How to Set SMART Goals for Your ATM Business

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Have you heard of SMART goals? It’s no secret that goal-setting is a tried and true method of making sure stuff gets done. But if you’ve set goals before without success, you might have missed some key steps.

Setting goals for your ATM business is a good way to make sure you are successful. You might need to set goals to help get your business started to begin with. Or maybe you need to set some goals to increase profits. Or maybe you want to set some goals to help you balance your ATM business better among your other jobs and your personal life.

Whatever the case may be, SMART goals are a good place to start. We’ll show you how.

What Are SMART Goals?

SMART goals are specifically designed to help you actually achieve what you set out to do. Rather than just jotting down some items on a to-do list without any accountability, SMART goals allow you to monitor your progress toward a big-picture goal. 

SMART stands for Specific, Measurable, Achievable, Relevant, and Timely. By making sure your business goals fit these categories, you set yourself up for success by ensuring that you have a plan to actually accomplish them. Let’s take a look at some examples of SMART goals you can set for your ATM business.

How to Set SMART Goals

How to set SMART goals is already outlined in the acronym. Think of a goal and make sure it fits all five categories. If it doesn’t, then tweak it until it does. We’ll start with a basic example—increase profit—and see how it can be turned into a SMART goal.

Specific

First, your goal needs to be specific. “Increase profit” is a good start, but it would be even better to assign a number to it. If you make just one penny more, technically you will meet this goal. But is that really what you mean when you say you want to increase profit?

Take a look at how much you have already been making. Then, decide how much more you’d like to make. Give yourself a specific number to reach. Track it along the way to make sure you are on track to meeting this milestone.

Measurable

Once you make your goal more specific—increase profit by X% or increase profit to $X—you need to make sure it is measurable. Because, like we mentioned before, you want to be able to track your progress toward reaching your goal. And you want it to be clear at the end whether or not you succeeded.

Assigning a dollar amount or percent to the “increase profit” example not only makes the goal more specific, but it also ensures that your goal is measurable. Percents and dollars can be calculated. You can do some accounting at the end of the quarter or the end of the year to see if you have increased profit from last quarter.

By setting a measurable goal, you are able to keep it on the forefront of your mind. You can create a chart or graph to visibly display your progress toward your goal. Don’t blindly wait around until accounting time to see if you magically made more money. 

Measuring and tracking progress makes working to achieve your goal a constant activity and therefore increases the chances that you will actually succeed. If you are actively measuring and tracking your progress toward your goal, you can make adjustments along the way if the numbers start going the wrong direction or plateau.

Achievable

This one is tricky because you have to find a balance between shooting for the stars and grounding yourself in reality. You don’t want to set yourself up for failure by setting a goal that is completely out of reach, unrealistic, or unachievable. On the other hand, we want to encourage you to set high goals for yourself and to believe that you can and will achieve them.

So let’s look at our example. Increasing your profit by 10% or by $1,000 are examples of achievable goals. These numbers are realistic, and reaching them will have an obvious effect on your business, your income, your lifestyle, etc. 

Earning a million dollars, for example, is not realistic. If you’re in the ATM business, you know you aren’t doing it to get rich. So you aren’t selling yourself short by lowering your goal from a million dollars because this business isn’t designed to earn you that much. It has nothing to do with your abilities, passion, drive. Just keep that balance in mind as you set your SMART goals.

Relevant

Next, you want to make sure your goal is relevant. This means that whatever goals you set for your business should align with the goals you set for yourself, your family, and your personal life. If your goal is to increase profit by $1,000, but to do so means placing an additional ATM machine, then you have to consider whether the time it will take you to maintain that ATM machine will cut into other important obligations.

Say you want to increase profits. So you place an additional ATM machine. But now you have to add a few hours a week to your route. Normally you would be spending that time at home with your family. Is that business goal still relevant? 

If not, adjust it! Maybe lower the profit goal to a number that could be reached by adjusting the surcharge or advertising the machine. That way you can still reach your goal, make more profit, and stay on track with the other areas of your life.

Timely

Finally, you want to set a time frame. Without it, you could be working blindly day in and day out without ever knowing for sure if you were making good progress toward your goal. 

A time frame holds you accountable. And if you’re measuring or tracking your progress, you can see how what you are doing in your business now is affecting the trajectory of your business toward reaching your goal. 

This also plays a part in making sure your goal is achievable. Increasing your profit by next year is an example of an achievable time frame. Increasing your profit by 10% by next week is a little unreasonable. It doesn’t give you enough time to measure the actions you are taking and the changes you are making to ensure that your efforts continue to move you forward.

But the bottom line is to make sure you set a goal that can realistically be achieved in the amount of time you determine. 

Why SMART Goals?

You can make a list of goals all day long. And if you’re really focused and motivated, you can accomplish them. But the best way to make sure you are productive is to set SMART goals. 

SMART goals are ideal because they are designed to be achieved. They clearly state what it is you’d like to do and force you to create a plan to get it done. For example, your goals should be measurable, but then you have to assume the task of measuring your progress. Your goals should be timely, so you need to pick a timeframe and stick to it. If you are ready to step up your ATM game, try setting SMART goals to see just how successful you can be. Need help? Contact us today to see how ATMDepot can help you reach your goals!

The Future of Cash: Is the ATM Business Dying?

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Is the ATM business dying? The short answer: No. As long as there is cash, there will be ATM machines. 

Not only is cash not going away anytime soon, cash is the most widely accessible payment form. ATMs are needed to keep it that way. Digital payment systems have their place, but so does cash. People love to have options. And they don’t react positively when their choices are taken away.

Cash has been around for about 3,000 years. It won’t disappear overnight. There is actually more currency in circulation now than ever before because of the uncertainty caused by Covid-19 the past year.

Although cash payments may be declining, ATM machines can adapt (and already have been) to an increasingly digital society. So as the needs of the consumer evolve, so too will ATM machines. And you’ll want to be there when they do. 

Digital Payment Systems

There are many alternatives to cash payments. Obviously there is the option to pay with a debit or credit card. You have Automatic Clearing House (ACH) payments directly from a bank account. Your employer likely pays you via direct deposit. 

There are services like PayPal that allow you to make purchases online without even having to enter your payment information each time. Many apps like CashApp, Venmo, and Zelle have been developed to transfer small amounts of money between friends and family when cash isn’t readily accessible. And of course you’ve surely heard the buzz about cryptocurrency.

With all of these payment options, where does cash fit in? It’s enough to make you wonder, Is the ATM business dying?

But cash, like digital payment systems, has its benefits and disadvantages. That’s why we need them both: to keep our options open. 

Drawbacks of Digital Payment Systems

Digital payment systems definitely have their place. They’re efficient and flexible. It’s the only way ecommerce works. You can pay for goods and services with the click of a button. However, there are some drawbacks.

First, it’s risky. Card numbers can be compromised, crypto wallets can be hacked. Digital transactions aren’t tangible, so it’s not easy to keep track of. However, your digital transactions aren’t untraceable.

There is proof of your purchases on receipts, in your email, on your bank statement. Your bank accounts and crypto wallets have your name on them and other personal information attached. This increases the risk of identity theft.

Second, cryptocurrency is extremely volatile right now. There is a lot to learn, and although it isn’t going anywhere, no one is sure what its future looks like. Furthermore, most cryptocurrencies aren’t federally backed, which adds to its risk.

Third, digital payment systems contribute to the digital divide. The digital divide refers to the inaccessibility of the Internet for a certain portion of the population. Not everyone has access to reliable Internet, and not everyone who does have access has the literacy necessary to manage finances digitally. This is a huge disadvantage for those in rural areas, low-income households, and the elderly.

Additionally, mobile payments require the use of a smartphone. Only 85% of Americans own a smartphone. While that may seem like a lot, and it is, 15% is also a lot when you think about the thousands of people for whom mobile payments, online banking apps, and constant access to the Internet aren’t an option. 

So while there are some benefits to digital payment systems, they aren’t perfect, and they exclude certain demographics.

Benefits of Cash

It’s anonymous, it’s stable, and it’s accepted pretty much anywhere (and by anyone).

Quick

There are many obvious benefits to cash. First of all, it’s immediate. When you pay with cash, the recipient doesn’t have to wait for a transaction to process, they don’t have to bother with insufficient funds, and you don’t have to worry about overdrawing your account or accruing interest on a credit card transaction. The money is paid. That’s it. It’s done.

Physical

Second, cash is physical. It hurts just a little bit more when you pay for something with cash because you can see and feel the money leaving your side. This can help you be more conscious of your spending habits. It also makes it easier for you to keep track of. You don’t have to worry about hackers getting access to your stash remotely.

Accessible

Third, it’s accessible. Everyone—rich or poor, young or old—has access to cash. You don’t have to be tech savvy or connected to the Internet to manage your cash. According to a Pew Research Center survey conducted earlier this year, that’s good news for the 7% of U.S. adults who don’t use the Internet.

As long as there are unbanked and underbanked people, there will be cash. About 6% of Americans are unbanked while 16% are underbanked. Unbanked people do not have a banking relationship. They either don’t have enough money to bother with an account, can’t keep up with the fees, or just don’t trust banks.

Without a bank account, these people must rely on alternative financial products and services (payday loans, check cashing services, prepaid cards, etc.). They are able to purchase prepaid cards and use them at ATMs without the fear of incurring an overdraft fee if the funds aren’t available.

Underbanked Americans might have a checking and/or savings account but might also rely on alternative financial services. The FDIC’s 2019 How America Banks survey found that 95% (124 million) of U.S. households have at least one bank account. 

That is both the highest number and percent since the survey was first conducted in 2009. That’s good news for cash and ATMs. 

Private

Finally, there is a certain degree of privacy with cash payments. Average cash transactions can’t be tracked, and aside from a paper receipt that can easily be discarded, there is no paper or digital trail. We won’t go into all of the hypothetical scenarios where this might be useful, but many people still value their privacy especially since there is so little of it online.

It is better, easier, and safer to use cash for purchases under $20 to minimize the risk of identity theft.

The Payment Choice Act of 2021

There are some businesses that have chosen to go cashless. However, to keep this from becoming a trend and excluding those who only have access to cash, Congress passed the Payment Choice Act of 2021.

This Act prohibits retail businesses that accept in-person payments from refusing cash. This protects the consumer’s right to use cash at retail businesses.

On the other hand, there are many businesses that encourage cash payments because they are charged fees for every credit card transaction they process. Cash payments also decrease their rate of chargeback fees which saves businesses money as well.

The Future of ATM Machines

Although cash payments are decreasing, it isn’t because cash isn’t valuable. It’s just because there are so many more options. There is more currency in circulation than ever before.

The current environment in light of Covid-19 has made ATM machines more necessary than ever. Banks are limiting traffic in their lobbies to keep up with social distancing protocols and for the overall health of their customers. ATMs allow customers to access their accounts with limited personal interaction, which is appreciated by more and more people these days.

ATMs serve other purposes, too. They not only allow users to make deposits and withdrawals, they also provide business owners with other marketing opportunities. Offering ATM access in their stores increases foot traffic, impulse purchases, and overall business.

ATMs can be fitted with toppers to run ads, screens are getting bigger to accommodate advertising, and coupons can be printed on receipts to encourage future purchases.

ATMs are also starting to feature Bitcoin capabilities. So if you get into the ATM business now, there’s no telling what opportunities lie ahead. Your business will be able to grow with the times if cryptocurrency is something you are interested in.

Is the ATM Business Dying?

Although there are many digital payment options available, cash is still a winning option for a number of reasons. Cash payments are decreasing, but that’s just because more and more transactions are happening online. It doesn’t mean those are the only transactions happening. 

In order for cash to be completely eliminated, it would have to be by government decree. Since the government easily collects taxes on currency, it isn’t likely that a decree like this will happen anytime soon.

So to answer the burning question, “Is the ATM business dying,” we can confidently say, “No.” Cash still plays a very important role in our society. Therefore, there is still a need for ATMs. There might even be more need now as people shift from in-person bank business due to Covid-19 precautions.

Even IF cash is phased out completely, it won’t happen in our lifetime. Therefore, you are safe to invest in ATM machines and start making passive income!

What Makes a Good Entrepreneur?

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What makes a good entrepreneur? Are desirable qualities the same for every industry? Well, yes and no. Some qualities will help you no matter what your entrepreneurial endeavor is. Others might vary depending on the requirements of your specific business.

For example, leadership and team-building are generally considered good skills to have if you plan to run a business. But most independent ATM deployers (IADs) work alone. So while those are good qualities to have, you don’t have to spend as much time developing those skills as you do some others that you will need immediately.

Due to the nature of the ATM business and the tasks you’ll have to perform, there are some skills you need to have. To make sure you have what it takes to run an ATM business, strengthen these 9 qualities.

1. Professional

Whether you own your own ATM, place ATMs for others, or sell ATM machines to other business owners, you are a businessperson. So you have to act like one. This is how you will continue to get people to work with you and can continue to run a successful business. 

Presentation

First, you have to be professional in the way you present yourself. How do you approach location owners to negotiate a space for an ATM machine? Do you show up prepared with ATM business flyers? Do you have ATM business cards to leave behind? 

Professional moves like these show that you are serious, can be trusted, and are worth working with. Professionalism is also how you will get referrals. Word-of-mouth marketing is the best kind because your credibility is established by the referrer, and it doesn’t cost you anything to market yourself this way!

You might also want to think carefully about your business name. When you start your business, you can register as a sole proprietor under a “doing business as” (DBA) business name. Or, to gain instant credibility, you can see if your ATM processor will license you the rights to their name. Associating yourself with a well-known name in the ATM business that your leads can research will boost your reputation.

Behavior

Second, you want to act professionally toward your prospects and partners. When making negotiations, make sure you respect the needs and wants of all parties involved. And when you promise to assume certain responsibilities, make sure you follow through.

If you promise to refill your ATMs with cash and receipt paper, make sure you do so. If you promise to take care of technical issues should the machine malfunction, make sure you do that too. And do it in a timely manner. You aren’t the only one relying on the machines to operate. Your customers and the location owners rely on them too. So don’t let them down.

2. Decisive

Although you are probably a one-man/woman-band as an IAD, there are still a lot of decisions you need to make for your business. 

First, you have to decide where you’re going to place your machines. Where is there a market gap (or need) for ATM access? Where will a machine do really well? How long will your lease agreement be for?

Then, you have to decide what equipment to purchase. Will you order a new or refurbished machine? Do you want a free-standing or through-the-wall (TTW) machine? Will you purchase insurance? What extra features and upgrades do you want? 

You might realize that some decisions need to be made immediately while others can wait. You might want to run your machine for a while before determining what extra features will optimize your machine. How much are you going to charge customers to use the machine? You want the surcharge to be high enough that you make a worthwhile profit, but not so high that you drive away customers. Where is that sweet spot?

Will you start with a higher surcharge and then lower it once you make your return on investment (ROI)? Or will you start low to draw a lot of customers and then raise it gradually?

And who is going to take care of each responsibility associated with running the machine? Who will load the cash? Who will make service calls? How often will you visit the machine? When will it be cleaned and who will clean it? You have to decide which responsibilities you are willing to shoulder, which responsibilities you want to delegate, and which services you want to pay for.

If things don’t go according to the original plan, you also have to decide what changes to make along the way.

3. Creative Thinker

Despite all of the best and most careful planning, there are likely to be curveballs, and you will have to get creative and make changes as necessary. 

Your ATM may not perform as well as you anticipated, for example. This might be due to the location not being as busy as you expected, or maybe the surcharge is too high. Maybe there is another ATM close by that is competing with yours. If this is the case, you will have to consider moving to a new location, adjusting the surcharge, or both.  

The site location owner might make some decisions or pose some requests that you will want to consider to maintain the relationship. He or she might want to use an ATM topper for ad space. Or the store might be moving to a new location. Will you follow or look for a new location sooner than you expected?

No matter what your plan is, remember that you have to remain flexible with it in order to be successful. When a challenge arises, use creative thinking to figure out the best solution.

4. Risk-Taker

To start a business, you have to be a risk-taker. Because you don’t know what’s going to happen. You can’t predict everything, and your plans can change at a moment’s notice. 

That can be scary when you invest your hard-earned money into a new business venture. But people do it every day. Starting an ATM business requires minimal start-up costs when compared to other business models. And you can make money immediately after set-up. So don’t let fear keep you from taking the next step in starting your ATM business.

5. Perseverant 

You are going to need perseverance when the going gets tough. To be successful, you can’t give up when challenges and obstacles arise. 

The first obstacle to overcome when starting an ATM business is the paperwork! It is relatively simple, but the number of documents that need to be completed can be overwhelming. Just prepare yourself early and take it one step at a time. Once it’s over, you can order and place your equipment and start making money.

You also need to exercise perseverance when negotiating a location for your ATM machines. It might take multiple visits, phone calls, emails, business cards, etc. to get in touch with local business owners and coordinate meetings to discuss your proposal.

And of course, don’t give up if your machine doesn’t do as well as you expected. You can always try another location or adjust the surcharge. You might also try to get creative with your marketing to boost traffic.

6. Knowledgeable 

Of course, you need to know about the service you offer. However, you don’t have to be an expert. At least not at the beginning. At the beginning, you need to be open to learning. That is how you eventually become an expert. 

You might need to rely on your ATM processor and technicians for support when you’re getting started. But once you get your questions answered, you can begin to take over some of those duties yourself as you learn more and more.

You might need to do some research to determine what equipment is right for you. And that’s okay. The more research you do, the more you learn, and the closer you come to being an expert. You can also watch videos to learn strategies and tips along the way.

7. Ethical

You want to make sure you are an ethical business owner. This will keep people wanting to work with you. 

When you negotiate a location for your ATM and develop the site location agreement (SLA), keep your partner’s interests in mind. Come up with a proposal that is fair and meets the needs of all parties involved.

Keep your surcharge fair, too. It’s okay to set a competitive surcharge; you are, after all, running a business. But don’t set it so high that your customers get a bad deal. That’s not the kind of business you want to run.

Finally, you want to maintain a strong work ethic. The ATM business isn’t extremely demanding, but it does require a bit of work. Don’t get lazy. Stick to a schedule, keep your promises, and be consistent, and your business is sure to succeed. 

8. Goal-Oriented

Your goals will drive any endeavor. Without goals, you risk losing momentum, and it’s easy to give up. Once you get comfortable operating one machine, you might find that you’re ready to deploy more. Six to ten machines later, you might find that you’re getting closer and closer to reaching your income goals.

Do you want to quit your day job and enjoy the flexibility of running ATM machines exclusively? Then you might need to scale your business and plan to add more ATMs to your route. Just want a little extra cash to supplement your current income? Then focus on that!

No matter what your goals are, make sure you’ve identified them and keep them in focus. This will drive you. Along with your passion for the business.

9. Passionate

The more passionate you are about what you do, the more enjoyable it will be, and the more successful you will become. Location owners will turn you down. Friends and family will shake their heads at your ideas. But if you are passionate, you will be able to move past all of that and keep going until you reach your goals.

Your competitors will be passionate. They will be networking, scaling, and providing good service, and if you plan to keep up, you have to meet that passion with your own. 

Your passion will bleed into your work, others will see it, and success will follow.

What Makes a Good Entrepreneur?

So what makes a good entrepreneur? The list goes on and on. Of course, there are more than 9 qualities that successful business people possess. But we’ve singled out some of the most important qualities that you will need to run a successful ATM business. Before you dive in, ask yourself, “Do I have what makes a good entrepreneur?” If the answer is yes, then head over to ATMDepot.com and find out how to get started in the ATM business!

ATM Business Cards 101

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ATM business cards are a good way to promote yourself, increase brand recognition, and sell your services. No matter what your role is in the ATM industry, you either sell a product or a service.

Like any other business, you have to find a way to keep up with the competition and bring in business of your own. In this article, we discuss why business cards are still relevant as well as their marketing advantages.

What are ATM Business Cards?

In the age of Facebook, LinkedIn, Twitter, and other social platforms where networking takes place, you might have forgotten about the good, old-fashioned business card. Or maybe you just thought they don’t apply to you.

A typical business card is a 3.5- by 2-inch piece of high-quality paper stock that includes important information about you, your business, and how to get in touch. Physical business cards are effective marketing tools because offering people something tangible helps you to stand out.

Especially since we spend so much time online, having a physical business card that people can hold and feel keeps your information from being lost in an inbox or overwhelm of other online distractions. (Not to mention, you can always drop a physical business card in that jar at your favorite restaurant and win a free meal!)

ATM business cards are a good way to promote your service. Use business cards to quickly communicate important information about yourself and your business. Leave something tangible with your prospects so that they don’t forget about you! In other words, business cards most certainly apply to you. Keep reading to find out why.

Benefits of ATM Business Cards

Business cards are not a thing of the past. They still work, and they can work for you. If you’re looking for good locations to place ATM machines, there are many benefits to using business cards for the purpose.

Draw Business

The most important benefit to using ATM business cards is that they draw business. They wouldn’t exist if they didn’t. Not only do they help you stand out against competitors, but they also serve as a constant reminder for your prospect. 

If you are dropping in to businesses to gauge interest in placing an ATM machine on the premises, the business owner might not be ready to commit right at that second. Leaving a business card behind allows your prospect to think about your offer and contact you when he or she is ready. 

This process is much better than showing up with nothing, which makes it easy for the prospect to forget he or she even met you. It’s also better than simply leaving your phone number. It will get written down hastily on scrap paper that is easily lost, discarded, or difficult to read.

So if you want your prospects to remember you and contact you when they are ready to discuss a partnership, you’ll want them to have your card.

Low-Cost

There are many other ways you can market yourself and your business, of course. You could create a Facebook page, run ads, cold call, etc. However, in terms of time and cost, business cards are a good strategy. 

Printing a handful of business cards is relatively inexpensive. You can order through one of many business card websites like printbusinesscards.com, or you can make your own (more on this later). Either way, it’s a one-time cost well-spent. 

Convenient

ATM business cards are convenient because they are easily on-hand. They fit in your purse, wallet, the center console of your vehicle… So no matter where you are or who you meet, you can always have your ATM business card available to pass along.

Think about our earlier example: without a business card, you’re forced to leave your phone number or email written on a piece of scrap paper or, heaven forbid, on someone’s hand. Imagine if a number or letter got written down incorrectly or is illegible when your prospect returns to it. That’s a missed opportunity that can easily be avoided.

Professional  

If you laughed at the image of you writing your number down on someone else’s hand, that’s because it’s hilarious how unprofessional that would be! You can customize your ATM business cards to reflect who you are and what you do.

Business cards prove that you take yourself seriously. As should your prospects. Why would they want to invest in someone who hasn’t invested in him or herself?

How to Make an ATM Business Card

Making business cards isn’t challenging or time-consuming. Using drag-and-drop design websites like Canva, you can easily customize and create your own business cards and save money in the process.

ATM Business Card Template

When making your own ATM business cards, make sure you include the following:

  • Logo and Business Name – If you have registered your business with an LLC, you might have a logo and business name. It’s important to include these on your business cards so that people start to recognize your brand. This helps with word-of-mouth advertising (The cheapest form of advertising there is!). 
  • Contact Information – You will want to provide your name, phone number, email address, social handles, website address, etc. Whatever the best way is for your prospects to contact you, provide them with that information.
  • ATMs – This is what you are in the business of. This is the service you provide. Don’t forget to mention this on your business cards! A picture is an easy way to communicate this and it’s easy for your prospects to recognize and commit to memory.

ATM Business Card Samples

Take a look at these samples to get an idea of what clear, straightforward ATM business cards look like:

ATM Business Cards 101 - ATM Business Card Sample via ATMDepot
ATM Business Cards 101 - ATM Business Card Sample via ATMDepot
ATM Business Cards 101 - ATM Business Card Sample via ATMDepot

ATM Business Cards or ATM Business Flyer?

In addition to ATM business cards, we also recommend that you create an ATM business flyer. Both are separate and distinct marketing strategies.

Business cards are perfect resources for your prospects when they are ready to contact you. But why should they contact you? That’s why an ATM business flyer is essential.

ATM business flyers provide detailed information that won’t fit on your business cards. On your flyer, you want to list the ways you can help your prospects. This gives them time to think, research, and then contact you after they have all of the information they need.

At the bare minimum, you should have either ATM business cards or an ATM business flyer ready to leave with your prospects. But we recommend having both as they work together to really promote your service.

ATM Business Cards 101

Hopefully now you realize how important ATM business cards are and how they can work for you. If you are already networking and visiting businesses in person to find locations to place your ATM machines, then you need to have something physical to leave behind.

Of all of the prospects you talk to, how many of them are ready to commit after your initial conversation? Offering a business card helps cement your professionalism and credibility as well as provides a clear way to get in touch with you.

Don’t miss any more opportunities. Start designing your ATM business cards today!

How Much Does it Cost to Start an ATM Business?

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Before jumping head first into the ATM business, you might wonder how much does it cost to start an ATM business. This is a fair question. You might already have a budget for startup costs, and an ATM business model would need to fit into that budget. 

Or, maybe you want to know how much you need to budget for. Based on the number, you might then want to compare different business opportunities or strategies. You also might need to save up some money before you start your ATM business.

While we can’t give you a definitive number, we can tell you what expenses to account for. You will need to do some research and make some decisions only you can make. Not every ATM business looks the same. Your ATM business model depends on your unique lifestyle and goals.

So you’ll need to decide which machine to purchase, what features you need, where to place the machine, and how many partners you’ll have. All of these will vary in cost, but we’ll guide you in the direction of where to begin your research to find out how much does it cost to start an ATM business. 

Purchasing Equipment

The main cost of starting an ATM business is purchasing the machine itself. However, the cost doesn’t stop there. Depending on which machine you purchase, you might have to get an upgrade kit or pay for additional features. 

ATM Machine

ATM machines can range in cost from $1,000 to $8,000. This is a wide range, but it depends on the size of the machine and the age. 

Realistically, however, you should probably expect to pay around $2,000-$3,000. That is the range for the most common, free standing ATM machines.

Wall mount ATM machines are smaller and will cost less than a through-the-wall ATM machine designed to service areas with a lot of foot traffic and a lot of business. And a refurbished machine will cost less than a brand new machine. At least as far as the unit is concerned.

Upgrade Kit

What you have to look out for with refurbished machines is compliance. As regulations change, so must ATM design. Fortunately, to help accommodate these changes, upgrade kits are often available to keep a machine compliant without having to scrap it completely!

However, in some cases, a machine is just too old that it won’t support an upgrade kit. And if this is the machine you purchase, you will probably end up losing money. 

You also don’t want to purchase a machine that isn’t certified refurbished. If you do, you run the risk of spending more money on repairs than you would have if you had just purchased a new machine!

So keep these three things in mind when shopping for a refurbished machine:

  1. Will it need repairs?
  2. Will it need an upgrade kit?
  3. Am I saving money or creating more expenses?

On the other hand, you could find a nearly new, certified refurbished ATM machine that still has close to 8 years left of life or more. 

Choosing equipment is the biggest, most important decision of your ATM business. Because it is your ATM business.

Extra Features

There are a number of features you can add to your machine to help draw in more business. These features are not necessary for your machine to function or be compliant, they just help you keep up with your competition.

Lighted keypads draw customers in at night. Signs can be added to the top of your machine to help catch the eye of passers-by. And cameras can add another layer of security to your business.

As you can see, you’ll have to weigh the pros and cons of your ATM equipment purchase. Do you want to spend a little bit more for a brand new ATM machine that comes fully loaded or is it a bargain to purchase a used or refurbished machine that might need upgrades or supplemental features to draw customers? 

Insurance

You don’t have to purchase ATM insurance. This is completely up to you. ATM insurance works just like any other insurance policy: you pay a regular price so that you are covered in the instance of vandalism, theft, weather damage, lawsuit, etc. Typically you can choose a policy that covers the equipment and cash or one or the other. This gives you a few more options and flexibility. 

And you don’t have to purchase it right away. If you want to wait until you start making money from your machine, you can pay for the insurance later from the ATM revenue. 

You will want to work with an ATM company that is associated with the ATM Industry Association (ATMIA). These companies can guide you toward a policy that meets your specific needs so that you don’t pay for more than you need or avoid not having full coverage.

To give you an idea of what to expect if you do want to purchase ATM insurance, the average ATM business in the United States spends about  $400-$700 per year for $1 million in general liability coverage. Factors that contribute to the price of your policy are location, deductible, and number of employees.

However, if the business where your ATM is located has insurance for the property or business, your machine might be covered under the existing policy. Other location owners might require you to carry general liability insurance in order to work with you. Therefore, you open yourself up to more opportunities if you have coverage. So check with the location owner to see if there are insurance requirements you need to follow. 

Leasing a Space

You might find a business or store owner who is willing to rent the space where you want to place your ATM. This amount will depend on the location itself. And whether or not you agree to the rent price will depend on your projected revenue. Will you still be able to make a fair profit after deducting the cost of rent?

To make sure you always make enough to cover the rent, you might suggest splitting the revenue instead of a set rent price. That way, even when business is slow, you are still guaranteed a profit.

Revenue Split

If you don’t have your own business or store, you might have to convince a store owner to allow you to place your ATM in his or her business. While it doesn’t cost anything to reach out to and make connections with local business owners and decision makers, you might have to negotiate a revenue split to get them to agree to your proposition. 

This isn’t necessarily a start-up cost, but you’ll have to consider it when calculating the rate of your return on investment (ROI). It’s also a good alternative to paying rent for the space.

How Much Does it Cost to Start an ATM Business?

While we can’t give you an exact number, we can let you know how to figure the number before you purchase your machine. It’s a good idea to do some preliminary research on the cost of equipment, features, insurance, location, etc. 

That way you know whether this business is right for your goals and you know what to expect when it comes to your ROI. As you can tell, though, that when it comes to start-up costs, the ATM machine business has a much smaller overhead than many others. 

In the very simplest terms, you purchase a machine, set it up for use, and start making money. What makes it so simple is that you can find a business that already has a store and already has customers. And you get paid to make it better!

If you have any questions, you can contact us to speak to a representative. Then, contact us when you are ready to start your ATM business!