How to Start a Prepaid ATM Business
Prepaid ATMs are a more convenient alternative to running the traditional ATM business because providing funding for the machine is not your responsibility. Finding companies that provide this service among all of the ATM sites can be difficult. Here is how to start your own prepaid ATM business.
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Things You'll Need
- Location (to install the machine)
- Phone line (within 3 feet of the location)
- 110 power outlet
- Cash to fill the machine (optional)
Instructions
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Start Your Business
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Choose a site that sells ATMs and provides the cash. Make sure the site 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 as well. It implies that they are a more legitimate and credible business. To avoid scam sites make sure the site you choose to buy from offers a toll-free number to contact its staff, and preferably a physical address. ATM Experts as well as ATM Money Machine provide installation services and a toll-free customer service and they have option to buy prepaid machines.
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Find a location. It is important that before you order your machine, you have a location to install it. This can involve setting up a deal with a local store owner, or finding a busy location near a local shopping center, but 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.
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Fill out all transaction agreement forms. All companies that provide ATMs and services for sale require customers to fill out transaction agreements 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 right 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 the ATM Experts site, as well as the company ATM Money Machines.
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Decide whether to lease or buy. The wholesale cost of an ATM can range anywhere from $1,000-$14,000 depending on whether you're buying it new or used. 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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Purchase or lease your machine by contacting support. Once your forms are filled out and faxed or mailed, either you will be prompted to contact the company or the company may contact you. It is during this time that you will either pay the first monthly installment on your lease or purchase the machine in its entirety. The turnaround time from the moment you pay to when the machine is installed and filled with money is about three to five days.
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