If you’re in desperate need of cash when out and about, what is your first thought? After aggressively patting your pockets, usually you start looking around for your nearest ATM machine. Though ATMs have become commonplace outside of banks, grocery stores, and your local Walgreens, users aren’t usually considering the inner workings of the machine itself as it produces its tens and twenties. With the advent of new technological advances, ATM owners and manufacturers alike are looking towards a new era of connectivity, and thus are beginning to introduce the wireless ATM option, as well as solutions for the management of the new machines.
What Is Wireless ATM?
The first ATM was created by a British inventor named John Shepard-Brown. Interestingly enough, inspiration struck Shepard-Brown as he sat in the bathtub, wondering why vending machines for candy bars exist, but not for money. After combining his idea for the money-lending machine with James Goodfellow’s invention of the personal identification number (or PIN), the ATM was born.
When ATMs were first introduced in the 1970s, they were usually only able to be installed inside of the bank branch. In the next ten years, ATMs were connected through the closest telephone wire or phone line and were able to be placed more flexibly in public spaces for increased accessibility. Though this greatly increased the popularity of the ATM, it was still quite a limited system. As banks realized this, they began to look for a new option.
Wireless ATMs began to become commonplace when ATM manufacturers realized that cellular connectivity would allow patrons to utilize ATMs from nearly any place at any time. They were able to upgrade older ATM machines to become wireless, and hence, ATMs now function remarkably similar to our smartphones. Many have touch screen accessibility, zoom function, and a virtual PIN number keypad.
Though the obvious benefit of wireless ATMs has already been stated, there are several other industry-altering benefits that have launched this technology far into the future.
Benefits of Going Wireless
Apart from the customer benefits of nearly constant access to self-service banking, wireless ATMs are advantageous for manufacturers and banks alike.
One of the top-selling points for the wireless ATM is the low cost and efficiency. Most non-wireless ATM machines require a dial-up service charge of $45 a month or more, which can become an expensive burden for banks. When switching to wireless, these costs can be cut nearly in half, and the regular ATM maintenance charges can be greatly decreased as well.
Another benefit of going wireless is that ATMs gain the ability to be portable and temporary. One of the most essential places for ATMs to be located is at fairs and festivals. Food truck vendors and souvenir tents often require cash payments, and this can be inconvenient for many eventgoers. With wireless ATMs, cash can be easily accessible wherever you may require it, even in the middle of a field. The portability of wireless ATMs makes event planning and attending infinitely easier.
This portability also allows financial institutions to better target areas with a high population. By noticing where customers require an ATM machine the most, companies can conveniently place machines in areas that guarantee excessive use, thus boosting their business.
Finally, ATM serviceability is infinitely easier when companies switch to wireless. Many times, outside software companies, are hired to manage a network of wireless ATMs. When this occurs, if an issue with an ATM machine is reported (i.e. connectivity or security is breached), the software company can handle the repairs remotely and cost-efficiently.
Wireless ATM Management
Though wireless ATMs are advantageous in many ways, they can be difficult to manage due to the nature of their function. When wireless ATM machines first became popular, many concerns were raised surrounding the security of the network, as well as the speed of service. Many banks were suddenly swamped with service calls from concerned customers, and ATM downtime was at an all-time high. To solve this issue, independent software companies were hired to fix these inconveniences.
Now, external management of wireless ATM networks is incredibly popular. Though the mode of operation within an external company may seem convoluted, it’s really quite simple. It works by providing a VPN (or virtual private network) that a bank’s core payment processor can connect to. This allows the external company to support machines in whatever way necessary. In nearly every case, downtime is decreased by tenfold, and security risks are diminished with 24/7 network surveillance. In addition, the cost of installation and upkeep for wireless ATMs is also significantly lowered.
If you’re looking for a wireless ATM management service like what was described, Elemental Technology Solutions is the company for you.
ATM Management with Elemental Technology Solutions
Elemental Technology Solutions provides the communities of East Tennessee with a myriad of technology services, including ATM management. Eliminate expensive fiber rollouts as well as maximize your efficiency by handing over your fleet of ATMs to us! We work tirelessly to ensure that financial institutions have access to top-of-the-line technology to improve the day-to-day operation of every ATM. In addition to connecting your ATMs securely to a 4G LTE network, we also provide 24/7 network surveillance in order to ensure the safety of both your banking business and your customers. We realize that efficient and accessible ATM services build strong customer bases and want to provide your company with the best quality maintenance to ensure this outcome. If you are interested in the incomparable solutions that we provide, visit the “contact us” page on our website.