Setting up an ATM business for extra profit is a growing idea, and it’s quite simple to do. It’s a low-maintenance side-business that requires very little hands-on time from the owner, making it a great option for many people. But just how much money can you really expect to make from your ATM? Keep reading for everything you need to know about ATM businesses– and how much you can really make.
How to Set Up Your Business
To make your ATM business work, you need to start off on the right foot. Fortunately, setting up a good ATM business is pretty easy. Here’s what you need to do.
Choose Your Location
ATM location is very important; it will generally determine which ATMs succeed and which ones do not. If you own a business, you already have space to put your ATM. And doing so will bring even more business to your store or shop. If you don’t own a space to install an ATM, you might have to work with another business owner to see if their space can be used. Make sure that you adhere to any local restrictions on where ATMs can be placed, if any.
Buy Your Machine
Before you purchase your new ATM, you’ll want to research your options. Have a look at different makers and reviews to see which one might be best for your needs. The ATM company will help you set up the machine, so don’t worry if you aren’t up to speed on the technical details of running the machine just yet.
Place Your Machine
Now that you have your machine, you need to put it in place and make it available for use. Make sure that it always has cash and receipt paper to keep the business coming. It also might be a good idea to advertise your machine with simple “ATM Here” signs to indicate where passersby can take out some cash.
Set Your Surcharge
The way you make money through an ATM business is primarily through collecting surcharges for cash withdrawals. Initially, these charges will help you cover the initial investment of the machine itself. After a while, that will turn into direct profits.
When setting your surcharge, you need to be a bit strategic. A surcharge that is too high might scare people away to a less expensive ATM, but one that is too low will limit your profit from the business. Check out what nearby ATMs are charging to figure out what your surcharge should be.
How Much Can You Really Make?
How much you make from your ATM business depends on several factors, like how many transactions your machine receives each month and what your surcharge is. Again, keep an eye on nearby ATMs to see how many transactions they’re doing in a day to give yourself an idea of what you might expect.
The good news is that whatever you make after covering your investment is profit in your pocket without any time-consuming work that needs to be done. However, it’s likely that if you want your ATM business to be your sole income, you’ll probably need to own several of them.
An average ATM in a decent location may see 5-10 transactions per day. With an average surcharge of $2.50 per transaction, you could see a profit of $25 per day per machine, which comes out to up to $750 per month. The more machines you own, the more profit you’ll see.
If you’re ready to get started on your ATM business, get in touch with New York ATM! As an expert in ATM installation and maintenance, they’ll be able to help you get off the ground and into higher profits. Give us a call today at (917) 842-6201 for more information!