New ATM swaps gold for money
An automatic teller machine which takes your gold and deposits money into your bank account in return has been installed in a New Plymouth shopping centre.
The Gold ATM first appeared in February at Botany Town Centre in Auckland and a second machine was recently brought into New Plymouth’s Centre City shopping mall.
The machine gives those who want to part with their gold an easy way to swap it for money.
Sellers simply plonk the pieces into the machine’s cup. It is then weighed and x-rayed to determine its worth. It took gold of all carats and colours and Gold ATM shareholder Tabet Jordan reckoned the price per gram was ‘‘incomparable’’ to most jewellery buying shops.
Once weighed and scanned the machine would offer a price and customers then had the choice to accept, decline or negotiate. Once they accept the deal the money was deposited into their account.
The gold buying machine is a cashless transaction which Jordan said was the way of the future.
‘‘I personally believe everything is going this way in the next couple of years,’’ he said.
The machine didn’t hold any money in an effort to deter ‘‘dodgy people’’, Jordan said. ‘‘We believe cash dispensers cause trouble,’’ he said. ‘‘This is when you attract the wrong people.’’
The machine boasted a multistep process which Jordan believed would eliminate people who wanted to sell stolen items.
Some of the steps included the machine taking a photo of the customer and their driver’s licence and a copy of their fingerprint.
It also required people provided basic personal information and a bank account for the money to be transferred to.
Jordan said the machine was manufactured in Germany but was a New Zealand product.
The New Plymouth-based ATM was temporary and would soon be moved to another shopping mall in Auckland.
But since it had arrived Jordan said it had been used by ‘‘quite a few’’ people and it was always possible another one could make its way back to the centre. All transactions were available to police, who would be provided with a photo of the seller, the jewellery they sold, and photos of their ID and finger prints if and when needed.
New Plymouth police sergeant Bruce Irvine wasn’t worried about the machine’s arrival to the town.
He said there was also the possibility people might try and sell stolen items but considering the machine’s extensive security measures he didn’t think it would cause too much grief. ‘‘At the end of the day, if it’s a legitimate device and it has the appropriate security measures in place we don’t have an issue with it.’’
Cash Coverters spokeswoman Erin White said she did not believe the ATM would affect business.
‘‘We pay top prices for unwanted gold jewellery and provide cash on the spot.’’
White also said she couldn’t understand how the ATM service could be compliant with obligations under the Second Hand Dealers Act 2003.