How to Start an ATM Business
Have you ever been in dire to perform a transaction and you don’t have the money physically, yet there’s money in your bank that you don’t have access to due to time or distance? This is where the ATM serves as a lifesaver and a timesaver, and guess what? It’s not just a machine. It’s a business strategy.
What Is An Atm?
ATM (Automated Teller Machine). Hey, so next time do not say an ATM. It’s a tautology.
An ATM is a class of mainframe computers that authorizes transactions without a bank cashier or the need to fill a deposit or withdrawal slip. With your card and your pin, you can use the ATM.
Who Can Own An ATM?
Anyone who has the money to start this business can own an ATM. The major challenge is starting up financially, but ATM selling companies like Mobile money and Lieberman companies make the process easy by giving out financing options, free placement, training and offering technical support whenever you buy from them, or you can equally apply for loans and other ATM business financing organizations.
Small ATM Machines that Can e Purchased by Beginners
- Hyosung Monimax 5000: Mostly found in retail stores, easily sighted with a characteristic sign topper and a small footprint
- Genmega G2500: Found in small companies and doesn’t possess all the features
- Genmega GT3000: An ideal machine that can be built into a wall. Security and accuracy are assured with the machine.
Do ATM Owners Make Money?
Yes, the business is profitable, especially for owners who have machines installed at different locations. Transactions are inevitable every day. Hundreds and thousands of people place a transaction, and an ATM owner makes money from his surcharge whenever a transaction is made via his machine. Close to $20,000 and $30,000 extra per year this business. It is also important to know about every business risk, including the ATM business. The major risk in the business is Theft and hackers, and situations where the information of your customers are not secured.
How to Start an ATM Business
For those interested in investing in the ATM business, there’s a milieu to doing it.
· ATM PRICE DELVING: This has to do with inquiring about the type of machine since the machine varies in type and purpose, and price. The price range for a single ATM is between $1,000 to $10,000 or even more, depending on the type and age. Used machines are less pricey than used brand new machines, but used machines can be a bit slow when used. It’s up to the buyer to decide what kind of machines he’s signing up for.
· LOCATION FOR INSTALLMENT: This step goes concurrently with the first step. While planning to buy an ATM, you should also plan where it will be kept or installed for use. Placing an arm close to places like a shopping mall, eatery, tertiary institutions, the marketplace is a great boon to the business owner because these are strategic places where people make transactions frequently.
· Register the ATM Business: it is important to register with business structures like LLC(Limited Liability Company). They help back up the business if it runs into any business crisis. While registering your business, you also have to open a personal account for this business and get the necessary license and insurance to avoid confrontations.
· ATM Connection: A server is needed for efficient use of this machine, meaning that the internet is needed for this business. Device like:
An open port with a cable line
An Ethernet jack
A phone line or a wireless router
These are the devices needed by a technician for the ATM connection before being used efficiently.
· Money Stocking: For the machine to be useful, there must be money inside it, so the machine has to be constantly stocked with money to make your profit.
· Set your ATM Surcharge: An ATM surcharge is how much an ATM business owner wants to make whenever someone makes a transaction with the machine. The owner has the full right to place any charge for using the machine, but the price should be somewhat affordable since you are not the only one doing this business. Setting a surcharge fee is important to cover the machine’s cost price, maintenance, and other expenses needed to start this business.
· Start Making your money and look out for placing more machines in strategic places at the business grows
How to Boost an ATM Business
1. Make your business visible by installing the machine in strategic places where it will be needed. The use of signs and banners as notification is never a bad idea. Social media is another way to improve your business visibility.
2. ATMs need to be installed in a safe place where people feel secure to withdraw huge amounts of money.
3. Create awareness with your website blogs and let your branding idea be appealing to generate leads.
4. Do not be stagnant in the business. As the business grows, try to enlarge your coast.