ATMs are here to stay. Even with the prevalence of mobile banking and the cashless payment system, consumers would still want to see more ATMs deployed. The biennial ATM Future Trends Report stated that ATMs would become banks of the future as more branches close.
An ATM will be more than just a dispenser of cash. It will be used to apply for loans, pay for tickets, and dispense foreign currency. People would need machines in more places such as gyms, pharmacies, and hospitals.
There is an industry that revolves around the ATM business. ATM fees are increasing significantly over the years. It is a probable source of passive income. You need to set it up correctly and enlist the services of a reliable ATM Repair Company.
The following are tips that you need support to have a successful ATM business.
- Find a good location. The location of choice must have sizable foot traffic and a place where commerce takes place. Suggested venues are gas stations, convenience stores, malls, bars, and office lobbies.
- Establish a legal business entity. Registering your company as an LLC protects you from probable lawsuits. For instance, if your security company encounters a legitimate complaint, you will not be held liable. It’s a good idea to secure the services of a registered agent to help you become compliant.
- Secure your business permits and licenses. As with any business, legal registration is one of the first steps. It will assure you that you will not be worried about fines, or worse being shut down.
- Choose your machine supplier. Do thorough research on the type of machine that you will use. Compare the prices and their features. There is an ATM Repair Company that also sells refurbished or brand new ATM Machines.
It will be beneficial for your business that only one company will handle the sales and maintenance of your machines. There will be a consistent record of your machine status and history. It will result in easy monitoring and diagnosis.
- Ensure that your machines are EMV compliant. EMV means Europay, Mastercard, Visa. It is a global standard for chip-based credit card and debit card standards. It assures that all cards with EMV compliance will be secured and accepted everywhere.
- Make your locations economically viable. To cut down on operating costs, make your locations relatively close to each other. will also make maintenance easier. There will also be a smoother implementation of logistical systems and monitoring.
- Open a separate business bank account. This process will separate your assets, such as your home and car from your business assets. It will give you personal asset protection. It will also make filing taxes less complicated.
Reports show that ATM owners earn at least $500 per month per ATM. It is a lucrative income considering its passive nature. You need to take note of the suggested tips and do your homework. You may grow the business through franchising, which will mean more income for you.