How to Start an ATM Business￼
ATMs are still quite popular. Many people prefer cash to avoid debt and the charges that come with credit cards.
Owning an ATM machine is lucrative.
Here is everything you need to know about having an ATM business.
Who Can Start an ATM Business?
Anyone can own an ATM: city governments that want to raise revenue, entrepreneurs, commercial landlords, retailers and just about anyone else.
Contrary to what many people believe, starting an ATM business is not that expensive. Most ATM models cost below $2500—and this includes shipping. It only gets expensive because of working with an inexperienced ATM company. Learning from mistakes is not cheap.
A better question to ask would be, “who can run an ATM?” Almost all entrepreneurs and investors can have an ATM, unless they have a financial crime record or felony criminal record.
Advantages of Investing in ATMs
The benefits are similar to those of any other passive income streams. They include:
Meet and interact with awesome people
Low risk and minimal investment
Flexible working hours
What Should You Consider Before Buying an ATM?
First, read as many resources as possible about the business model. Get books, read papers and join online platforms with fellow ATM investors.
Disadvantages of ATMs
The biggest risk with an ATM business is capital loss—but this is the case with every business. The risk is minimal with an ATM though. Purchasing the hardware is the biggest investment and you can always move it to another location.
Another risk you should be aware of is theft and/or vandalism. You can counter this with inexpensive insurance. The cases may not be many but they do occur.
You have to clean and service the machine regularly to keep it working perfectly. Expect issues such as electrical surges (get a good surge protector), communication problems, printer jams, cash jams, etc.
The Best Locations for Your ATM Business
The best locations include adult retailers, supermarkets, casinos and convenience stores. However, these are not easy to get.
So if you can’t obtain those, look for a high-traffic area where cash is needed. It could be an area without a bank nearby or a store that doesn’t take credit cards.
Where Can You Buy An ATM?
There are different ATM companies where you can buy a machine. But before you make a purchase, you should compare models and features. Because of new compliance requirements and laws, operators are upgrading their machines. Non-compliant ones are starting to pop-up on various websites.
Make sure you buy from a reputable firm so you don’t end up with an outdated machine that cannot even be upgraded.
How Do You Stock the Machines?
Loading an ATM is easy. The person who loads ATMs is known as the vaulter. It could be a professional vaulter, the owner, armored car service or another trusted person. The vaulter should be dependable so the machine doesn’t run out of cash.
What Are Some Great Machine Models?
Genmega and Hyosung have reliable machines which are greatly priced.