Automatic Teller Machines known simply as ATMs are source of convenience to us. Instead of waiting long lines inside the bank or beating off time just to make it to the bank, we can withdraw, deposit or have different banking transaction to this machine at our own pace.
We don’t even care if we shed a few bucks because of this comfort. And this is why those who venture on ATM business can generate a good passive income in the long run. Interested? It’s completely understandable if you want to have a head plunge in this type of business. However, before you venture take some notes and study these basics:
- Decide if you want an ATM franchise or completely start your own company from scratch. For a beginner, a franchise comes highly recommended. There are a lot of stable ATM companies who are already established and they can provide you with the machines, business plans and their very own brand. Just remember, though, that franchise business is a little bit more expensive than starting your own company.
- Purchase the equipment you need for your ATM business. Try to start with a single machine and expand your business from there. A single unit of ATM can fetch you estimated $3,000- 10,000. Additionally, you may also need to buy some extra equipment like a clip that you can fill with money to refill the machines. If you want a bigger business, you may need a truck that you can use to service the ATMs and/or move them around.
- Prepare about the legal aspects of your ATM business. Registering your company name, setting up credits, getting license (from city or government) and doing the articles of your organization may be your first steps.
- Search for public locations for your ATM where you can get a large amount of foot traffic. With transaction fees scaling between $2 -$4, you can get the approximate amount you can acquire per month and year from a certain location. You may also have to talk with business owners where you would want to put your ATM. Just remember to include rental or commission fees for the business owner.
- Note that you need to install your ATM in secure locations where there is an easy access to the phone line or the internet. You also need to set up your own computer to check on the ATMs as they are needed to be monitored from time-to-time.