Are you looking to start a new business venture? Do you want to supplement your income? Whether you want to start a side business or engage in a full-time business, we have a business idea for you.
One of the best businesses you can start is an ATM business. This type of business can provide you with passive income. It’s worth starting an ATM business as consumers are always looking to get cash.
Want to learn how to start your ATM business? Read this guide to learn everything you need to know about the ATM business.
ATM Business Overview
So you’re an entrepreneur? If you’re looking for a great way to invest your money and make a profit, you should set up an ATM business. By starting an ATM business you can offer a service that people need.
People who are looking to get cash want convenience. They want to get their hands on money fast without having to drive all over to find a bank. If they find one of your ATMs, they will get cash and you get to make money from the ATM fees.
For this business to work, there have to be three parties involved in your business plan. You’ll be the ATM owner and will be responsible for looking for venues where you can install your machines.
You’ll have to partner with the owners of each venue to get their permission to install the ATMs. There is also an ATM processor who is part of the plan. The ATM processor handles the paperwork that keeps the ATMs working.
You, along with these two other parties will share the ATM processing fees. Each party will get a part of the service fees, but the ATM owner gets the majority of the fee.
To Own or Not to Own?
As you write your business plan, you have to ask yourself if you want to own the ATMs or have a third-party company place and manage them for you. If you own the ATMs you can set how much you charge in fees. You can also keep more of the profits.
If you own the machines, you manage them. You also have to learn about ATM processing. If one of your ATMs breaks down, you have to fix it.
If you want to take a hands-off approach, you can work with a company that manages the ATMs for you. The company will track the transactions. The bad thing is that you may not get as much income as you would if you were the owner of the ATMs.
Choose the Right Type of ATM Machine
So now you have an idea of how this business works. The next step is to choose the type of machine you want for your business. One factor that will influence which type of ATM you’ll get is the locations where you plan to place the ATMs.
There is a standalone ATM that’s perfect for indoor and outdoor places. You can install one of these in a bar, gas station, or at a mall.
You can get an ATM that you can permanently install on a wall. A wall-mounted ATM is great for a business or location that lacks space. There are also table-top ATMs.
You must also take into account the ATM cost. Used ATMs are cheaper compared to new and high-end models.
Don’t forget to factor in the installation fees and costs of accessories. You’ll also want to set a budget for their maintenance.
Choose the Right Locations
In this business, it’s all about location, location, location! Yes, where you choose to install your ATMs will dictate how much you can make.
You want to make sure you install your ATMs in a convenient place. Businesses that have high foot traffic are ideal places. Go with places that are open 24/7 as these businesses have a lot of people going in and out.
The place where you install an ATM should have electrical access. If your ATMs aren’t wireless, you’ll need to place them in a place where there is a phone line.
You’ll want to place ATMs where people need cash. Think about music festivals, fairs, and trade shows. People who attend these events may need cash to buy merchandise or food.
Considering being proactive when it comes to security. Place the ATMs in locations where you can watch them via cameras. If you place your ATMs outside, place them in a well-lighted area.
Invest in insurance to protect your machines against theft and vandalism. Also, make sure to check your machine for skimmer devices. You want to protect your consumers from this type of crime.
Apply for Business Licenses and Permits
One part of your business plan that you have to focus on is getting the required business licenses and permits to run your ATM business. Check with your state’s department of business and regulation to determine what licenses and permits you may need.
It’s important to get these documents if you want your ATM business to succeed. You don’t want to encounter any legal issues.
Time To Start Your ATM Business
As you read, there’s a lot of potential to make money with an ATM business. This entrepreneur’s guide can help you set up this type of business. Once you have your business plan set up, you can take the steps to start earning a passive income.
Don’t forget to explore the rest of our blog to read more business-related articles!