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Most people don’t realize that most ATM machines are not actually owned by banks. If fact most of the ATMs you see at bars, gas stations and many other high traffic locations are operated by the business owners or even individuals like you or me. You need not be affiliated with any back to own and operate ATM machines and once you have a few basics down, you can create a sizable passive income simply by placing and replenishing ATM machines. In this article I’ll tell you w…
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Most people don’t realize that most ATM machines are not actually owned by banks. If fact most of the ATMs you see at bars, gas stations and many other high traffic locations are operated by the business owners or even individuals like you or me. You need not be affiliated with any back to own and operate ATM machines and once you have a few basics down, you can create a sizable passive income simply by placing and replenishing ATM machines. In this article I’ll tell you what you need to know to get started.
The first thing you need to consider when starting an ATM business is whether to rent or own. It’s almost always better to rent machines than to buy them outright. If you rent the machine, you will be paying a chunk of your proceeds each and every month for the rental of the machine, but if the machine breaks, the rental company is responsible for fixing it. Unless you know how to service ATMs yourself, this is a huge advantage. Repairing an ATM can be expensive, as it requires special diagnostic tools that are not readily available to the average person.
The next thing you need to think about is where to place the machine. The ideal place for an ATM is in a high-traffic location with a lot of foot traffic. A location where customers are required to pay cash by the stores or vendors is perfect. A local fair or other gathering with many vendors is a good example of this kind of ideal location. It’s also effective to place an ATM in a location where it’s just easier to pay in cash. For example, a busy bar will see high ATM usage because it’s just easier to pay in cash than run a credit card for every drink purchased.
Next, you’ll need to be sure to keep the machine stocked. An ATM without money can’t make you money, so you should always keep the machine stocked. Many individual ATM machine owners stock the machines with their own personal cash and get the money back with transaction fees on the back end. Think of it this way, if you could put $100 into a machine and get back $110, how many times would you do that? That’s the magic of running an ATM business!
Finally, you should consider what kind of ATM machine is needed for the location. There are many different types ranging from small mobile ATMs to large in-wall ATM machines for drive-up use. You will also need to think about what languages the machine needs to support. Think about what languages are spoken by the people passing by the machine. Machines that support both English and Spanish are most common.
This article has offered a few tips on owning and operating ATM machines. When done correctly, managing an ATM business is a great way to make passive income. As with any new venture, you are bound to make mistakes, but stick to the basic rules provided here and you will find success much more quickly.