It seems that 2020 is the year to start a business. With the economy and jobs as unpredictable as they are, it doesn’t seem like a bad idea to be your own boss. So, why not start an ATM business?
You don’t need to be a big bank or financial company to own an ATM business. You can supply cash to customers, regardless of your background if you’re willing to figure out the ropes of the ATM world.
You can make a decent living with ATMs if you do it right. So let’s talk about whether or not it’s worth it to start an ATM business.
How do ATMs Make Money?
ATMs make their money through the fee that customers pay to use their machine. They typically have a small pay-per-use fee that’s around $2 or $3.
But as the ATM owner, that’s not always your full cut. Oftentimes when business owners allow an ATM to be put on their property, they do so for a small cut. And that cut will have to come out of your earnings from the machine.
However, you can also make money with an ATM business by using the screens for advertising. This can be a great way to bring in more cash, considering how many people have the potential of seeing the advertisement this day.
How to Start An ATM Business
Location, Location, Location
Your ATM business won’t make any money if no one uses it. That’s why it’s so important for you to find the best location for your business. A good location is one that’s not only high traffic, but also by places where someone could use the cash.
Create a Business Plan
Even if your business is tried-and-true like an ATM business, you still need a business plan. It’s important that you put your ideas on paper before you get to far along in the process.
Find Your Suppliers and Contractors
You can’t run your ATM business by yourself. You need someone to process transactions for you and someone to replenish the cash supply on a regular basis. When you’re planning your ATM business, you need to see who’s out there that you can work with.
Get The Proper Insurance in Place
With an ATM business, you’re dealing directly with cash and as the owner, you’re liable for that cash. That means it’s important for you to get the proper insurance so you’re covered.
So, is it worth it?
At the end of the day, it really is up to you whether it’s worth it to start an ATM business. On the good side, it’s a relatively hands-off passive income, but you do take on some liability and more and more people are using cards these days.
So, the question is for you. Is it worth it?
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!