It's not that they don’t make them like they used to. They do. But the simple fact of the matter is that machines wear out. And the more complicated the machine? The more chances all those moving parts have to fail.
But some machines aren’t just expensive. Some machines handle a whole bunch of money. And they have to do it accurately and reliably.
When it comes time to fix up your ATM, you need to do it right. No half measures. No corners cut. So, here are a few things to keep track of when you buy ATM parts.
Which ATM Replacement Parts to Buy
Buying ATM replacement parts isn’t as straightforward as it sounds. Do you buy OEM parts? Do you look for a good off-brand replacement? Should you buy refurbished ATM parts?
Honestly, there isn’t any one right answer. They could all be right for your financial institution.
Here are some of the major risks in buying ATM replacement parts:
1. New OEM Parts
Original Equipment Manufacturer (OEM) parts are made to very exacting standards. Better yet, they’re the parts that come standard on your ATM already. With OEM ATM replacement parts, you can enjoy the same level of reliability that you would get straight from the factory.
That sounds like a great deal, right? It is! But what are the risks?
The risks have less to do with reliability and more to do with cost. OEM replacement parts for ATMs are usually more expensive than their competitors. Those kinds of replacement costs can really add up. For smaller banks and credit unions, things can get prohibitively expensive.
OEM part quality is high, but they’re not always the best economic decision.
2. Off-Brand ATM Parts
Off-brand parts are made to work the same as OEM parts. They generally look the same and work the same. Not only that, but they’re usually much cheaper than OEM parts. However, there may be differences in manufacturing that alter their reliability and longevity.
After extensive testing, we’ve found that non-OEM, off-brand ATM replacement parts generally fail sooner. Often, their manufacturing process isn’t as rigorous, or their formulae are a little different.
The risk of buying off-brand parts is clear. Off-brand parts don’t usually have the same level of reliability as their OEM cousins. While they may be cheaper to buy, they also tend to fail earlier. That means you’ll have to replace parts more often, increasing your TCO and pushing your maintenance costs higher.
3. Refurbished ATM Replacement Parts
Refurbished OEM parts are another interesting option for ATM replacement parts. They sport the manufacturing tolerances and specification of new OEM parts, but they’re much cheaper, like off-brand parts.
The risks of buying refurbished ATM replacement parts are varied. Here’s why:
The refurbishment process varies depending on who’s refurbishing them. If you buy from a reputable vendor such as Tellerex who refurbishes OEM replacement parts, they’ll make sure that part works as good as new (but at a fraction of the price). If you buy from a vendor who refurbishes off-brand parts as well, you may not know what you’re getting.
So, if you’re looking to buy refurbished, make sure the vendor is selling only high-quality parts. It’s not worth the hassle to buy cheap, off-brand, or poorly refurbished parts to save a bit of money in the short term. However, buying well-refurbished OEM parts from a reputable vendor could be a very savvy move.
Ultimately, any of the three options could work well for your financial institution. New OEM parts will be high quality, but expensive. Off-brand parts may be cheaper, but don’t have the same quality guarantee. Refurbished ATM replacement parts could get you new OEM quality at a fraction of the price.
Buying high-quality ATM replacement parts isn’t easy. But we’re here to make it a little easier. Subscribe to our blog to read more about maintaining your ATM fleet.