Why you should never place an ATM without a contractPAI – Mar 5th, 2014
You would never purchase a home or a car without signing a contract. So why would you even consider leaving your ATM someplace without having a signed written agreement?
The simple truth is that ATM placement isn't as simple as finding a willing location, placing your ATM, and then walking away. Issues like maintenance, customer service, revenue, and security are bound to come up. To protect yourself, and your customers, you will need a contract that clearly defines the responsibilities and expectation of both parties.
ATM Placement Contract Considerations
Establish Mutual Expectations
Mutual expectations for both parties should be established to provide clear answers to details such as ownership, management, maintenance, monitoring, insurance, security and advertising. What happens if the ATM needs service? Who's responsible for replenishing cash? Contracts will establish a clear and defined foundation to the planning, implementation and coordination of the business relationship.
Whether you're a merchant or ISO, you're entering into an ATM placement agreement to earn extra revenue. Whichever percentage the merchant and ISO agrees upon, the contract should provide that number as proof of what was agreed upon so that everyone receives their cut.
Establishing and understanding probationary period and contract renewal parameters is also important to protect yourself. What happens if a month into the partnership, you're not happy? This also helps you protect yourself from being left "high and dry."
If your services are not consistent with the expectations outlined in the contract, there's a good chance customers will take their business elsewhere - to your competitor. Matching available service options with service needs and spelling those parameters out effectively in a contract ensures that both parties will receive their share of what they're putting in.
The right placement plan and service level agreement has a direct impact on building a solid business relationship, and protects all parties involved. Placing an ATM without a contract is like jumping out of a plane without a parachute. Bottom line: make sure you're always covered and protected with a clearly defined contract.
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