Week 14 (#1): EcoATM: An Easy Way to Sell Your Old Electronics!

We all know what kiosks are...Coinstar and Redbox are two well-known kiosks. One gives you cash for your loose change, and the other rents out DVDs for $1 per night. Well now there is a new type of kiosk making a presence in the market. EcoATM is a company that creates kiosks that automate the buy-back of used mobile phones and other used portable electronics directly from consumers. 


How EcoATM Works:
The seller places their phone (or MP3 player or other gadget) into the kiosk (the company says it will not damage the phone nor read/copy any personal data from the device). The kiosk then visually identifies the phone as best it can from a database of around 4,000 devices and uses visual recognition technology to determine if the device has been damaged. The kiosk also analyzes whether or not the device boots up. Based on the type of phone and the shape it's in, EcoATM makes an offer. Users can cash out (or cancel the transaction and get their phone back at any time), with the option to donate any percentage of the sale to a charity. Every week, the company picks up the phones sold and sells these to middle market electronics refurbishers, who fix the devices up and resell them or sell the parts to other electronics companies.


There are about 50 EcoATM kiosks operating in the US  currently, mostly in California for now. They are located primarily in malls, grocery stores and big-box retailers. The company expects to expand nationally.


Source:
http://techcrunch.com/2012/05/01/ecoatm-raises-17m-from-coinstar-and-others-for-electronics-recycling-and-resale-kiosk-system/