Ten Questions for Financial Institutions
- Why are your ATM’s so much less expensive to operate?
- What about the ATM cards we already have issued?
- Would I have to settle daily ATM transactions with 2 networks?
- What do I do about “Triple DES” and any old machines?
- Can it be profitable to place an ATM?
- How will my transactions be reported?
- Is dial-up ATM processing slow?
- What monthly reports do I receive?
Why are your ATM’s so much less expensive to operate?
The Wellington ATM is custom-designed to be easily and quickly repaired by the owner. It operates on a regular 110 current, safely shares a phone line, with no expensive and intrusive installation or extra phone lines. Only locations processing 500-600 transactions per month typically require a separate voice grade telephone line. Our ATMs all use the same basic component parts. With our 1-year parts warranty, you do not have to buy parts and you can install them yourself with the help of our tech staff. Multi year extended warranties are available! Call us today!
What about the ATM cards we already have issued?
You stay with your existi ng ATM and VISA check programs. If Wellington is processing 100% of your ATM locations, your financial institution would continue as a card-issuing only customer with your current card services provider.
Would I have to settle daily ATM transactions with 2 networks?
Yes, your financial institution would continue to settle transactions exactly the same as you have been and Wellington’s would settle the same way, but into a separate ATM Settlement, or G.L. Account. Your ATM transactions would automatically be included in your daily incoming Fed Letter and would be processed exactly as you are doing now. Ask one of our references how easy this really is.
What do I do about “Triple DES” and any old machines?
Financials have until December 2006 to be compliant so this gives you time to fix or phase out old equipment. All Wellington ATMs are already Triple DES compliant. We will work with you on trade-ins and quantity discounts. Beware of “great deals” on non-compliant machines or many hidden service charges.
Can it be profitable to place an ATM?
Yes, and with as few as 31 transactions per month. See the attached financial analysis. The low cost of the machine, no extra line charges, and no monthly maintenance contracts make this possible. Financial can buy machines and place them or lease them to their retail accounts offering a new service income source. You may even decide not to surcharge certain customers or members. This can be done by us simply programming in the BIN’s.
How will my transactions be reported?
Daily cut-off occurs at 1:30 PM mountain-time with vault cash and surcharge income credited to your settlement account daily. On-us transactions are posted as foreign transactions at every Wellington-processed ATM, since your ATM and VISA check card base remains with your current provider. This is the reason that Wellington typically recommends that your financial institution leave your at-bank ATM locations on your current ATM processing provider. We have found that only approximately 10% of all ATM transactions that take place off-premises ATM locations are on-us. At- bank ATM locations typically run as high as 90%+ on-us with customer loyalty and free transactions. Your financial institution would be charged the current CIRRUS network fees associated with switched (foreign) transactions. These fees are typically more than offset by the surcharge income from non-on-us transactions off premises.
Is dial-up ATM processing slow?
No, because the dialing process is started the instant that the customer swipes the ATM card. By the time the customer has entered the PIN number, type of transaction and amount, the Wellington ATM dial-up process has been completed. Studies have shown that our dial-up transactions complete in nearly the same time as the expensive leased line ATMs.
What monthly reports do I receive?
Wellington provides monthly transaction activity and profit or loss reports by location to quickly balance your ATM settlement account. Wellington also gives you the ability to view your ATM’s activity via the Internet. Many customers comment that this is the first time that they actually knew if a machine was profitable or not. If a machine is not profitable, you may decide to relocate it or encourage the site to offer a coupon. We would also assist you in finding a new location.