A new type of ATM

ecoATM Pictures, Images and Photos I am always interested in learning about new and innovative business ideas. Nowadays, many of the new business ideas that arise have to do with the environment in some way. The new business I am going to introduce to you now is no different. It is called ecoATM and they are based in San Diego, CA. This is no ordinary ATM that dispenses cash from your bank account. This ATM dispenses cash as payment for your old consumer electronic devices.

Their business model is unique in that their suppliers are basically the public. They pay you for your old consumer electronics like cell phones, MP3 players and video games and offer you a certain amount of money for them. If you accept the offer the machine will hold on to your device and pay you cash on the spot. The company then refurbishes the electronics and re-sells them to developing countries.

To me the most interesting part of this business aside from the business model is the machine itself. It has the ability to check whether or not the electronic device you’re offering works and what general condition it is in. It can also determine what exactly it is and then generates a dollar value based on all that information. As mentioned in the Toronto Star article where I first read about this company (click here to read it), the most the machine will offer for an item is $60. This type of smart appraising system reduces the chances that the company will over pay for products. It makes the business model a lot more sustainable and increases their overall chances for success. If you’re in California, check out this ecoATM at a mall, it’s a cool idea.