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  • Writer's pictureKevin - Financial Tutor

How to Start an ATM Business in 2022

Updated: Jul 12, 2022

Real ATMs can make you hundreds to thousands of dollars of profit within a short time each month. Here's the details.

Tips to start

Here are some tips for starting an ATM business to make you thousands of dollars each month.

First, you will need to look for a good location to place an ATM. Yes, you actually find a location before actually buying an ATM. A good ATM location is a business that primarily operate in cash. Some examples, include barbershops, clubs, cannabis dispensaries, nail parlor, hair salons, etc. You can google these types of businesses in your area and then talk to the business owner in person to see if they would be interested in having an ATM placed there. Once a business owner agrees, you sign a location agreement that contrasts yourself and the business owner.

Many people believe you will need to give the business owner a percentage of the ATM profits, but that should be the last resort. First, you should discuss all the benefits the ATM will bring to their business; increase in foot traffic and customers and decreases the fees the owners will pay on credit card transactions each month. Once they accept, go ahead and sign the side location contract.

To succeed in the above process, you will require conversational skills to convince your clients that this step is the best. Things will get better as you get deeper into the business as you become knowledgeable, skilled, and experienced.

Barbershops, bars, nightclubs, street clubs, casinos, and any other business that requires cash will be fit to bring in ATMs. You will charge your customers between two to three dollars to see a return.

Finally, you will need to purchase an ATM. A typically ATM costs around $2,200 to $2,600 dollars, but can cost as low as $1,900 if bought refurbished directly from a manufacturer.

Collect the deposits in 24 to 48 hours while you keep maintaining the machine at least once a month. You only need $1,500 and $2,000 for the beginning; then, you can increase the amount depending on the traffic of transactions.

Don't fear starting because you think the market is saturated because opportunities are many.

If you would prefer to see the the full interview with the Thomas Berkley (expert in the business with experience of over ten years) in a video format, please watch the video below.

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