You must always be on the hunt for extra revenue if you’re a merchant or seller. You must be thinking of a side business, but you need to know you can earn extra revenue by installing an ATM at your business. You can even build your atm network and earn handsome revenue as a passive income.
If you still have any doubts, read this blog to the end. This blog tells you how to set up your ATM business from scratch.
Understanding the ATM business Model
Customers’ dependency on ATMs is enormous because no one likes to carry cash with them. Everyone wants freedom and convenience; therefore, in this regard, an ATM card helps a lot. They allow customers to roam freely and withdraw cash whenever they want from an ATM.
However, every customer needs an ATM, so customers seek ATMs everywhere, be it a shopping mall, a store, a salon or a restaurant. Moreover, when a customer performs a transaction at any ATM, they must pay a surcharge fee for each translation. The surcharge fee varies from service provider to service provider. But in most cases, it is anything between $2 to $3.
Also Read: Happy Hour At Cash Wave — A Good News For ATM Operators
If you are still wondering how to start an atm business, things are very simple if you own any physical business i,e. A salon, store or clinic. You just have to install an ATM at your business place. Customers will come on their own to withdraw cash from the ATM placed at your place.
Therefore when withdrawing cash, they will have to pay a surcharge fee that gets deposited into the ATM owner’s account. Thus if you were the owner, you would enjoy all the surcharge-fee. Isn’t this crazy? This is how atm work in the business world.
How to own an ATM
After reading all this, the only question in your mind must be how to buy an atm or own an ATM. The answer to this question is simple.
There are two ways to own an ATM.
- To buy an ATM
The first way is to buy an ATM. Everyone who owns a business place can buy an ATM once and for all. However, the cost of buying an ATM varies from service provider to service provider. In most cases, an ATM costs between $3000-$10000.
Generally, this is expensive and not easy for everyone to buy, but it’s a one-time investment. If you buy this banking software, you can earn around $1000 monthly without doing anything. Customers will come to withdraw their cash, and fees will be deposited in your account.
- Get One On Rental
Most sellers can’t bear the high cost of owning an ATM, but there is another option for them to earn from ATMs. The other option for earning from ATMs is to get one on rental.
Some providers rent out service atm to the merchants and let them earn the surcharge fees. However, in return, they ask for a rental fee every month. The rental fee varies from $300 to $600 a month.
You would be paying monthly rent, but you can save up to $500. And this amount is okay when you have to do nothing.
What are the other benefits of having an ATM at your business place?
Having an ATM at your business place doesn’t only allow you to earn extra revenue but also has other benefits.
- Free Advertisement Of Your Business
Having atm software at your business promotes your business for free when customers visit your shop to withdraw cash. Moreover, customers will notice the products you’re selling. There is a high chance that most of them are your potential customers and can turn into real costumes.
- Increase In Sales
Apart from advertising your business, an ATM also increases your sales. The more customers visit your store, the more they will buy your products, eventually increasing your sales. A self service atm can increase your sales exponentially.
- Add To Customer Loyalty
There is no hidden fact in this when you provide your customers with better value, their loyalty increases toward your business. However, having an ATM at your business will increase customer value and loyalty. Precisely this banking industry software can provide you with many loyal customers.
Therefore provide value to your customers by installing an ATM at your business place and earn their loyalty.
How To Maintain Cash In The ATM?
Having an ATM at your business is good, but maintenance can be hectic sometimes. As a merchant, you have many things to supervise. You can only check ATM sometimes whether it’s loaded with cash. It’s a real concern for those who have a busy routine. However, in this regard, there are multiple solutions available.
Also Read: 5 Reasons Why A Retailer Must Buy An Atm
When you own a self atm, you must maintain all your own, i.e. providing internet connection, electricity connection and cash reloading. In comparison, when you get on rental, the service provider must reload cash when the machine is out of cash.
Build Your ATM Network
Now you know what ATM business is and how it works, it might be clear that it is a great earning opportunity. Suppose you own a single ATM, which generates a revenue of a thousand dollars a month. And what if you own multiple ATMs at multiple places?
It is a good opportunity to build your ATM network, which will earn you handsome revenue in a passive business model. Target the public places where there is a need for ATMs and install your ATMs there. Customers will keep coming, and you will keep earning.
The more ATMs you install, the more earnings you will enjoy.
Everyone seeks an additional income stream that earns for them. And there is no better income stream than ATMs at the moment. Therefore it’s better to cash in on the opportunities that are available to you.