Your first and most important step when getting into the ATM business is finding your location. Here are 3 quick tips to find the best one:
1. Approach Other business owners:
Many people ask, do I have to own the business to place an ATM machine there? You do not! All you have to do is approach the business owner and see if they’re interested in having an ATM machine inside their business. Some reasons why a business owner would like a machine in their business is to lower their credit card costs, see more cash being spent, as well as to attract customers into their business just by having an ATM machine on premises.
They have no responsibly of the ATM yet get to reap all of the benefits! With credit card costs being so high, most business owners would rather see cash being spent. By having an ATM machine on premises, they will see cash being spent rather than having to take plastic! Therefore, they will see lower credit card costs and more cash spending!
2. Always Look For the best foot traffic when trying to find a location:
national average surcharge amount of $2.66, that’s a $798 profit each month!
3. Negotiate to ensure you get the lowest possible rate(pay based on a sliding scale):
When placing an ATM machine in a business, some owners of the business would like a part of the surcharge. Being that the business owner sees all the benefits of having the machine there (more cash being spent, lower credit card costs, increased cash spending, etc) you have some room to negotiate to ensure you get the lowest possible rate. Some business owners simply want the machine there, and don’t want any of the commission.
We suggest you pay based on a sliding scale. For example, for 0-200 transactions, pay them .25 cents. For 201-400 transactions, pay them .45 cents. For 401-700 transactions .50 cents. For 701 and above, pay .75 cents. This way, you’reprotected regardless of how many transactions the ATM does!
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I am a crypto hobbyist, i offer Tips and Reviews on the best blockchain technology, crypto assets, emerging fintech trends, Country flags, banks virtual accounts, and the best Paying Legit Networks.
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