PCI Compliance: Best Practices for Enhanced Security
Digital transactions have undoubtedly transformed how we interact with our finances. ATMs play a vital role in facilitating these transactions, offering convenience and accessibility to users worldwide. However, with the increasing prevalence of cyber threats, ATM providers and financial institutions must prioritize security measures.
This article will explore the upcoming mandatory ATM keyboard PCI compliance that will take effect on January 1, 2025.
Understanding PCI Compliance:
The Payment Card Industry Security Standards Council (PCI) is the unified governing body of ATM networks. They are a self-policing group that comes up with the rules that ATMs, credit card terminals, and processors must abide by in the United States.
What is the ATM Keyboard PCI Compliance?
Intending to keep ATM processors and users safe, the PCI Security Standards Council (PCI SSC) has released new mandates for ATM PIN pads and data encryption. The latest update states that by December 31, 2024, all terminals that have the potential to be upgraded to the latest version of encrypting pin pad (EPP) must undergo the necessary upgrades. Any and all terminals that are not eligible for upgrades will need to be replaced entirely.
Starting January 1, 2025, operational ATMs must have up-to-date firmware and software utilizing the TR31 Phase 3 key blocks. These key block encryption measures have been implemented to enhance the security of PINs and data transmitted through ATMs and payment network infrastructure. The strengthened security measures aim to safeguard the cryptographic integrity of payment data, making it significantly more challenging for hackers to exploit vulnerabilities.
After the specified deadline, machines not equipped with the latest pin pads and key blocks will no longer receive support from host processors. Consequently, the networks will not accept any attempted transactions on these ATMs, rendering the machines non-operational. In other words, your ATM will be turned off if you do not have the updated firmware or keypads to support this new compliance standard.
What does this mean for current and future IADs (Independent ATM Deployers)?
For current IADs, we strongly advise upgrading your ATMs as soon as possible in the upcoming months and not waiting until the end of 2024. We see this happen anytime there are mandatory updates and parts become scarce and more expensive, field technicians get busier, and you may miss the deadline and have your ATM shut off until you complete the update. If you have a Hyosung, Genmega, Hantle, or Triton ATM and want to can if your ATM model has an upgrade available, you can download this compliance and upgrade paths pdf.
If you are just starting in the ATM business and considering a used machine, be mindful of this new requirement. For example, if you see a good deal on a used Hyosung 1800CE, looking at the above compliance PDF, you can see the Hyosung 1800CE ATM will need to be replaced by 2025 ss the ATM core is WinCE5.0 and is not PCI compliant and can’t be upgraded.
If you wait too long to upgrade, there will be price increases and delays in equipment after October 2024. Schedule your updates by the summer of 2024 so you can be sure of availability. All the PDF ATMs showing “Replace ATM” are boat anchors in 2025.
All the Hyosung ATMs in this compliant Hyosung ATMs PDF show which ATMs will need to be replaced, so don’t buy any used or refurbished Hyosung ATMs listed in this document where it says “Replace ATM?” = Yes!
So, this is a huge warning to all retailers and IADs, be careful who you buy ATMs from and what they did to refurbish them if anything. Used machines have to be cleaned, and tested, have parts replaced, have software reset to factory defaults, include keys and passwords, and be PCI compliant so they can be properly programmed for installation and use after 2025.
Although January 1, 2025 feels like it’s way out in the future, please do not delay updating your ATM. Our CEO has been in the ATM business for over 30 years and our parent company Intelligent e-Commerce, Inc. has been around for almost as long.
We have seen our fair share of ATM security updates including Triple Des & EMV as well as other changes including new ADA guidelines and software sunsets like Windows XP and so on.
We know from decades of experience that updating ATMs early can save you money, time, and headaches as people wait, parts and services become scares and wait times grow longer. If you wait until the middle or end of 2024 or you hope that an extension will be forthcoming, our experience has proven the upgrade kits will be more expensive. It will also mean technicians will be swamped and you may not get your ATM upgraded before the deadline and it would be turned off.
We can not stress how important this update is. Please check the links above and see if your ATM requires an update. If it does, we urge you to call us soon.
If you want to make sure the machine you are buying is PCI compliant, please check out our line of brand-new future-proof ATM Machines.
https://i0.wp.com/atmdepot.com/wp-content/uploads/2023/06/TR-31-Requirements.png?fit=1200%2C1200&ssl=112001200Jim Rey Bauyanhttps://atmdepot.com/wp-content/uploads/2022/12/ATM-Depot-Logo.pngJim Rey Bauyan2023-06-26 15:33:552024-10-25 14:54:19ATM Keypad Encryption PCI Compliance Updates – Upgrades Due by January 1, 2025
You might have to consider ATM card vs. debit card when opening a new bank account. But many people consider these two cards the same and use the names interchangeably. However, they are different types of cards with distinct purposes and functions.
In this article, we’ll discuss the similarities and differences between ATM cards and debit cards as well as the benefits of each. The distinction is important when it comes to making purchases, withdrawals, and sales.
ATM Card vs. Debit Card: Similarities
Both ATM cards and debit cards are rectangular pieces of plastic issued by your bank and tied to your checking and savings accounts. This means that they can both be used at an ATM with a PIN to check account balances, transfer funds, withdraw cash, and even make deposits.
ATM Fees
The fee structure for both is also similar. Both ATM cards and debit cards can be used on any ATM machine. But you can incur ATM usage fees on machines outside of your bank’s network. Many times, ATM usage fees are waived at ATMs that are in-network. But banks can charge fees to cover the cost of communication with an out-of-network ATM. And the owner of the out-of-network ATM machine can impose a surcharge fee on top of that.
Overdraft Fees
You can also incur overdraft fees with each card. Usually, overdraft protection is not automatic—it’s a service you opt into. Overdraft protection service allows you to make purchases and withdrawals beyond your account balance. However, there is a fee charged each time the bank covers the difference.
It isn’t a good idea, however, to rely on overdraft protection service as it is offered only at the bank’s discretion. For example, you might only be covered up to a certain dollar amount, a certain number of transactions, or not at all if you are considered high risk. This can happen if you make too many transactions into overdraft or if you maintain a negative balance that is too high or that is negative for too long.
There is another type of overdraft protection that rolls funds over from your savings account. This protection can be extended to both ATM card and debit card usage if you opt in. There is still a fee for the bank making this transfer on your behalf. However, the FDIC assures it is usually lower than a typical overdraft fee. Savings accounts are also limited to 6 withdrawals per month.
If you reach your balance limit or are denied overdraft coverage for any of the reasons listed above, both an ATM card and debit card transaction will be declined.
ATM usage is where the similarities end. While both ATM cards and debit cards can be used to access your bank accounts at an ATM, only a debit card can be used to make purchases and payments.
ATM Card vs. Debit Card: Differences
Although ATM cards and debit cards can both be used at ATMs, only debit cards can be used to make purchases. That is why you will see a payment processing network logo, like MasterCard or Visa, on a debit card but not on an ATM card. ATM cards are also limited to national use while debit cards can be used internationally.
So, debit cards are much more common than ATM cards. Debit cards have a much wider range of uses. They can be used at ATMs, for point of sales (POS) transactions, and for paying bills. In 2021, over 80% of Americans aged 15 and older had a debit card.
Debit cards are electronic versions of checks. When you make a purchase with your debit card, the funds are immediately taken out of (or debited from) your checking account. So you should always keep a register of your transactions to ensure you don’t spend more than your account balance.
You can also, however, run your debit card transaction as a credit transaction. All this really does is postpones the debit. A debit transaction made using your PIN number will automatically deduct the funds from your account. Bypassing the PIN for a credit transaction, on the other hand, will take it a few days to process. It might even require a signature.
So which is better: an ATM card vs. debit card?
ATM Card vs. Debit Card: Benefits
Since ATM cards and debit cards have distinct purposes, they also have specific benefits. Here, we’ll consider the benefits of each from a few different perspectives.
Consumer
From a consumer perspective, it is risky to carry either an ATM card or a debit card. Since they are both directly linked to your bank accounts, if they are lost or stolen, then more of your funds are at risk. So, it could be safer to use an ATM card a few times a month to withdraw the cash you need temporarily and leave your card in a safe place the rest of the time.
This can also make it easier to budget, and it can prevent overdraft fees or card declines. Using cash can help make it easier to spend only what’s available without the inconvenience of physically having to document each transaction.
You can do the same with a debit card, of course. It just might be tempting to end up using your debit card for transactions as well which can cause money management issues. Withdrawal limits are also typically higher on a debit card than on an ATM card. So if something happens to your debit card, more of your funds are at risk.
However, you will need a debit card to pay certain bills. If you are enrolled for any online bill payments, you will need to provide a debit card number.
Could you have both cards? Absolutely. Just ask your bank. And make sure you understand the fee structure because each card will have it.
Merchant
As a merchant, you can only accept debit cards, or cards associated with a network like MasterCard or Visa, as a form of payment. However, if you have an ATM machine on-site, ATM cards could bring you more surcharge income if customers have to withdraw cash to make purchases or payments.
It can be disappointing to turn away a customer who only has an ATM card. But hopefully you can direct them to an ATM machine in your store. This is one of many reasons why it’s a good idea to have an ATM machine on-site—you experience less missed sales.
ATM Owner
As an independent ATM deployer (IAD), you reap nothing but benefits from both ATM and debit cards. When either is used on your ATM to make a withdrawal, you earn the surcharge fee. Of course, the same concept applies: if someone has a debit card, they might not need an ATM if they can simply use the card to make a purchase.
Conclusion
ATM cards and debit cards are both convenient ways to access your bank accounts at any time. You avoid being restricted to bank hours or facing long teller lines. However, if you are looking for a card you can use to make purchases or pay bills online, you are going to need a debit card. Especially if you don’t have a credit card.
ATM cards do not offer as much functionality as a debit card. Therefore, most banks will automatically issue you a debit card when you open a bank account. In the past, you might have received an ATM card initially.
The preference is up to you. But remember that even though you and others might refer to debit cards as ATM cards, the two do have distinct purposes.
https://i0.wp.com/atmdepot.com/wp-content/uploads/2023/02/ATM-Card-vs.-Debit-Card-Whats-the-Difference-via-ATMDepot.png?fit=1620%2C1620&ssl=116201620Amber Ivenhttps://atmdepot.com/wp-content/uploads/2022/12/ATM-Depot-Logo.pngAmber Iven2023-02-27 15:51:362023-02-27 15:51:39ATM Card vs. Debit Card: What’s the Difference?
If you own a store or other business, you might wonder what benefits of ATM machines you could reap. If you haven’t wondered about this, you should. In this article, we cover 3 major benefits of ATM machines to store owners. However, you will find that each major benefit breaks down into so many different opportunities!
Not only do ATMs generate revenue, they are also convenient for your employees and customers. So an asset that serves all three parties is definitely something to consider! Keep reading to see if an ATM machine is a good idea for your business.
Increase Revenues
ATM machines increase revenue. Think of an ATM machine as a mini-business. There are thousands of independent ATM deployers (IADs) nationwide whose entire business is ATM machines. They wouldn’t do it if ATMs didn’t generate income!
Of course, it’s not necessarily a mini-business to them because they might have upwards of 10 machines to operate. But for you to add just one ATM machine to your existing business is a small way to make big revenue.
Surcharge Revenue
How do IADs make a profit? The entire business model for an IAD is to charge a convenience fee—for ATM machines this is known as a surcharge—for users to have quick, convenient access to their cash without having to get to a bank.
This surcharge is an IAD’s sole source of revenue, and whatever is left after making the return on investment (ROI) and subtracting small maintenance costs (receipt paper, transportation costs, cleaning supplies, etc.) is profit!
Now, most IAD’s have to find location owners who are willing to host the ATM machine. Otherwise, they’d have nowhere to put their machines! To make the deal worthwhile for the owner of the location, the IAD typically offers to share part of the surcharge revenue.
If this is an arrangement you’re interested in, you can be matched with an IAD who will take care of servicing the machine (and potentially share some of the surcharge revenue) while you reap some of the other benefits of having an ATM machine in your store.
All you have to do is send in an ATM placement services, and ATMDepot.com will set you up with someone who will place and operate an ATM in your store at no cost to you!
Alternatively, you can purchase, own, and operate your own machine. You would be responsible, then, for loading cash, refilling receipt paper, cleaning the machine, addressing errors, etc. However, you would also get to keep the entire surcharge fee, rather than just a portion, to compensate you for your time. If you are interested in this route, check out our ATM startup kit!
Whether you operate your own ATM machine or work with an IAD, there are still plenty of other opportunities to increase your revenue.
Increase Average Spent
If you own a store, maybe a convenience store, gas station, boutique, etc., you want to increase the amount each visitor spends. An ATM is a great way to do this. Why? Cash. When people have cash in their hands, it’s convenient, it’s available, it’s quick, it’s ready.
Having an ATM machine available to your visitors and existing customers increases the chances of them purchasing more items, especially those impulse purchases like snacks, gadgets, souvenirs, reusable totes…. All of this adds up in the course of a month to drive up your sales (and the surcharge revenue is the cherry on top!).
Increase Traffic
When you add an ATM machine to your store or business, you draw new customers who might only stop by specifically because of that ATM machine. Put a sign up to advertise that you offer ATM services, and you appeal to a whole new range of customers aside from those who might want and need the services of your actual store.
The more services you offer, the wider range of customers you appeal to, and the more business you create for yourself simply by bringing people into your business. Some of these people might not have ever stopped by otherwise, and others still might see something they never knew they needed from your store or business! Therefore, an ATM machine can be quite the lead magnet….
Increase Customer Loyalty
In addition to bringing new traffic to your store or business, an ATM also promotes repeat customers. Almost every consumer (82%) is happy that ATMs are available to suit their needs. This means that a majority of consumers have convenient access to ATMs. Yours could be one of them.
Once users know the ATM exists, they know where they can always quickly and easily access their money. In this way, you bring in more customers regularly.
You can also look for an ATM machine with the ability to print coupons on ATM transaction receipts. Offering coupons to ATM users provides an incentive for passersby to choose your ATM (as opposed to, say, the one across the street) and also encourages purchases of goods and services from your regular business!
Advertise
Another upgrade you can make to an ATM machine to increase revenue is a graphics screen. With a large screen that has the ability to display graphics, you can promote your business with your logo, sales, promotions, etc. Or, you can add another revenue stream by selling ad space on your ATM to nearby businesses!
Save Money on Credit Card Fees
Not only can you make extra money with an ATM machine in your store by increasing revenue, but you can also save money. If you don’t (already) run a cash-only establishment, you likely have to pay a fee every time you process a customer’s credit card. And these fees add up.
If you offer access to cash in your store, you encourage more cash payments. More cash payments mean less credit card transactions, less fees, and more money in your pockets. Then, if it works for your business, you might be able to become a cash-only establishment and never pay another credit card transaction fee again!
Another option you have is Bitcoin. As cryptocurrency becomes more and more popular, you might find that you want to start accepting crypto payments. Depending on where your business is located and the needs of the consumers in the area, you might find that converting your ATM machine to a Bitcoin ATM machine (BTM) brings in customers who may have trouble finding this service. You might even decide to have both!
Improve Safety
Why will passersby use your ATM machine as opposed to the one across the street? People who need to use an ATM machine want to feel safe and comfortable doing so. Most ATM users feel safer using a machine that is located in or near a trusted store or business that has surveillance, lighting, and a good reputation.
Even if your business is lacking one or more of these, just having an ATM inside your store or business will make users more comfortable than using one out in the open on the street. To ensure you place your ATM machine strategically in your store to enhance comfort and safety, check out our article about ATM security tips.
An ATM machine might also benefit your employees. Do your employees really want to make another stop before or after work to access their money? Probably not. Additionally, they should feel more comfortable using a machine in an environment they are familiar with. So the ability to bank where you work is a plus for your employees, too!
As far as you and the money generated by your store or business, an ATM machine keeps you safe as well. Using store money to load the ATM machine keeps those funds safe and secure. In this way, an ATM machine functions as an on-site safe as well as a money-maker.
Is Your Business Right for an ATM?
While there are many benefits of ATM machines for store and business owners, it might not be a good fit for everyone. There are some costs associated with operating an ATM machine, including the cost of the machine itself, so you want to be sure you will make enough revenue in surcharge fees to justify the purchase of the machine.
So how do you know how well an ATM will do before you purchase the equipment? Here are a few factors to consider:
Traffic
There are two rules of thumb you can use to predict the success of an ATM machine:
First, calculate 2-3% of the average number of customers your business sees in a day, then multiply that number by the surcharge amount (about $3). Multiply that by the number of days you are open in a year to get a rough estimate of your yearly ATM revenue.
Alternatively, you can take the number of adult patrons your business sees every day and multiply that number by the surcharge amount to get a rough estimate of your monthly ATM revenue. To create a range, take the number of daily adult patrons and add 10% to get a higher monthly estimate and subtract 10% to get a lower monthly estimate. Then look somewhere in the middle of those two numbers for a closer estimate of monthly revenue.
If your business doesn’t see enough daily traffic, these numbers might not be worth the effort of maintaining an ATM machine. So when evaluating the need for an ATM machine, you’re really looking at the demand for the service. Do enough people visit or pass by your store to make an ATM machine worthwhile?
Proximity of Nearest ATM
Furthermore, you want to consider whether or not the market for an ATM has already been cornered. If the store next to you, down the block, or across the street already offers this service, you might have to share customers. This can impact your ATM revenue. However, you can always offer a competitive surcharge fee and coupons to draw that business away from nearby ATMs.
Number of Employees
If you own an office building as opposed to a retail store, you might want to add an ATM machine to the premises to benefit your employees more than customers or clients. In this case, you want to make sure there are at least 200 people in the building every day and that there is a need for the service.
If there is a coffee shop, gift shop, cafeteria, or other nearby place for employees to spend money, then an ATM might be beneficial. You might also see an increase in transactions on Fridays before employees go out for the weekend and payday. This might also be extremely convenient for them. So just make sure you properly gauge the need for an ATM machine before committing.
Special Events
Mobile ATM machines are great for use at outdoor events. If you own a bar, restaurant, food truck, or any other business where events take place like carnivals, live music, fundraisers, pop-up markets, etc., then an ATM machine could be a great benefit to patrons.
Essentially, any place where patrons have the opportunity to make donations or purchase merchandise, food, and beverages is the perfect place for an ATM machine.
Start Reaping the Benefits of ATM!
There are many benefits of ATM machines in retail stores and other businesses. It all comes down to demand. An ATM is a great opportunity for you to make some extra cash as well as satisfy the needs of your customers and employees.
To own and operate your own ATM machine and keep every cent of the ATM profit, request an ATM start-up kit, and we’ll get you started! If you’d rather partner with an IAD and simply reap the benefits of increased traffic and sales, just send in an ATM placement services! Once you evaluate the need for an ATM machine in your store or business, contact us to get started! Click here for more information about special offers for business owners.
https://i0.wp.com/atmdepot.com/wp-content/uploads/2022/03/3-Major-Benefits-of-ATM-Machines-in-Your-Business.jpg?fit=1200%2C1200&ssl=112001200Amber Ivenhttps://atmdepot.com/wp-content/uploads/2022/12/ATM-Depot-Logo.pngAmber Iven2022-03-23 08:00:002024-11-26 05:03:173 Major Benefits of ATM Machines in Your Businesses
Curious about the pros and cons of ATM business before you jump right in? While there are many benefits to starting an ATM business, it does involve a certain amount of work and risk—just like any other business. However, the ATM business is one of the simplest to start and operate.
After reading the pros and cons of ATM business here, decide whether the rewards outweigh the work. What might be a deal breaker for one person might not be a deal breaker for another. So consider your options carefully and make a decision that works for you!
Pros
Passive Income
The whole point of starting a business is to make money, right? The money you make from your ATM machine is considered passive income because the machine does most of the work for you. You essentially make money while you sleep, while you take a vacation, while you work your day job….
Speaking of day jobs, you might decide you want to quit your day job. If the money you make from operating your ATM machine supports the lifestyle you desire, then quit your 9-5 and enjoy the flexibility and freedom of running an ATM business.
Otherwise, the money you make from your ATM machine supplements your existing salary. You now have extra money to put towards the things your salary doesn’t currently cover. And the best part is, it’s a simple business model!
Simple Business Model
The ATM business is not complicated. In only five steps you can have a machine delivered to your front door (not that you would want to run your ATM from your home…). Complete and submit your documentation, select your equipment, choose a location, set your surcharge, and once the machine is installed you can start to make money!
One of the greatest benefits an ATM business offers that other business models don’t is that you can start making money immediately. An ATM business is a service-based business rather than a sales-based business, so you don’t have to pursue clients and customers. If you strategically choose an optimal location for your machine, the customers will come to you. The quicker you make your return on investment (ROI), the quicker you start to profit.
And most of your revenue will be profit. Your only business expenses will be receipt paper, insurance (if you have it), and whatever you set aside for maintenance. Plus, an ATM business is scalable. Once you get the hang of owning and operating one machine, purchase and place another! You could be making thousands of dollars a year with five to ten machines.
Even with ten machines, you still get to enjoy a fairly flexible schedule. An ATM business requires minimal work from you. Again, that’s why it’s called passive income!
Longevity
As long as people use cash, there will be a need for ATMs. So you don’t need to worry about them becoming obsolete any time soon. Although society is moving in the direction of digital currency, it has yet to take over completely.
Even still, if you decide you’d like to get into the Bitcoin ATM business, that’s an option as well. And it won’t require very much effort to make the switch. Either purchase a Bitcoin ATM or convert a traditional ATM machine if it has the capability.
The point is, you have a lot of time to make a lot of money with ATM machines.
Cons
Work
At the end of the day, an ATM business is still, well, a business. So it is going to require some work. We said that it is simple, not that it is easy. So be prepared to invest a little bit of effort. In terms of responsibilities, though, you have very few when it comes to operating your ATM machine.
The initial work you have to do is find a location to place your ATM machine. Unless you already know some business and store owners personally who might be able to benefit from an ATM on their premises, you will have to approach local businesses and stores to try to convince them to share their space and join an ATM partnership.
You also have to think strategically about the best, most lucrative location for your ATM. You have to identify a gap in the market. Where is there a need for an ATM? Where is there a lot of foot traffic? Will you be able to offer a competitive surcharge and bring in users every day?
But once your machine is up and running, the only things left to do are refill the machine with bills and receipt paper and address any maintenance issues. If something breaks or if there is a technical error or if the machine requires routine cleaning, those are your responsibilities. Unless…
You do have the option of delegating your responsibilities. You are, after all, the business owner. So you could pay someone to vault the money for you or you can arrange to share responsibilities with the location owner. The only downfall to this arrangement is that you then have to share a larger amount of your profit. Less work equals less pay.
Financial Risk
Again, like any other business, there will be startup costs. And while there is no guarantee you will earn it back, it’s pretty difficult to lose money with an ATM. Especially since you can move your ATM anywhere you want to try to find a winning location.
Although minimal, you will have to make an initial investment. Your costs will include the ATM equipment, insurance (if you choose), and rent. If you want to place your ATM at, say, a mall, you will probably have to pay a set, monthly fee to rent the space. If you work with a small business, you can probably get away with sharing a percentage of the ATM revenue.
Background Check
Finally, to run an ATM business, you have to pass a background check. Unfortunately, you cannot legally operate an ATM if you have a felony charge or have been convicted of a financial crime. Since running an ATM machine involves money wire transactions for other people, you must pass a background check in order to prevent money laundering activities.
What Are the Pros and Cons of ATM Business?
If you are wondering if an ATM business is right for you, think about the pros and cons of ATM business. Consider how much work you are willing to put into it, how much you want to make from it, and what goals you will have for your business.
If you want to get rich, then you may want to look at different options. However, if you are looking for something flexible that requires little involvement so that you can pursue other ventures simultaneously, then the ATM biz is perfect.
Most of the cons associated with starting an ATM business you’re going to find in any business venture; they aren’t specific to an ATM business. Things like effort, networking, startup costs, etc. are standard necessities when starting a business. Use this list of pros and cons to help make your decision. When you’re ready, contact us and we will get you started with documentation!
https://i0.wp.com/atmdepot.com/wp-content/uploads/2021/10/Pros-and-Cons-of-the-ATM-Business.png?fit=1200%2C1200&ssl=112001200Amber Ivenhttps://atmdepot.com/wp-content/uploads/2022/12/ATM-Depot-Logo.pngAmber Iven2021-10-27 08:00:002024-11-26 05:02:39Pros and Cons of ATM Business
We’ve collected 10 inspirational quotes for entrepreneurs such as yourself. You might be considering getting into the ATM business, or you might need a little motivation to take the next step with your existing ATM business.
The ATM entrepreneur is a little unconventional. You don’t have a product to push, and you don’t have to make sales calls. However, a business is a business, so you will still find yourself struggling to get started, in unknown territory, and on the brink of scaling.
Entrepreneurs before you have experienced similar uncertainty and obstacles. So we’ve taken their wisdom and applied it to the ATM business to help show you that you aren’t alone, that you can do this, and that good mentors can help.
1. “The secret of getting ahead is getting started.” -Mark Twain
Mark Twain is best known for his novels The Adventures of Tom Sawyer and The Adventures of Huckleberry Finn, but he was also an entrepreneur. The money he made from writing he invested in the Paige Compositor, an invention designed to replace the human typesetter.
Overlooking the fact that Twain’s investments caused him to go bankrupt, his writings were extremely successful, and he is still a household name today. He, like most other writers, would agree that you cannot write a book without writing the first chapter. And you cannot write the first chapter without writing the first word.
Similarly, you cannot operate an ATM business without first purchasing a machine, and you can’t place a machine without first finding a location for it. If your dream is to build passive income with an ATM business, you have to take that first step.
2. “Nothing will work unless you do.” -Maya Angelou
Although not an entrepreneur as it applies to assuming the risks of a business, she did assume the risks of other enterprises. Poet and civil rights activist, Angelou knew that she could not accomplish her goals without hard work.
While the ATM business is a lot less labor intensive than many other business models, it still requires a modicum of effort on your part. The goal of an ATM business is to bring in passive income, but you still have to negotiate a location, make sure the machine is stocked, address any error codes, and fix any damage.
However, if you can manage these simple tasks and don’t neglect the work, you can run a successful ATM business.
3. “Rule number one: Never lose money. Rule number two: Never forget rule number one.” -Warren Buffett
Warren Buffett is a business magnate and investor worth around 103.8 billion dollars. He is clearly an expert at not losing money….
Now, as an ATM owner, you can take this quote quite literally. You wouldn’t want to lose the bills that enter your machine. And with security options like through-the-wall (TTW) ATM machines and video surveillance, the risk of losing those bills is greatly minimized.
And that’s really the only way to lose money in the ATM business. Once you purchase your ATM equipment, all you have to do is make your return on investment (ROI) and then you can start to profit. That’s it. You have a relatively low startup cost and you can start earning revenue as soon as your machine is up and running.
Now, the rate at which you make your ROI is dependent upon your ATM business strategy itself. There is no doubt you will make money. Every time someone uses your machine you make money. It’s your job to experiment with how much business you can get in a month and find out how you can continue to encourage more business.
4. “Don’t just commit to the sprint. Commit to the marathon.” -Yulin Lee
Yulin Lee is a money, wealth, and financial coach dedicated to helping women regain control of their finances. Her personal success has been a marathon: a product of endurance and concentrated effort.
Chinese immigrants, her family worked hard to get by in the United States. Lee supported herself through college by working part-time jobs. She made some financial mistakes, learned some lessons, and after 12 years of her career in hi-tech, she pivoted from “income earner to wealth builder.”
If you are anything like Lee, you will not be satisfied with just one ATM machine. No. You will aim to place 10 or more machines throughout your city in order to make thousands of dollars a month in passive income.
A sprint is great if you need to make money right now. But if you want to eventually make even more money and let your ATM gig become your day job, then you will want to focus on scaling your business and adding more machines.
5. “I am always doing what I cannot do yet, in order to learn how to do it.” -Vincent van Gogh
Van Gogh is considered the greatest painter after Rembrandt. But van Gogh was not born with a paintbrush in his hand. He didn’t even begin painting until 1880 at the age of 27 and continued for the last ten years of his life.
Van Gogh visited museums and met with other painters. He learned from the styles of French painters, Japanese prints, and Impressionists all before finally developing his own, personal style.
We can all learn from this lesson of van Gogh. We cannot learn until we try. No one wakes up knowing how to run an ATM business. It takes research, strategy, and a mistake or two along the way.
Just because you don’t know, for example, how to configure your machine doesn’t mean you shouldn’t purchase one. The technical side of owning an ATM machine is an aspect you will learn on the job as the need arises. The more you do it, the better you will get, and the easier your business will become. Before you know it, you will be an ATM expert because you’ve been there, done that.
6. “Find a great mentor, someone who has already been through the many challenges of being an entrepreneur.” -Jodi Levine
Jodi Levine is a professional crafter. She is famous for making elaborate crafts out of household and supermarket items. After graduating from RISD, she went on to work for Martha Stewart Living in the Craft Department. Talk about a great mentor!
If you want to know everything there is to know about the ATM business, you need to find a mentor in the industry. ATMDepot.com is a good place to start.
CEO Noah Weider has been in the ATM industry since 1994. His mission is to help people understand how the ATM business works and become independent ATM deployers (IADs). Contact ATM Depot to speak with industry professionals with over two decades in the ATM business.
7. “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.” -Henry Ford
Henry Ford—American industrialist, business magnate, founder of the Ford Motor Company, and chief developer of the assembly line technique of mass production—died with a net worth equal to $200 billion (adjusted for inflation).
So you can see where the inspiration for this quote came from…. Ford became one of the richest people in the world.
Henry Ford was so successful because he was devoted to service. Not only did he revolutionize transportation with his Ford Model T, he also was the first to manufacture an automobile that middle-class Americans could afford.
Now, you won’t become a billionaire through your ATM business alone. But you can maximize your profits by devoting yourself to service. You want to offer your customers the convenience of cash withdrawal at any time. Therefore, you want to make all of your decisions with the customer in mind.
What locations are the most in need of your ATM machine? What denominations will your customers expect to be able to withdraw? Can you offer your customers 24-hour access? Will you offer security features that make your customers feel safe using your machine at any time of day?
These are the questions you need to ask yourself when structuring your ATM business. If you have a service mindset, the profits will come.
8. “There’s no shortage of remarkable ideas. What’s missing is the will to execute them.” -Seth Godin
Seth Godin is a successful entrepreneur, author, and public speaker. He started the idea of Permission Marketing and ended up selling the company to Yahoo! in 1998. He got into Stanford Business School because of a nonprofit company he co-founded.
They started a snack bar, a ticket bureau, a travel agency, a concert promotion business, a birthday cake delivery business, a bagel business… and he and his 400 college student employees ran them all. Now, Godin writes a popular blog, and his company, Squidoo.com, is ranked among the top 75 sites in the US.
Godin’s surplus of “remarkable ideas” might have something to do with his ADD. But the idea is always the easiest part of business, isn’t it? The hard part is the execution.
So if you have the idea to start an ATM business or scale your existing one, you aren’t alone. The difference between you and those who are already operating an ATM or 10 is that they executed their idea.
9. “A simple rule of business is if you do the things that are easier first, then you can actually make a lot of progress.” -Mark Zuckerberg
Mark Zuckerberg, media magnate and internet entrepreneur is known for co-founding Facebook, Inc. Before dropping out of Harvard to focus exclusively on developing the famous social networking site, Zuckerberg developed a number of other programs such as CourseMatch, Facemash, and Harvard Connection.
While adept at computer software and programming (Zuckerberg created a message program “Zucknet” at the age of 12), the things that come easy to Zuckerberg do not come easy to many people. Fortunately for you, an ATM business is very simple to operate.
The success of Zuckerberg’s early projects led him to the idea for Facebook. Although you won’t become a billionaire from owning and operating ATM machines, you can make a lot of progress with them.
You don’t have to have a background in banking, electronics, or even business to start an ATM business. So the ATM industry might be daunting to you. But like Zuckerberg says, if you start with the easy parts, the rest will follow. It’s about building momentum and taking things one step at a time.
10. “If people are doubting how far you can go, go so far that you can’t hear them anymore.” -Michele Ruiz
Michele Ruiz is a three-time serial entrepreneur. She co-founded BiasSync which helps organizations manage unconscious bias in the workforce; founded Ruiz Strategies, a consulting firm focused on helping organizations enhance diversity and inclusion goals; and has an online mentoring program, Possibility Architect, that helps female entrepreneurs scale their businesses.
Ruiz’s inspiration comes from her own experiences. She did not become a successful entrepreneur, keynote speaker, Emmy Award-winning TV news anchor, and best-selling author by letting people tell her that she couldn’t do those things.
If there are people in your life telling you that you can’t start an ATM business, that you don’t know enough, that you can’t make enough, etc., you won’t be worrying about them when you quit your day job or make enough in passive income to get that new car or take that vacation you’ve always dreamed of.
The Benefit of Inspirational Quotes for Entrepreneurs
We all need a little inspiration and motivation from time to time. Whether it’s for starting a business, scaling a business, or just getting out of bed in the morning, we sometimes need to be reminded of those who have been in our shoes and achieved their goals despite adversity. You can apply these inspirational quotes for entrepreneurs to your ATM business no matter which stage you’re at. The first step is to start. The second step is to keep going. And the third step is to ask for help. Remember, you’ve got a partner in ATMDepot.com.
https://i0.wp.com/atmdepot.com/wp-content/uploads/2021/09/ATM-Inspirational-Quotes.png?fit=512%2C512&ssl=1512512Amber Ivenhttps://atmdepot.com/wp-content/uploads/2022/12/ATM-Depot-Logo.pngAmber Iven2021-09-15 08:00:002024-11-26 04:56:0010 Inspirational Quotes for Entrepreneurs in the ATM Business