As the trend toward mobile payments and online banking continues, ATMs are becoming an increasingly more important point-of-contact for consumers.

Yet, required upgrades in hardware and software paired with consumer demand for advanced functionality ATMs are straining financial institutions’ budgets. And with Microsoft Windows 7 support ending in January 2020, banks and credit unions are facing another round of software upgrades, modifications to existing hardware not equipped to run Windows 10 and the need to replace to older terminals that are not upgradable.

More than 20,000 ATMs per year are being relegated to the trash heap, according to a recent white paper published by MVP Financial Equipment. They're filling landfills with nonbiodegradable plastics, metal and batteries, which are a detriment to the environment.

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So how can financial institutions offset the costs of upgrading their out of date ATMs or expanding their ATM fleet while reducing their environmental footprint?

Through a qualified refurbishment company, certified technicians repurpose important ATM components. Main boards, cash dispensers, displays, cabinets and more are carefully disassembled, cleaned, repaired or rebuilt from the inside out, repainted and tested to ensure they are working properly. Parts that are unable to be used again, such as batteries, are properly disposed of to reduce unnecessary waste that can become a hazard to the environment.

Financial institutions, that purchase refurbished ATMs, can expect high-quality, compliant terminals for a fraction of the cost of purchasing a new ATM. According to the white paper, "Refurbished ATMs: A Good Deal for Financial Institutions … and the Environment," the cost of refurbished terminals is approximately 60% the cost of a new one. This allows banks and credit unions to increase points-of contact with account holders using up-to-date components designed to meet or exceed current industry standards.

For banks and credit unions interested in growing their ATM fleet or upgrade out-of-date terminals, refurbished ATMs can be a great, environmentally conscious investment — one that will also benefit their budget.