ATM Business Equipment Financing Program

So, you want to start an ATM business but you need some business financing for ATM Equipment?  

Well, to start an ATM business, you really only need $5,000. That would get you your first machine ($2,000 – $2500), depending on the type of ATM Machine you want, then that leaves you about $2,500 – $3,000 for vaulting (the money that goes in the ATM). However, the smarter way to start is to preserve your cash-on-hand for loading ATMs and get ATM Equipment financing for the ATM Machines.

There are a few ways you can get equipment financing to start your ATM Business. Let’s review them.

How to Get Financing to Start Your ATM Business

How do I get financing to start my ATM Business?

Now, that’s a frequently asked question for people starting out in the ATM Business.

Here are 3 ways you can get financing to start your ATM business:

  1. Apply for a Loan
  2. Apply for a Credit Card
  3. Apply for ATM Business Financing
See if You Qualify

Apply For A Loan

Many startup ATM Entrepreneurs use small loans from family and friends sometimes. However, if you have decent credit, you might be able to get a Line of Credit (LOC) from your bank, or another commercial lender.  Considering $5,000 is a very small loan (microloan), you may be better off with a little more for other expenses. It’s really not worth all the hassle of trying to get a loan for less than $25,000 but banks will often open a LOC for $5,000 – $15,000 if you have a good track record with them and decent credit.  
 
Interest on a regular loan starts immediately, but on a LOC it only starts once you take the cash and you only pay interest on the outstanding balance. So prepare yourself before you start using it. To apply for a LOC, simply visit your bank or other institutions where you have money in an account. Most lenders that offer LOC attach it to a checking or savings account. It’s like overdraft protection but you can use it for anything.
Small Business Loans (SBAs)
You may also qualify for an SBA (Small Business Administration) loan. They are a little more difficult to get but they often need a real business plan and then they will fund about 85%.  SBA loans are business loans guaranteed by the Small Business Administration. They are also done through an approved lender, typically a bank.
 
An SBA microloan program is probably the most traditional startup business loan. The Small Business Administration’s microloan program offers small businesses anywhere from $500 to $50K in capital. An average SBA microloan is $13K. Micro SBA loan lenders tend to focus on minority-owned businesses or those operating in disadvantaged areas. They are also well equipped to work with businesses in local communities.
 
You could also try to get a Business Startup Loan for financing to start your ATM Business. These are typically loans up to $150K, with a term of 6 months to 4 years. They carry interest rates between 8% and 20% but are typically quickest to get.
 
Most of the traditional business start-up loans require a decent credit score.

Apply For a Credit Card

Lots of new IADs turn to credit cards to start their business. It’s a great way to buy your first ATM since the initial investment is typically under $2,500. Sometimes, if you have a good location you can pay this off without incurring too much interest.

You can also try to apply for interest-free credit cards. The downside to applying for your own credit cards is that you can only get so many and every time you try, you get an inquiry on your credit report. This can often hurt your score, which in turn, lowers your chances of getting another credit card if you need more cash to grow your ATM business.

Remember to note that if you plan to apply for these yourself, you’ll need a decent credit score. Close to 700, for instance. Once you apply for one or two, you’ll probably lock yourself out of getting additional cards or other types of loans since all the application inquiries will show up on your credit report. But, if you have a great credit score and only need another $10,000 or so in credit card credit, then this might work for you.

Another alternative: We were able to secure IADs access to a 3rd party lender that helps you get around this limitation. They may be able to save you loads of time and hassles. Read below to find out more about what ATMDepot has set up for their IADs ⬇

Apply for ATM Business Financing

ATMDepot has secured a way for you to see if you qualify for 3rd party business funding. It’s a great way to get cash if you have locations waiting for ATMs and you NEED to find the money to buy machines. You can see if you qualify here to get financing to start your ATM Business.

This Third Party Offer enables IADs access to cash. Normally, they charge $30 for the application, but, you’ll get it free. First, you’ll fill out the quick pre-qualification app. Then, a financing rep will give you a call to collect the rest of your info and a soft inquiry will run (soft inquiries do not show up on your credit report). Lastly, he/she will let you know what you’ve been approved for in your area based on your credit, and that’s it!

How Does It Work?

You will know within minutes whether or not you have been approved. If you proceed with the loan, the 3rd party loan provider will work on your behalf to secure multiple revolving Credit Cards (up to ten) with varying amounts of credit. The total available line of credit could be between $25,000 and $100,000 based on your creditworthiness.

Obviously, you don’t have to use it all, but when you initially need business financing, it’s best to get approved for as much as you can. You never know how many locations you might get and you certainly don’t want to be in a position where you need to find additional financing down the road.

With the 3rd party offer, they work to secure all your credit cards to include up to 18 months of no interest. You complete the online form, they qualify you for free and do all the work to secure your loans without inquiries on your credit report.

What Will It Cost Me?

While there is no upfront fee, a flat rate fee charges when / if you secure the credit. ATMDepot was able to secure $1,000 off their normal fee for loans higher than $25,000.

You don’t pay anything out pocket.

Upon approval and when you receive your first revolving line of credit, a flat fee of $2,997 charges to the first credit card you receive. This way, you’re not out of pocket and have up to 18 months to pay the fee and any other charges you incur on the cards received.

How Do I Apply?

ATMDepot proudly offers our IADs a way to apply for business lines of credit with one click and no charge.  There is no charge to check, and no inquiry will go on your credit report. Click the button below or the link to the right to see you if you qualify.

Disclaimer: As with any business loan or business line of credit, be careful how you use it. Use your credit wisely by building your business. We don’t recommend using the credit for anything other than buying ATMs or for other uses that will help grow your business.  Use however / how much you need. Normally, the cards aren’t used for obtaining vault cash, however, if you speak with the loan provider, you may be able to pay an additional small fee to pull cash off the cards.

See if You Qualify

ATM Business Financing Program Benefits

  • Interest-Free for Up to 18 Months

    This program offers no interest for at least a year; some credit cards received may offer no interest for a full 18 months.

  • You Only Pay if You’re Approved

    You will only be charged the upfront service fee IF you are approved and receive the revolving lines of credit. Then, the fee will be charged to one of the cards received.

  • No Upfront Fee

    Use our referral code and get free access to see if you qualify (Value of $30)

See if You Qualify

How to Apply for Your ATM Business Financing

  • Step 2: Take the Call

    Our reps talk to each lead as they come in. Once you submit your quick pre-qualification app, a financing expert will give you a call to walk you through qualification over the phone. He/she will complete an application for funding for you which could be used for any purpose such as:
    – Buying Equipment
    – Running Your ATM Business
    – Paying Rent

  • Step 3: Get Down to Business!

    Use your credit wisely by building your business. The funding is not for going out to dinner. Use however / how much you need. If you have locations waiting for ATMs and you NEED to find the money to buy machines, this is the way!

    What’s the first step after you’re approved? Start Here: New, Used, & Refurbished ATM Equipment

ATM Business Financing Calculator

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