Do you want to start an ATM machine business and are wondering what running the business will be like? If YES, here is what a typical day looks like. When a consumer needs access to cash, most are eager to pay a few dollars in service fees at the nearest ATM. Automatic teller machines placed in public locations around town are a lucrative way for entrepreneurs to earn a comfortable passive income.
An ATM business is there to serve anyone who may need quick access to cash. Restaurants, bars, strip malls, convenience stores, and shopping malls are great places to start.
Although this type of business venture does not require an office space or a lot of supplies, there are various things you will need to start and run this business. The total investment will be defined by how many machines you plan to start with. Each machine will cost between $3,000 and $10,000, depending upon the style you purchase.
Also, note that each machine is expected to have at least $2,000 in cash on a rotating basis. The only other items you should need is an insurance policy, a bag for transporting cash, tools for routine machine maintenance, and a reliable vehicle. Each machine is also expected to have access to a phone line or the Internet and you will need a computer for checking the status of each machine.
The amount of time spent managing this type of operation varies, depending upon your skill set and the number of ATMs you own. Each machine will be expected to be kept in working order at all times. It should also contain enough cash to dispense 24/7. Anything less and your business will be losing money. Have it in mind that most ATM business owners have a regular route they tend to each day, where they check to ensure everything is working as it should.
The rest of your team’s time will be divided between administrative duties and cultivating relationships with vendors, banks, and the businesses that house your machines. There is no formal training for owning an ATM business. Since this investment requires a significant amount of cash to be on hand at all times, entrepreneurs are expected to be skilled at handling cash and budgeting for future needs.
A business degree or background is recommended. Strong interpersonal skills would also prove beneficial, as you will need to develop relationships with vendors, banks, and business owners throughout the community.
What Happens During a Typical Day at an ATM Machine Business?
An ATM business is transactional. It simply means there is a lot of paperwork and documentation that goes a long with it. These and others are considered the administrative duties of an ATM business owner or manager. While they don’t directly contribute to revenue, they are necessary to maintain the business.
- Drawing up agreements
- Document submission/filing
- Creating and updating listings
- Compiling records
- Data entry
- Ordering supplies
- Business mailings
- Responding to emails and phone calls
2. ATM Maintenance and Cash Stocking
An ATM Business will have to place ATMs in locations that are secure and also fill them with cash on a daily basis. Most machines require a minimum of $2,000 cash per week. Cash should be loaded in on a rotating basis. Many banks will charge your business a surcharge and merchants charge a monthly rental fee or commission, depending upon the contract both parties have agreed upon. You will also need to set up a computer so that you can check the ATMs. Most ATMs allow their owners to get online and check their status. This will allow you to see how much money you need to take with you to fill them.
Marketing and Lead Generation
Unlike most business ventures, an ATM business requires little to no marketing. While you will not be directly interacting with your customers, you will communicate regularly with your merchants. You will be expected to develop strong connections with them to ensure a long-term, mutually beneficial relationship.
Networking with business owners in the community is a great way to ensure your name is recognized. When an entrepreneur opens a new business, your merchants will pass your name along, helping to solidify your business’ positive reputation. The development of these clients falls under the marketing and lead generation duties of an ATM business manager.
- Producing marketing materials
- Marketing calls
- Posting to social media
- Content development
- Video production
- CRM software
- Website/App development
Consumers love convenience, making an ATM business a worthy long-term investment. The potential for growth is significant, as these small machines can be strategically placed wherever customers may need quick access to cash. The more machines you have strategically placed, the higher your profits.