How to Own Your Own ATM Business
Owning an Automated Teller Machine (ATM) or a network of them is an interesting and potentially lucrative business opportunity. With little overhead and no inventory to keep on hand, it's a relatively simple business to get into if you have money to invest. ATM machines can be expensive and the business is not as simple as just placing an ATM on a street corner and waiting for the money to roll in. A number of things must be considered before investing.
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Instructions
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Evaluate whether you want to invest in an ATM franchise network or simply buy the machines and create your own business from scratch. Choosing a franchise gives you the benefit of support, training and in some cases machine placement opportunities. On the other hand, with a franchise you have to pay the franchise for the privilege of working with it and using its network.
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Find your machines. Look at each manufacturer and determine what features you like best. In most cases, a simple machine will work just fine, as most people only want to be able to get cash out of the ATM and check their balance. Newer machines offer other services, too, such as gift card and money order purchase, but these are much more expensive to invest in.
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Look for a location for your machine(s). Talk with local business owners, such as convenience stores, gas stations, grocery stores, even restaurants and bars. Tourist locations are also very popular spots for ATM machines.
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Talk with the owner of the business in which you want to place your machine. You can negotiate a rent, a portion of the proceeds or another arrangement. In some cases, you can get your ATM placed for free, if the business owner feels it will increase his traffic and business.
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Consider how you will maintain the machine. The machine will need to be cleaned, restocked and occasionally fixed. It is likely that you can do most of this type of work, but high-end repairs to the network or the machine itself will need professional help. Talk with the ATM manufacturer or the franchise director and find out what mechanisms are in place to get you the maintenance help you need.
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Decide on the type and brand of machine you will purchase or lease and what company you will use to process your transactions. Many are available and it is likely that the company through which you purchased the machine will have a recommendation.
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Modify the ATM's location so that the machine can be installed. If you don't own the location, you will need to consult with the owner. Most ATM machines require a 110 volt power outlet dedicated to the machine and a separate phone line so the machine can talk to the financial network.
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Arrange to have your machine installed and get the cash necessary to fill it. You will have to fill your machine with your own cash if you own it outright, so make sure you have enough on hand to do so.
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