Frequently Asked Questions

Credit Unions

Question

With no monthly network processing fees and our ability to retain 100% of the surcharge if we own our ATMs, how does Gateminder make its money?

Answer

All ATM card transactions involve a service charge payable by the specific card issuer. Gateminder receives income for each transaction from those card companies for the processing of the transactions through their platforms.

Question

An ATM program seems like it would be expensive to set up. Arenít the costs prohibitive for my credit union?

Answer

Probably not, if you use Gateminder. The cost of an ATM can run anywhere from $1600 and up, depending on what type of machine your credit union is interested in and for what purpose. If those costs for an ATM are too expensive for your credit unionís budget, Gateminder will supply the ATM. With no monthly fees whatsoever, there are really few good reasons for a credit union not to have an ATM program in place.

Small credit unions with just one ATM that use Gateminder are making positive net income from their program while much larger credit unions that own many ATMs and use some of our competitors (who charge exorbitant monthly fees), are actually losing money.

Question

We currently own our ATMs and are driving them with someone else. How can we switch to Gateminder?

Answer

It depends on when your current contract expires. Some network processors charge large fees for leaving a contract prior to the expiration date. Some of our customers have actually paid the breach of contract fee with their former processor because it was actually more cost effective to pay the fee and begin making the revenue with us than to wait to the end of their contract term.

Question

It is difficult to figure out exactly what I am paying a month for my ATMs. How do I do that?

Answer

You are not alone. Many network processors bury their costs and charges in the volume of paper that comes from them in the form of ATM activity reports. Credit unions are often surprised at the charges and their amounts when they sit down and study them with someone who knows how they are hidden. With Gateminder, we have a concise, one-page statement outlining ATM activity for the month and NO monthly charges.

Retail Locations

Question

My customers use credit cards to mostly pay for purchases. Why would it be worthwhile for me to place an ATM at my location?

Answer

It is worthwhile and cost effective to have an ATM for several reasons. First, it is best for retail locations to have as many customers pay with cash as possible as you will receive 100% of the purchase price. When customers use credit cards for purchasing, a percentage of the sale, in many cases, is 3% or higher and is charged to your business to process the credit card transaction. Secondly, customers have come to expect access to cash in almost any retail business. A profit can be made in capitalizing on this demand for cash, even if your customers donít use it for purchasing your products. The cash they are getting could be used for purchases at other locations, such as parking, or a stop they know they will make after visiting your establishment.

Question

Is security an issue with an on-site or off-site ATM machine?

Answer

Security is not an issue. Gateminder only uses the finest equipment available with each ATM having a level one business safe made from hardened steel. Each stand alone machine is secured with a minimum of four steel concrete lag bolts from inside the safe. This makes it nearly impossible to move the machine. Since all machines are monitored on a continuous basis, any interruption in normal business activity is immediately noticed.

Question

Since I am using my own funds to fill the machine, how does that money get back into my account?

Answer

Account reconciliation occurs on a daily basis moving the funds that have been taken from the ATM back into your account based on the prior days ATM activity. All Friday business transactions are credited on Mondays with weekend transactions being credited on Tuesdays.

Question

Will I be asked to pay any monthly charges to Gateminder for network processing?

Answer

No. The Gateminder business platform does not have monthly charges. It is designed to create monthly income for each client, not monthly charges.

Question

With no monthly network processing fee and my ability to possibly retain 100% of the surcharge, how does Gateminder make its money?

Answer

All ATM card transactions involve a service charge payable by the specific card issuer. Gateminder receives income for each transaction from those card companies for the processing of the transactions through their platforms.

Question

How is the cash loading and balancing handled?

Answer

Cash loading is handled by a designated employee of the client or a bonded cash handling service. Only designated individuals will have a password and corresponding pass code to gain access to the ATM safe. The balancing occurs each time the ATM is loaded or can take place anytime a client wishes to do so. This process takes less than five minutes.

Question

What are my responsibilities?

Answer

You will be responsible to supply the machine location, a local telephone line and power source for the machine. A standard dial-up telephone line is sufficient and used only during the time a transaction processes.

Banks

Question

We currently have a credit/debit card program with a company that also does ATM processing. Are we saving money by bundling those services?

Answer

Most probably not. Processors that do both are able to hide many hidden charges for ATM processing in your bill. Many processors charge in excess of $2,400 per month for ATM processing, but since some of that expense is offset by the revenue of the cards, it appears as if there is little, or no expense for ATM processing Ė when, in fact, there is a considerable expense of which most banks are unaware.

Question

Does Gateminder do card processing as well?

Answer

No. The card side is a separate universe from the ATM processing side. We specialize in ATM network processing and provide it at NO cost to our customers. There are no charges hidden in any bills for ATM processing with Gateminder like most card company bills have.

Gateminder Corporation

16926 Saint Clair Avenue
East Liverpool, OH 43920

(330) 310-7844

gatemindercorp.com