{"id":18500,"date":"2022-09-10T21:46:17","date_gmt":"2022-09-10T19:46:17","guid":{"rendered":"https:\/\/blinkx.com\/?p=7978"},"modified":"2023-08-24T12:27:20","modified_gmt":"2023-08-24T11:27:20","slug":"how-to-start-an-atm-business","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/atm\/how-to-start-an-atm-business\/","title":{"rendered":"How To Start An ATM Business"},"content":{"rendered":"\n

While we have a complete blueprint for the ATM business<\/a>, we need to go into more detail about how to start this ATM business, almost like a checklist approach. <\/p>\n\n\n\n

Furthermore, we have a complete cost analysis of the ATM business<\/a> updated after the inflation period that settled in 2023 along with a list of the pros and cons of the automated teller machine business<\/a>.<\/p>\n\n\n

You probably know that most of those ATMs are owned by ordinary folks. <\/p>\n

If you\u2019d like to be one of them, I\u2019ll teach you how to start an ATM business these days. <\/p>\n

I\u2019m not referring to ATMs that are visibly linked with a large bank or financial institution when I say ATM business.<\/p>\n

I\u2019m referring to ATMs found at convenience stores or petrol stations that aren\u2019t plastered with giant bank logos.<\/p>\n

These \u201cindependent\u201d ATMs make up a significant portion of the ATM business. <\/p>\n

Independent ATMs account for 278,394 of the 470,135 ATMs in the United States.<\/p>\n

This equates to 59.2% of the market share.<\/p>\n

Evidently, there is a large market for independent ATM operators, making it a profitable business venture.<\/p>\n

So, what\u2019s the best way to get started in this industry?<\/p>\n

It\u2019s actually relatively simple, and I\u2019ll help you through the process.<\/p>\n

 <\/div>\n

<\/span>How Can You Make Money As An ATM Business Owner? <\/h2>\n

An ATM owner\u2019s average fee is roughly $3.<\/p>\n

This fee is typically split between the ATM owner and the owner of the establishment where the ATM is located.<\/p>\n

The average transaction split paid to location owners is between $0.50 and $1.00.<\/p>\n

ATM owners can also profit from interchange fees, ranging from $0.10 to $0.20 per transaction on average.<\/p>\n

Related Reading: Unique Business Ideas \u2013 Get To Know All Ideas Here.<\/em><\/p>\n

<\/span>How To Start An ATM Business \u2013 Necessary Credentials<\/h2>\n

Although a business degree is not required to start an ATM firm, specific skills and experiences would be beneficial.<\/p>\n

Repair and Troubleshooting Skills <\/h3>\n

An ATM owner with some basic troubleshooting and repair abilities can keep the devices running.<\/p>\n

An owner who can perform specific maintenance and repairs themselves will save money by hiring a professional regularly. <\/p>\n

A Knowledge of Your Locale <\/h3>\n

An ATM owner who is familiar with a particular area can easily spot good locations that are likely to have a high amount of ATM usage.<\/p>\n

Examples of suitable locations are tourist areas, shopping centers, and gas stations. These spots get high foot traffic.<\/p>\n

Solid Negotiation Abilities <\/h3>\n

Negotiation experience can aid a business owner in reaching deals with venue owners.<\/p>\n

Technological Background <\/h3>\n

A business owner with technological expertise will be able to better understand, use, and market their ATMs to venue owners.<\/p>\n

Ease With Networking <\/h3>\n

Establishing partnerships with venue owners is a crucial aspect of operating an ATM business.<\/p>\n

It will be advantageous if you have strong interpersonal skills and strong networking abilities.<\/p>\n

Expertise in Security <\/h3>\n

Working in or receiving training in the security industry is advantageous.<\/p>\n

Knowing and adhering to security best practices reduces the likelihood of an ATM owner being robbed while maintaining the machines.<\/p>\n

Meticulous About Details <\/h3>\n

Meticulous attention to detail is essential when dealing with enormous sums of money like those needed to replenish ATMs.<\/p>\n

Related Reading: How To Sell Feet Pics \u2013 Click Here To Find Out.<\/em><\/p>\n

 <\/div>\n

<\/span>How To Start An ATM Business \u2013 Steps To Set Up<\/h2>\n
 <\/div>\n

1. Handle the paperwork. <\/h3>\n

The first thing to do when launching an ATM business<\/a> is to complete the necessary paperwork.<\/p>\n

Paperwork and meeting legal requirements encompass most of the hard work in this venture.<\/p>\n

To acquire your machine, you\u2019ll need to fill out the following papers and documents. <\/p>\n

This establishes your eligibility to operate an ATM and aids in your success.<\/p>\n

This procedure is intended to make buying and using an ATM as simple as possible.<\/p>\n

Your ATM processor will mandate an equipment order form.<\/p>\n

This is where you select the equipment you want and indicate whether the installation will be handled by you or someone else.<\/p>\n

Most of the time, professional installation is the way to go.<\/p>\n

You\u2019ll also need to keep track of your charges and the denominations that your ATM will accept.<\/p>\n

Then there\u2019s the ACH form, which allows you to deposit your earnings into your bank account.<\/p>\n

To establish your identification and pass a background check, you\u2019ll need your driver\u2019s license.<\/p>\n

If you\u2019ve been convicted of a criminal or financial crime, you can\u2019t operate an ATM.<\/p>\n

The authenticity of your linked bank account is confirmed by a rejected business check.<\/p>\n

To operate an ATM company, the account must be a checking account, not a savings account.<\/p>\n

The ATM Operator Agreement and application informs banking partners about who they are working with and assure compliance with all federal rules.<\/p>\n

You\u2019ll also need to fill out and submit a W-9 form. <\/p>\n

You\u2019ll need to keep track of your earnings for tax purposes because you\u2019ll be making money from your ATM.<\/p>\n

The ATM processing agreement is the final step.<\/p>\n

This form outlines your rights and responsibilities as a business entity, as well as those of the ATM processor.<\/p>\n

The legal agreement between you and the ATM processor manages your ATM program.<\/p>\n

This agreement also guarantees that you will receive your payment on time.<\/p>\n

2. Choose your ATM type. <\/h3>\n

When it comes to ATM equipment, you have three factors to consider: ATM type, manufacturer and model, and new or refurbished.<\/p>\n

There are three types of ATM machines: free-standing, through-the-wall (TTW), and wall mount.<\/p>\n

When it comes to positioning, free-standing ATMs give the most excellent options.<\/p>\n

They may be put up almost anywhere there is a power outlet.<\/p>\n

They have a compact footprint, which is advantageous when working with limited floor space in a business.<\/p>\n

Because the interface is locked within the wall extending into the next room, TTW ATMs are bulkier but more secure.<\/p>\n

This makes it a little safer to use the machine to replace cash.<\/p>\n

Wall-mounted ATMs can be installed on a wall, a table, or a counter.<\/p>\n

If you don\u2019t have access to a lot of extra space at your site, this can be useful.<\/p>\n

Small companies and low-traffic areas will find this to be a more realistic option.<\/p>\n

Hyosung and Genmega are two of the most well-known ATM manufacturers.<\/p>\n

Both companies make high-quality, dependable equipment.<\/p>\n

Triton and Hantle (Tranax) ATMs are also available from ATM Depot.<\/p>\n

These market-leading manufacturers create long-lasting ATM equipment that can last up to ten years.<\/p>\n

Naturally, prices will vary depending on the manufacturer, machine type, and features.<\/p>\n

You can also choose between buying a new machine or a refurbished one.<\/p>\n

New devices are advised for first-time independent ATM deployers (IADs) who are just getting started in the ATM sector.<\/p>\n

A new ATM is easier to operate thanks to new technology based on feedback from IADs and users.<\/p>\n

On the other hand, purchasing a used ATM may save you money and speed up your ROI and profit.<\/p>\n

It\u2019s also a plus for the environment to reuse electrical equipment instead of throwing it away.<\/p>\n

3. Secure a location. <\/h3>\n

You need to know where you\u2019re going to install an ATM before you even consider ordering one.<\/p>\n

Choosing the perfect ATM location requires a lot of thought.<\/p>\n

You must think about things like visibility, accessibility, and competition.<\/p>\n

When it comes to choosing a location, the first decision you must make is whether you want to:<\/p>\n