Many financial institutions spend too much time and money juggling numerous vendors to keep their equipment, including ATMs, up and running. (Just ask Bank of America, which paysu00a0u003cemu003e$1u00a0u003c/emu003eu003cemu003ebillion a yearu003c/emu003eu00a0just tou00a0u003ca href=u0022https://www.reuters.com/article/us-usa-banks-expenses/hauling-cash-replacing-cards-fixing-atms-the-stubborn-costs-banks-cant-erase-idUSKCN0ZZ0AOu0022u003eshuffle cash around in armored trucksu003c/au003e!) Whileu00a0it may seem like thatu2019s just the way the business goes, the truth is there are better ways for community banks and credit unions to manage their branch equipment so they can maximize savings and focus their time on more important things.nnWhen it comes to ATM and other branch equipment management and maintenance, you need to know four important things:
u003cstrongu003e1.u00a0u00a0u00a0u00a0u00a0u00a0u003c/strongu003eu003cstrongu003eYou have options.u003c/strongu003ennThere are many trustworthy companies out there whose sole purpose is to help financial institutions like yours stay on top of equipment maintenance with minimal involvement of your staff. And whether you need full management and maintenance of all your branch equipment or you just want to focus on consolidating your ATM vendors, a perfect match awaits.nnu00abu00a0u00a0u003cstrongu003eu003cemu003eOption 1: Total branch equipment management and maintenanceu003c/emu003eu003c/strongu003ennTake a moment to think about every piece of machinery used by your institution. You probably have one or more ATM machines; a drive-up lane with a service window and a tube transport system; security items like an alarm system, vault, access card readers and security cameras; a teller cash dispenser; check scanners, coin sorters and other money equipment; and plenty of office machinery like printers, copiers and digital signage. Whew!nnNow imagine how much more efficient it would be to manage all of these separate pieces of equipment and submit service requests through one easy-to-use system. With a total equipment management and maintenance company, you can have just such a setup.nnThis type of provider replaces individual contracts with a total management program, rolling over equipment onto the system as individual contracts expire.nnu00abu00a0u00a0u003cstrongu003eu003cemu003eOption 2: Complete ATM management and maintenanceu003c/emu003eu003c/strongu003ennPerhaps your company doesnu2019t need all of its equipment managed by a third party, but your staffu00a0u003cemu003eisu003c/emu003eu00a0constantly getting pulled away from their duties with ATM maintenance issues. Keeping up with hardware and software updates, armored car services, cash management, equipment upgrades or replacements, and security and compliance issues of ATMs can often feel like a full-time job.nnSome companies offer complete ATM management, using their focused expertise and network of providers to take this responsibility completely off your staffu2019s shoulders. They own and operate your institutionu2019s ATMs, providing a valuable asset for your account holders without you having to worry about making large upfront capital expenditures. Companies like these take care of transaction processing, asset management, communications, promo screens, monitoringu00a0andu00a0maintenance, and make sure the ATMs remain Regulation E compliant.nnu003cstrongu003e2.u00a0u00a0u00a0u00a0u00a0u00a0u003c/strongu003eu003cstrongu003eYou can save time by streamlining your processes.u003c/strongu003ennBy choosing one of the aforementioned types of vendors, youu2019ll clearly be streamlining your vendors and processes. The resulting time savings will be apparent right away, as your talented staffu00a0areu00a0freed up to do what you hired them to do u2014 instead of being quasi equipment managers.nnNot having to shift their focus to submit service requests through multiple reporting channels and monitor all aspects of ATM and other machine performance, your staff can finally get back to the work necessary to move your institution forward.nnu003cstrongu003e3.u00a0u00a0u00a0u00a0u00a0u00a0u003c/strongu003eu003cstrongu003eYou may find additional savings.u003c/strongu003ennOn top of precious time savings by outsourcing equipment maintenance and management, you could also actually save money along the way.nnA turnkey provider, for example, can use its 100% focus on equipment maintenance and its strong relationship with local vendors to secure significant savings for many financial institutions. Likewise, an ATM-specific management company can utilize its operational efficiencies and economies of scale to pass on savings to small- and medium-sized banks or credit unions like yours.nnu003cstrongu003e4.u00a0u00a0u00a0u00a0u00a0u00a0u003c/strongu003eu003cstrongu003eYou donu2019t have to go it alone.u003c/strongu003ennIf it seems like a daunting task to implement one of the options available for branch equipment or ATM equipment maintenance at your bank or credit union, rest assured itu2019s not a difficult process.nnAnd if youu2019re not sure where to start,u00a0u003ca href=u0022https://www.jmfa.com/Services/Contract-Renegotiationsu0022u003eJMFA Contract Optimizeru003c/au003eu00a0is your best bet for getting the best deal. Not only do we offer au00a0u003ca href=u0022https://www.jmfa.com/Tools/JMFA-Contract-Optimizer-Analysis-Requestu0022u003efree assessmentu003c/au003eu00a0to evaluate your potential savings by using one of these types of vendors,u00a0we are also vendor-neutral u2014 so our recommendations are unbiased and based solely on whatu2019s in the best interest of your institution. And with our industry knowledge and negotiating expertise, we can often save you even more on these and other types of contracts (like debit and credit card processing and card brand agreements with VISA/MasterCard) than if you were to negotiate them on your own.nnWhatu2019s not to love: more time, less frustration and a trusted partner to help get you from Point A to Point B u2014 seamlessly. Get started today by getting au00a0u003ca href=u0022https://www.jmfa.com/Tools/JMFA-Contract-Optimizer-Analysis-Requestu0022u003ecomplimentaryu00a0contract analysisu003c/au003eu00a0from our experts.nnu003cemu003eTo learn more about uncovering savings opportunities by renegotiating your service contracts contact Kelly Flynn atu00a0u003ca class=u0022ApplyClassu0022 href=u0022mailto:Kelly.Flynn@JMFA.com?subject=Online%20Inquiry%20-%20JMFA%20Contract%20Optimizeru0022u003eKelly.Flynn@JMFA.comu003c/au003eu00a0or call 800-809-2307.u003c/emu003ennu0026nbsp;nnu003cstrongu003eABOUT THE AUTHORu003c/strongu003ennu003ca href=u0022https://www.jmfa.com/Services/Contract-Negotiations/Kelly-Flynnu0022u003eKelly Flynnu003c/au003eu00a0is a national sales director for John M. Floyd u0026amp; Associates (JMFA). She has more than 15 years of experience working with community credit unions and banks of all sizes. Kelly is focused on helping her clients achieve their strategic goals by optimizing the value of their third-party vendor contracts or agreements.nnu003cstrongu003eABOUT JOHN M. FLOYD u0026amp; ASSOCIATES (JMFA)u003c/strongu003enFor the past 38 years, JMFA has been considered one of the most trusted names in the industry helping community banks and credit unions improve their performance and profitability. Whether itu2019s recovering lost revenue, uncovering savings opportunities, serving your account holders better or delivering a 100% compliant overdraft programu2014JMFA has the right solutions to help you not only meetu00a0but exceed your goals. We are proud to be a preferred provider among many industry groups. To learn more pleaseu00a0u003ca href=u0022https://www.jmfa.com/About-JMFA/Contact-Us-Todayu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003econtact your local representativeu003c/au003eu00a0or call us at (800) 809-2307.
u003ca href=u0022https://www.jmfa.com/wp-content/uploads/2021/07/CO-4WaystoSaveonBranchEquip1.pdfu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003enu003cimg src=u0022https://www.jmfa.com/wp-content/uploads/2021/07/article11.jpgu0022 alt=u0022u0022 width=u0022200u0022 height=u0022259u0022 class=u0022aligncenter size-full wp-image-1830u0022 /u003eDownload Articleu003c/au003en