One of the first things you should realize before you dole out the cash to get an ATM business off the ground is that simply having the ATM machine isn’t going to do you a bit of good. The person who has a dozen ATM machines in the garage is no more in the ATM business than the person with no ATM machines at all. So what does it take to get an ATM business started?
Three most important rules
The three most important rules of real estate apply to the ATM business opportunity. It’s all about location, location, and (of course) location. If you have poor positioning for your ATMs, you’ll probably not do much better than if you had them in your garage.
* So the first step is not only to find the machines but to decide what you’re going to do with them once you have them. Some ATM manufacturing companies offer help finding locations, and some ATM franchise companies offer help finding the machines. Which way you start is merely a point of personal preference.
* If you choose a franchise, keep in mind that there are likely to be some franchise rules you’ll be expected to follow. The extent of these rules will depend on the franchise because there is no typical franchise contract. Each franchise parent company sets rules for themselves, and those decisions are up to the franchiser as long as they don’t violate any rules governing the use of ATM machines.
* Franchises do often offer one major benefit in the form of support. A franchise parent company may very well be able to train you in the management of your ATM business, down to bookkeeping and maintenance of machines.
* The reliability of your ATM machines will depend largely on your manufacturer – some are simply at the top of the game in this sector while others aren’t. We highly recommend Genmega ATM, Hyosung ATM, and Triton ATM. You may find that the cheapest source of ATM machines isn’t the best source. Here’s why reliability is such an important factor in your effort to start an ATM business.
* If a consumer is headed to an ATM machine, it’s probably because he or she needs cash. It may be for an impulse purchase or for an emergency car repair – but the fact remains that the person is looking for money. If your ATM machine isn’t working on that particular day (or worse, malfunctions mid-transaction), that person will probably be able to go to another ATM machine to get the cash they need. You’ve lost the profit from that particular transaction. But worse, you’ve probably lost future transactions because that person is going to remember your ATM as the one that didn’t work, and won’t even bother to stop there next time.
After Choosing Your ATM
After choosing the manufacturer and locations for your ATM business, you’ve still got some hurdles to clear. You’ll have to set up a routine of servicing machines (whether you do it yourself or hire it to be done). You need to have a regular maintenance program in place, and to have a plan for when problems occur.
Setting up an ATM business isn’t a process that’s going to be completed and off the ground in an hour or two, but just take a look at the number of successful ATM businesses in existence. This is an endeavor that’s likely to be well worth your time, effort and financial investment.