(February 3, 2015) -- Visa and MasterCard have cautioned that if financial institutions are not ready for EMV by October and have their ATMs upgraded by October 2016, they could face significant financial expenses, not to mention the loss of consumer trust.
With fraud liability shifts set to move to financial institutions and merchants in October, many banks and credit unions are scrambling to make the switch. Banks and credit unions don’t have to go it alone. There are options available to ease the stress such as outsourcing their ATM fleets.
Here are five good reasons to consider outsourcing:
- Reduce Operating Costs– By utilizing an ATM management company that focuses solely on ATMs, banks and credit unions can take advantage of collective buying power and dramatically reduce operating costs. Not to mention, receive best of class service for an affordable monthly fee.
- Ease the Stress on Back Office Resources – Based on cardholder trends, it is quite likely your financial institution is focusing heavily on developing mobile applications and sophisticated online banking tools. Resources to manage ATMs and the regulatory issues of EMV, PCI, ADA, Windows migration and software integration may be very limited. This is where ATM outsourcing can save you time and money. By eliminating the stress of having to manage ATMs, your back office staff can focus on developing programs that will allow your institution to attract new accountholders.
- Improve Customer / Member Service – Quite simply, the purpose of your institution is to provide loans and financial services to your customers / members. ATMs play a big role in consumer satisfaction but that is just a fraction of what your financial institution delivers in quality programs. By outsourcing your ATM program, your front line staff is relieved of these time consuming tasks and is free to focus on providing the best possible service.
- Eliminate Regulatory Compliance Headaches – With increasing fraud in the U.S., and EMV liability shifts and PCI deadlines looming, one of the biggest benefits of ATM outsourcing is the elimination of maintaining regulatory compliance matters that affect ATM security and fraud protection.
- Gain Access to World-Class Capabilities– ATM outsourcing companies utilize world-class services that improve the daily management of ATMs. Some of these include: ATM transaction processing and reconciliation, maintenance alerts, vault cash forecasting and management, surcharge-free network access and state-of-the-art ATM marketing to expand your brand and increase community awareness. By utilizing an outsourcing company, you gain access to these tools for a fraction of the cost of developing them in-house or purchasing expensive software programs.
By putting your ATMs in the hands of experts, outsourcing can relieve you of the stress of having to upgrade your ATMs to EMV, save you time and money, and help to keep your team focused on growing your institution.