Do You Need to Own a Business to Own an ATM?

Do You Need to Own a Business to Own an ATM?

Many people wonder if they need to own a business if they wish to own an ATM. The simple answer to this is, No. You can own one and even create a business of your ATMs without any existing or separate business. However, you will need to contact such companies and markets to operate and set up your ATMs in their businesses. 

Initially, you would require a company to fill up your machine with cash and be able to maintain it. This lands you in a position where you start collecting passive income. Further enhancing your ATM business will require you to control your passive income and determine how many ATMs you should buy and where you should place them to grow your business. 

The following are some helpful tips regarding owning an ATM:

Estimate Your Cash Flow

It would help if you considered your future income while beginning a business. Numerous web sources claim that each ATM can generate $500 or more monthly. These projections are typically way too high. A reasonable estimate is $250–$300 per machine every month. If you want to run an ATM, make some calls, speak with some business owners, and be conservative with your income projections.

Understand Capital Requirements

Cash is required to operate ATMs. Machine loading must be done on a rotating basis. You should budget at least $2,000 per terminal per week. You will want at least $20k in working capital to install ten airports to maintain the machines. Be cautious when loading cash as well. Break up your loading times if you do not use a cash loading service. Please don’t make your timetable predictable so people can plan around it.

Maintain a Bank Relationship

Work with a neighborhood bank to support your company. Ensure your bank supports the ATM company because only some financial institutions will at this time. Maintaining a steady relationship with any Bank will help strengthen your business and ATM venture.

Handle Transaction Processing Effectively

Although it is integrated into the bank connection, transaction processing is also a different factor. Cooperate with a respectable business. The central part of your firm is transaction processing, so you must ensure that transaction processing is available at all times.

Avoid Setting Low Margins

When discussing commissions and surcharge fees with your merchants, exercise caution. Limit the amount of profit you give away. You will be satisfied with the money long-term if you appropriately establish your earnings upfront.

Set up ATM Machines Wisely

Keep your ATMs close to one another if you have more than one. Make a sensible choice of a region and stick with it. Your service calls will take longer and cost more the farther away your sites are. Buyers find a close-knit network of machines appealing.

Prefer Signed Contracts

You should try your hardest to obtain written contracts if you intend to sell your properties or protect your location. Many operators operate their ATM businesses without signing any agreements. The value is diminished if you have an ATM and wish to sell it without specific contracts. Additionally, you will only have something to fall back on if the business owners decide to remove your ATM or let a rival enter. 

Contact New York ATM

Setting up an ATM business is easier than you think. However, it would help if you considered the factors mentioned earlier to grow and enhance your business most appropriately. If you want to acquire professional services in the same regard, contact New York ATM for professional ATM installation and maintenance services. Give us a call today or fill out our online contact form to get started!