Things You'll Need:
- Place to install the machine
- Phone line (within 3 feet of the location)
- 110 power outlet
- Cash to fill the machine (optional)
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Step 1
Select a company that sells ATMs. Make sure the company you choose provides installation services and maintenance. Even if these are jobs you feel you can handle yourself, it is still wise to make sure the company provides these services. It implies that they are a legitimate and credible business. To avoid scam sites, make sure the company offers a toll-free number to contact their staff, and preferably a physical address. ATM Experts and ATM 4 Less provide both installation services and toll-free customer service.
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Step 2
Decide on a machine that can bring you the most profit with the least amount of cost. it may take a few years for a new machine to pay for itself. Used machines are cheaper. Be aware that even if the distribution company handles maintenance, down time from malfunctions can cut into your monthly intake.
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Step 3
Find a location. It is critical that before you order your machine, you have a busy location where it can be installed. This might involve making a deal with a store owner, or finding a location near a shopping center. It is key that you have in mind the best location for your machine before you purchase it. Otherwise you will waste valuable potential earning time, and prolong the installation process. This is the single most important decision you will make and it will directly affect your machine's profitability. You must make sure the location has a 110 watt power outlet to keep your machine running, as well as an available phone line. You also want to secure a reasonable price for the housing of your machine. Depending on the cost of the phone line, power supply and popularity of the location, you can pay from $30 to $400 a month just for the location. When seeking a location the key is to find a place where your revenue will outweigh your costs.
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Step 4
Fill out all transaction agreement forms. All companies that provide ATMs and services for sale require customers to certify that they understand all of the parameters of the relationship shared between the customer of the machine and the company selling it and providing services. ATM Experts provides these forms as the final step before purchase. You may also have to fill out an ATM processing agreement, Merchant Participation agreement, leasing application, and ATM placement agreement, all of which are provided by both ATM Experts and ATM4Less. ATM Experts requires that you provide the cash for the ATM, but they will put it in and then refund the amount to you when it's withdrawn. ATM4Less provides the cash and they will install it for you as well.
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Step 5
Decide whether to lease or buy. The wholesale cost of an ATM ranges from $1,000 to $14,000. If you lease, the monthly revenue from the machine could essentially cover your monthly costs and the ATM could pay for itself. Likewise, buying it wholesale cuts your monthly costs and makes it easier to cover any extra fees you might have set up in your placement agreement.
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Step 6
Once your forms are filled out, you will make your first monthly lease payment or pay for the machine outright. The turnaround time from the moment you pay to when the machine is installed and filled with money is about 3-5 days.
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Step 7
Once your ATM is up and running, you will simply need to keep track of the revenue it brings in. For better profitability, it may be more beneficial to decrease your transaction fee, or raise it depending on the average income and withdrawal habits of the people where your machine is located. You may also need to change your location. To operate toward the maximum profitability, keep track of trends and adjust accordingly. For example, if your machine is in a small store and you are getting few visitors, see about putting an ATM sign in the window. Don't allow the machine to go a long time without maintenance. Visit the machine regularly to make sure it hasn't been tampered with and to observe users. If you notice crowds of people lined up to use the machine it may be more profitable for you to increase your transaction fee.
