Cash machine in your shop (anyone have one?)

[Cash is King]

Evening!

I plan to start up a shop some time in the new year and run cash sales. I though it would be a good idea to have a cash machine in the shop so people can get cash quickly and easy! I read up about them on the net and it says you top it up your self. and things like implying that it is your responcablity and problem if the machine is robbed! I would of though that the company fit it properly and come and top it up them self

Dose anyone have one hear that could explain a little more on how this all works please?

Thanks

 

[WaveJumper]

Welcome to the UKBF. Well I have to say I have never heard of cash machines you fill up yourself so maybe I am well out of touch with this sector. However back in the day of commercial property management I had huge deals with the cash machine operators, you basically rent them the space to place a machine, they need internet, and they service and run them.

As re-filling machines goes this was done by one of the many security companies you see in the UK high streets. Be interesting to see what other think on the topic

 

[BubbaWY]

I was mates with the lad who owned the shop in our village and they had a cash machine. It was his responsibility to fill it up. A good way of getting rid of notes rather than making multiple trips to the bank each week. Unfortunately I dont know anything else - commission, liability, etc.

 

[Paul Norman]

Most of these machines charge people for accessing their own cash.


I am not sure who gets that - the shop, or the company supplying the machine.

 

[Mark T Jones]

Some years ago I had minor involvement with a company selling these machines - they supported it with a load of 'research' about how much footfall it would bring, how much each customer would spend out of guilt etc, etc...

It wasn't research, it was completely plucked out of the air - this was when cash was still prevalent. Most of the shops terminated the agreement as soon as possible.

In your case, it looks like you are forcing the issue by only accepting cash - it depends on the nature of your offer & local competition as to whether they will grudgingly use the machine or just hoof it elsewhere (By only accepting cash, you are giving them the opportunity to leave without feeling guilty)

 

[Paul Norman]

Some years ago I had minor involvement with a company selling these machines - they supported it with a load of 'research' about how much footfall it would bring, how much each customer would spend out of guilt etc, etc...

It wasn't research, it was completely plucked out of the air - this was when cash was still prevalent. Most of the shops terminated the agreement as soon as possible.

In your case, it looks like you are forcing the issue by only accepting cash - it depends on the nature of your offer & local competition as to whether they will grudgingly use the machine or just hoof it elsewhere (By only accepting cash, you are giving them the opportunity to leave without feeling guilty)

This is so important.

By only accepting cash, or, equally, by not accepting cash, you are going to be showing some customers the door.

I have been in retail. I am very convinced you cannot afford to show customers the door no matter how you and I might feel about the cash/no cash issue.

 

[Cash is King]

you basically rent them the space to place a machine, they need internet, and they service and run them.

As re-filling machines goes this was done by one of the many security companies you see in the UK high streets. Be interesting to see what other think on the topic

Who or what was the company name that you rented the space out to them? how much did you charge them?

Who took care of booking the security? them or you? What happens if the machine was broken into?

 

[Cash is King]

It was his responsibility to fill it up. A good way of getting rid of notes rather than making multiple trips to the bank each week. Unfortunately I dont know anything else - commission, liability, etc.

If he filled it up with his own cash, then what happened to his cash as he would of ben paying out vast sums rom his own pocket?

 

[Gecko001]

It seems that the bigger the company, the more likely they are to determine how they get paid. The only time I walked out of a shop because they did not take cash was an occasion I was in a Boots. They can afford to lose a few customers, I suppose. When I was in service sector business, one of the first lessons I learned was to never turn down a method of payment, so cheque, cash, bank transfer all accepted. I even once accepted computer memory chips as part payment in the days when computer memory was very expensive and computers came with only a few of the slots in the memory card filled.

To come to the topic, I used to see some of the in-shop cash machines in local large Spar stores, but they have all gone now. The fact that the machines charged for using them, I think, was a big turn-off, but perhaps with the trend to reduce the number of free ATM's and the apparent slight return to the use of cash, there might be a market for in-store machines again.

 

[Newchodge]

It seems that the bigger the company, the more likely they are to determine how they get paid. The only time I walked out of a shop because they did not take cash was an occasion I was in a Boots. They can afford to lose a few customers, I suppose. When I was in service sector business, one of the first lessons I learned was to never turn down a method of payment, so cheque, cash, bank transfer all accepted. I even once accepted computer memory chips as part payment in the days when computer memory was very expensive and computers came with only a few of the slots in the memory card filled.

To come to the topic, I used to see some of the in-shop cash machines in local large Spar stores, but they have all gone now. The fact that the machines charged for using them, I think, was a big turn-off, but perhaps with the trend to reduce the number of free ATM's and the apparent slight return to the use of cash, there might be a market for in-store machines again.

Our small local Spar has a free to use cash machine in the shop. It also has a post office counter with a small side counter to the Post Office with a 'staffed' cash machine that is open when the shop is open.

 

[fisicx]

If he filled it up with his own cash, then what happened to his cash as he would of ben paying out vast sums rom his own pocket?

This only works if the cash he gets from customers is the right denomination and in good conditions.

Try adding screwed up and grubby notes and your machine will just stop working.

And if everyone pays with pound coins you need to do a bank run and change up the coins for notes. And the bank will charge you for the service. It could easily cost you more in rental fees that profit you will make.

Why won't you take card payments?

 

[Mark T Jones]

Here is one of the biggest players. https://www.cashzone.co.uk/atm-benefits

Why not call & have a chat - obviously don't take their word for anything, but if you ask good questions you should get some useful insight.

 

[Cash is King]

This only works if the cash he gets from customers is the right denomination and in good conditions.

Sorry I will try and ask explain again. If i fill the machine with 1000 pounds from my till then I have lost 1000 pounds

And if everyone pays with pound coins you need to do a bank run and change up the coins for notes. And the bank will charge you for the service. It could easily cost you more in rental fees that profit you will make.

Do you who how much the rental fees are?

Why won't you take card payments?

I do not have capacity for that

 

[fisicx]

Sorry I will try and ask explain again. If i fill the machine with 1000 pounds from my till then I have lost 1000 pounds

The money is transferred back from the recipients bank to yours. The actual process depends on the provider.

Rental could be hundreds per months. You need to talk to providers.

A sumup machine for your shop will be far cheaper than running an ATM.

 

[Cash is King]

The money is transferred back from the recipients bank to yours. The actual process depends on the provider.

Are you saying they transfer it into your bank?

Rental could be hundreds per months. You need to talk to providers.

Someone above said you charge them a rental fee for it

A sumup machine for your shop will be far cheaper than running an ATM.

I though sumup where an ATM

 

[BubbaWY]

If he filled it up with his own cash, then what happened to his cash as he would of ben paying out vast sums rom his own pocket?

It was a Link cash machine, so I assume Link manage the transaction and transfer the money back to the shop owner.

 

[BubbaWY]

Amazing what a quick Google search can find.

A LINK cash machine in your shop works by connecting your shop's terminal to the LINK network, which links virtually every cash machine in the UK to over 100 million LINK-enabled cards. Customers use their cards to withdraw cash, and the transaction is authorized by the card issuer and settled through the LINK network. You, as the business owner, then have arrangements with a member bank or processor to receive the funds and must handle any cash handling, such as restocking the machine.

How it works for the customer

• The customer inserts their card into the terminal.
  
  
• They enter their PIN to verify their identity.
  
  
• The customer selects "cash" or "cash with receipt" from the menu and chooses the amount they want to withdraw.
  
  
• The machine dispenses the cash. Depending on the operator, there may be a fee, which the customer must accept before proceeding.
  
  
• The transaction is authorized and processed through the LINK network.

How it works for your shop

• Your shop's terminal is connected to the LINK network, often through a partnership with a member bank or processor.
  
  
• Your business handles the cash and the physical cash machine, often by a third-party service provider.
  
  
• The transaction amount is debited from the customer's account and sent through the LINK network to your bank or processor.
  
  
• Your bank or processor then pays the money into your business account, minus any fees, after you have successfully completed the withdrawal.
  

Your responsibilities

• Cash handling:
  You will be responsible for stocking the machine with cash and managing the cash flow to avoid shortages.
• Fees:
  You may need to pay fees to the machine operator, bank, or processor for using the LINK network.
• Machine maintenance:
  You will need to ensure the machine is working correctly and that any maintenance is carried out.
• Customer service:
  You will need to be able to provide support to customers who have issues with the machine.

 

[WaveJumper]

Amazing what a quick Google search can find.

A LINK cash machine in your shop works by connecting your shop's terminal to the LINK network, which links virtually every cash machine in the UK to over 100 million LINK-enabled cards. Customers use their cards to withdraw cash, and the transaction is authorized by the card issuer and settled through the LINK network. You, as the business owner, then have arrangements with a member bank or processor to receive the funds and must handle any cash handling, such as restocking the machine.

How it works for the customer

• The customer inserts their card into the terminal.
  
  
• They enter their PIN to verify their identity.
  
  
• The customer selects "cash" or "cash with receipt" from the menu and chooses the amount they want to withdraw.
  
  
• The machine dispenses the cash. Depending on the operator, there may be a fee, which the customer must accept before proceeding.
  
  
• The transaction is authorized and processed through the LINK network.

How it works for your shop

• Your shop's terminal is connected to the LINK network, often through a partnership with a member bank or processor.
  
  
• Your business handles the cash and the physical cash machine, often by a third-party service provider.
  
  
• The transaction amount is debited from the customer's account and sent through the LINK network to your bank or processor.
  
  
• Your bank or processor then pays the money into your business account, minus any fees, after you have successfully completed the withdrawal.

Your responsibilities

• Cash handling:
  You will be responsible for stocking the machine with cash and managing the cash flow to avoid shortages.
• Fees:
  You may need to pay fees to the machine operator, bank, or processor for using the LINK network.
• Machine maintenance:
  You will need to ensure the machine is working correctly and that any maintenance is carried out.
• Customer service:
  You will need to be able to provide support to customers who have issues with the machine.

And when you start adding all those "fees" up you might wonder if it really is a good idea.

 

[Cash is King]

It was a Link cash machine, so I assume Link manage the transaction and transfer the money back to the shop owner.

But how do they transfer the cash back to the shop owner?

 

[Cash is King]

Amazing what a quick Google search can find.

A LINK cash machine in your shop works by connecting your shop's terminal to the LINK network, which links virtually every cash machine in the UK to over 100 million LINK-enabled cards. Customers use their cards to withdraw cash, and the transaction is authorized by the card issuer and settled through the LINK network. You, as the business owner, then have arrangements with a member bank or processor to receive the funds and must handle any cash handling, such as restocking the machine.

How it works for the customer

• The customer inserts their card into the terminal.
  
  
• They enter their PIN to verify their identity.
  
  
• The customer selects "cash" or "cash with receipt" from the menu and chooses the amount they want to withdraw.
  
  
• The machine dispenses the cash. Depending on the operator, there may be a fee, which the customer must accept before proceeding.
  
  
• The transaction is authorized and processed through the LINK network.

How it works for your shop

• Your shop's terminal is connected to the LINK network, often through a partnership with a member bank or processor.
  
  
• Your business handles the cash and the physical cash machine, often by a third-party service provider.
  
  
• The transaction amount is debited from the customer's account and sent through the LINK network to your bank or processor.
  
  
• Your bank or processor then pays the money into your business account, minus any fees, after you have successfully completed the withdrawal.

Your responsibilities

• Cash handling:
  You will be responsible for stocking the machine with cash and managing the cash flow to avoid shortages.
• Fees:
  You may need to pay fees to the machine operator, bank, or processor for using the LINK network.
• Machine maintenance:
  You will need to ensure the machine is working correctly and that any maintenance is carried out.
• Customer service:
  You will need to be able to provide support to customers who have issues with the machine.

So basicly they are saying you need a bank account for it to work?

 

[Cash is King]

And when you start adding all those "fees" up you might wonder if it really is a good idea.

Was it not you that said "you basically rent them the space to place a machine"

 

[Picture Bute]

So basicly they are saying you need a bank account for it to work?

You planning on running a bricks and mortar business without a bank account ?

 

[fisicx]

Are you saying they transfer it into your bank?

Yes. But the method depends on the service provider.

Someone above said you charge them a rental fee for it

No, you pay rent

I though sumup where an ATM

No. It's just a payment machine you keep on the counter.

So basicly they are saying you need a bank account for it to work?

Yes! How else are you going to pay tax, rent, insurance, wages, utilities, wholesalers and everything else.

 

[Cash is King]

You planning on running a bricks and mortar business without a bank account ?

yes!

 

[Cash is King]

No, you pay rent

Well he said the other. But we will have to weight for him to return before we can clarify or not

No. It's just a payment machine you keep on the counter.

So its not a machine you see in the corner of the shop mounted to the floor then, are those that are ATMs and this on the counter of the shop is a sumup right?
If so then Which one of them is charging you for a rental of the machine?

Yes! How else are you going to pay tax, rent, insurance, wages, utilities, wholesalers and everything else.

err it is fairly simple really with cash

 

[Picture Bute]

yes!

Good luck with your utilities contracts and other numerous expenses that will be almost impossible to pay in cash.

 

[Cash is King]

Good luck with your utilities contracts and other numerous expenses that will be almost impossible to pay in cash.

This thread I stared was about the MY customer having the right to pay cash! Not the other way round

 

[fisicx]

err it is fairly simple really with cash

No it’s not.

 

[Mark T Jones]

This thread I stared was about the MY customer having the right to pay cash! Not the other way round

And morphed into you saying you dont want a bank account, which is absurd.

 

[Mark T Jones]

Well he said the other. But we will have to weight for him to return before we can clarify or not

Or call the suppliers, who will actually know?

 

[Newchodge]

Amazing what a quick Google search can find.

A LINK cash machine in your shop works by connecting your shop's terminal to the LINK network, which links virtually every cash machine in the UK to over 100 million LINK-enabled cards. Customers use their cards to withdraw cash, and the transaction is authorized by the card issuer and settled through the LINK network. You, as the business owner, then have arrangements with a member bank or processor to receive the funds and must handle any cash handling, such as restocking the machine.

How it works for the customer

• The customer inserts their card into the terminal.
  
  
• They enter their PIN to verify their identity.
  
  
• The customer selects "cash" or "cash with receipt" from the menu and chooses the amount they want to withdraw.
  
  
• The machine dispenses the cash. Depending on the operator, there may be a fee, which the customer must accept before proceeding.
  
  
• The transaction is authorized and processed through the LINK network.

How it works for your shop

• Your shop's terminal is connected to the LINK network, often through a partnership with a member bank or processor.
  
  
• Your business handles the cash and the physical cash machine, often by a third-party service provider.
  
  
• The transaction amount is debited from the customer's account and sent through the LINK network to your bank or processor.
  
  
• Your bank or processor then pays the money into your business account, minus any fees, after you have successfully completed the withdrawal.

Your responsibilities

• Cash handling:
  You will be responsible for stocking the machine with cash and managing the cash flow to avoid shortages.
• Fees:
  You may need to pay fees to the machine operator, bank, or processor for using the LINK network.
• Machine maintenance:
  You will need to ensure the machine is working correctly and that any maintenance is carried out.
• Customer service:
  You will need to be able to provide support to customers who have issues with the machine.

Which means the OP will need a terminal, so could take cards!

 

[Newchodge]

Well he said the other. But we will have to weight for him to return before we can clarify or not


So its not a machine you see in the corner of the shop mounted to the floor then, are those that are ATMs and this on the counter of the shop is a sumup right?
If so then Which one of them is charging you for a rental of the machine?


err it is fairly simple really with cash

Good luck. You are going to need it.

 

[Nathanto]

So basicly they are saying you need a bank account for it to work?

This thread must be a windup.

No-one is going to give you a cash machine worth thousands of pounds if you don't have a bank account yourself.

 

[UKSBD]

Rather than letting people pay by card and only paying by cash, you intend putting in a machine in the shop that lets them use a card to get the cash to then go and make the cash payment?

Is this just click bait to promote the user name?

 

[tony84]

When we had a pub we used to have one.
Basically, we would charge maybe £2 per transaction. We got a cut of it and so did the company who owned the machine.

But if it got robbed (Which is did once), it was our money in there. We were also only insured to have something like a grand in there overnight.

Nobody is going to come down and fill it up with money for the sake of 50p-£1 transaction fee unless you are doing hundreds a day.

 

[Gecko001]

When we had a pub we used to have one.
Basically, we would charge maybe £2 per transaction. We got a cut of it and so did the company who owned the machine.

But if it got robbed (Which is did once), it was our money in there. We were also only insured to have something like a grand in there overnight.

Nobody is going to come down and fill it up with money for the sake of 50p-£1 transaction fee unless you are doing hundreds a day.

@Cash is King There you go, this is your answer. They do not have one at present, but at least they have experience of these machines in the past.

 

[Newchodge]

Finally the OP has found someone who has experience of these machines. I hope he/she is still around to see it.

It won't help - the OP is planning not to use a bank account!

 

[Gecko001]

It won't help - the OP is planning not to use a bank account!

Then @Cash is King must have assumed that the in-shop cash machines are just ordinary ATM's you see outside of shops, but instead they are inside the shop. If such machines did exist inside of shops, then the shop owner would not have to handle money and theoretically they would not need a bank account.

 

[Cash is King]

the person who said that they pay to rent the space off of you has not returned!
Let just forget the whole idea then for now! Think i will just have to guide people up the street to the nearest cash machine

 

[Cash is King]

When we had a pub we used to have one.
Basically, we would charge maybe £2 per transaction. We got a cut of it and so did the company who owned the machine.

But if it got robbed (Which is did once), it was our money in there. We were also only insured to have something like a grand in there overnight.

Nobody is going to come down and fill it up with money for the sake of 50p-£1 transaction fee unless you are doing hundreds a day.

was it a pubcon/ brewary or a free of tie?