When a client needs quick cash, finding an automatic teller machine can sometimes be difficult. This is where an ATM business comes in handy. This business doesn’t only make it easier for customers to get cash, but it also offers convenience and saves time. So, if you are an entrepreneur, consider installing ATMs to offer cash to people for a fee.
If you have an interest in the ATM business, you need to do various things you need to do to make money from it. In this article, we will show you everything you need to know about this business.
What are the ways to make money from the ATM business?
1. Direct charges from customers
Since your business is offering convenience and ease to ATM cardholders, most of them will be willing to pay a surcharge fee to use your ATM. Generally, you can charge any amount that you want, but the surcharge fee should be reasonable enough to encourage customers to use your services. On average, the surcharge ranges from $2 to $3. Notably, you are own 100% of the surcharge fee.
2. Extra fees from the ATM providers
Do you own a store? If yes, you can also work with ATM providers to install ATM that will allow you to provide cash to people. Having an automatic teller machine in your store can go a long way in drawing more customers to your store. According to some surveys, when customers withdraw money from an ATM in a store, they will likely spend more on your services or products.
How lucrative is the ATM business?
Generally, an ATM business can serve as a passive income source that can provide amazing profits, especially if it is located in a place with numerous individuals. Although the startup capital can vary significantly, it doesn’t require lots of monitoring. The projected income from ATM business can come from surcharge amounts as well as income per use.
Assuming you get a surcharge of $2 and make an income of $2 for every use. If you have 5 customers every day and make a total of $10 for 5 uses each day, you can make more than $3500 from the business every year. Since it is a passive business, it doesn’t require much effort from you.
If you live in a high-volume area and get lots of customers every day, your profit can be more than $10,000 every year.
A step-by-step guide to starting an ATM business
If you are willing to start an ATM business, here are the steps you need to take:
• Choose the right location
When it comes to the profitability of an ATM business, your geographical location will play a key role. While some locations may struggle to get 5 customers each day, others may welcome 50 or more customers daily. For instance, if your ATM business is in an area with casinos, you can get as many as 100 customers daily.
• Look for a reliable ATM
The first thing you need to do is to find a dependable ATM that will allow you to service the needs of every customer. Typically, an ATM will cost you around $3000 to $4500 depending on the ATM Provider you are working with and the type of ATM you are using.
To make your job easy, consider using the services of Flash ATM to get a reliable ATM. They offer lease programs and placements as well as offering you a wide variety of used refurbished ATM’s, and they service Canada from coast-to-coast. Flash ATM is also available 24/7 for all your administrative and technical issues. One thing that makes Flash ATM Unique in the industry is that they offer personalized coaching where you get access to a NHPRO Certified Technician with over 20 years of experience in the industry, and someone who has a deep understanding of the overall industry and all of its challenges. Once you are setup with Flash ATM , you can call, text, email, whatspp at anytime for support or general coaching who will help you be successful.
• Get details of sign up process and fees
Various ATM networks have different signup processes and fees. It is crucial to understand these things before committing yourself to any ATM network. Check out the hidden fees, additional charges, baits, etc. that may be included in the signup process or agreement.
• Check references of other ATM customers
Don’t sign an ATM process agreement with any ATM network until you have contacted their existing or previous customers. Therefore, ask for references from the ATM network and get in touch with the customers. From the customers’ experiences, you will know whether you should work with the network or not.
While talking to the previous or existing customers, don’t shy away from asking about the reliability of the tech support of the ATM network. Does the support team respond to the needs of the customers 24/7? How does this team handle the chargebacks and other complaints from ATM businesses? These are some of the important questions you must ask.
