How To Start An ATM Business Step By Step
An ATM machine allows you to do banking transactions, such as getting cash or checking your account balance at any time. The facility of an ATM is now available outside the bank itself.� If you are thinking, “How can I start my own business?”, then opening an ATM is the answer. Before you start an ATM business, you need to know the necessary requirements through which you will be able to run an efficient and reliable business.
An atm is a cash dispenser machine, it is found outside bank premises that enables clients of the bank to withdraw cash anytime during banking hours without having to wait in queue or miss any time from work or other engagements. Here are some steps how to start an atm business:
How to start an atm business step by step?
1) Researching your market:
At first, you need to know or research your market, location of the ATM where you want to place it. If your target customers are adults, teenagers, or children? Where will they get cash from an ATM? Is there any other nearby ATM?
2) Setting the budget:
Make a budget for setting up an ATM business that includes purchase, installation, and maintenance costs. Also, you need to spend money on advertising your business. Allocate funds according to your requirement.
3) Location of ATM machine
Keep in mind the location of your target audience when selecting where to position your ATM. People need to be able to see the machine, but not so close that they might get hit by a stray car or truck. You also want enough space around the ATM for people to walk and stand comfortably. Keep in mind the number of hours you have selected for your business to operate before deciding where to place your machine.
Find out whether you need a permit or not. You can do research on the internet to find the information you want.
5) ATM supplier:
Visit some ATM suppliers and ask about their machines, rental plans, service contract price, installation charge, etc. If they are offering good customer service then go with that company, if not leave the store. You can ask for references from existing customers or check online to see what people are saying about their service.
6) Consultation: Once you have chosen your supplier, hire a business consultant who can guide you through the legal and financial aspects of setting up your ATM business as well as help you sell the machine once it is installed and operational.
How much does it cost to start an atm business?
The initial costs to start a cash machine business can range from approximately $2,000 – $5,000 depending on the location of your ATM and any extra fees you have to pay for rent or maintenance. Additional monthly costs include supplier rental fees which typically cost around $100-$300 per month as well as atm card processing fees which can be around $4-$10 per transaction. The cost to buy an atm machine can range from $1,000 – $5,000 depending on the type of ATM you purchase.
Earnings can be very high if run effectively because there are no employees involved and minimal overhead costs until the ATM is installed. After installing an ATM machine you are looking at around $300-$500 per month in rental fees. As the ATM machine becomes more popular, you could earn up to $2000 per month or even higher depend on your location. There are also various possibilities of additional revenue streams such as advertising on the ATM screen and renting out space for other things like ticket sales etc.