhere in the world. These are cash machines or called mini-banks because they dispense cash and can provide information about one’s balance in the account, mini statement or offer other benefits such as transferring money from one account to the other. Most modern ATMs use an ATM card or a plastic card that comes with magnetic stripe and CVV. Automatic transactions are allowed only after the customer enters their Personal Identification Number. This machines can actually help making lives better. That’s why, banks and financial institutions are investing in ATM machines more frequently than before. But when investing, should you opt for used ATM machines for sale or stick to the newer ones. The pros and cons of used and new machines are discussed below.

Old ATM

Well, most of the ATM machines have same or a similar purpose- to dispense cash, provide information about current balance and offer options like mini statement or PIN change. Therefore, it doesn’t really make a difference whether you purchase a used or a new model. In fact, used ATM machines are a better option if you are interested in saving money and getting a product under your budget. But make sure that when you buy a used ATM, you opt for a machine that is 3DES compliant and has a Visa Encrypting PIN Pad or has an upgraded keyboard, otherwise you may falter legally.

Of course, there are cheaper versions of ATMs available online. In fact, there are several budget options that are available in the used ATM category. But one of the main cons of purchasing such ATM machines is that you might end up purchasing something that doesn’t offer security and privacy to the customers. Such used ATM machines for sale can actually make you legally bound and you might have to fight a lawsuit if a customer loses their money.

Therefore, it is recommended that you stick to used ATM machines that are manufactured by a branded, reliable company and has been refurbished by the provider, so that it is legal compliant. Make sure that before you purchase one, you have information about the machine’s age or how long has it been in service, where it comes from and how long it has been used for processing transactions. You should also know the machine’s Serial Number so that you can recheck its features and authenticity with the manufacturing company.

One of the major pros of buying used ATM machines for sale these days is that they come with warranty. So, make sure that you choose a seller who can provide you a warranty for certified refurbished ATM machines. Don’t get scammed by buying an old machine from someone who offers no reliability or warranty. Similarly, don’t waste money buying a new ATM machine when you can buy a similar used one, with the best features at a lower price.

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