One Cash/DSM Connect goes into voluntary administration

OneCash and its parent company DSM Connect have gone into voluntary administration with administrators appointed on 4 June.

OneCash manages as many as 500 ATMs at locations throughout Australia, at petrol station sites including Caltex, BP, Mobil, and Shell as well as at various independent supermarkets.

The first meeting of the companies’ creditors is scheduled to be held in Brisbane on June 16.

OneCash installed ATMs free-of-charge in a business premises, managing them on a profit-share basis. ATM usage fees charged to customers were then split between OneCash and the business owner. Predicated revenues of up to $2000 a months were offered, depending on the location and foot traffic of their store.

Industry insiders have drawn comparisons with past ATM company failures such as the Aussie ATM / My ATM model and have reinforced the value of using a ATM Industry Association (ATMIA) endorsed provider.

Rumours of the imminent collapse of One Cash began to circulate in mid May, with rival ATM suppliers reporting they were “inundated with a number of their clients claiming to have not been receiving payments”. Read more.