Tag Archive for: atm business

ATM Routes for Sale: Pros and Cons

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Purchasing ATM routes for sale is one of a few ways to make money with an ATM business. Whether you are thinking about Starting an ATM Business or youโ€™ve already started with one or more machines of your own, you might wonder if purchasing an ATM route is a viable option for you.

Like we say all of the time, no two ATM businesses look the same. Your business should be curated to fit your specific budget and goals. There is more than one way to be successful in the ATM industry. ATM routes for sale might be one way for you, or it might not. How will you know? Keep reading to find out some pros and cons of purchasing an ATM route. Weโ€™ll explain what the process typically looks like and share our personal recommendation.

Pros of ATM Routes for Sale

Make Passive Income

One of the biggest benefits of an ATM business is the potential to make relatively passive income, regardless of how you start. Passive income means that your ATM machines make money while you sleep, travel, work another job, etc. So you are making money on each transaction made on your machines without having to be there.

But, the more time and effort you spend maintaining your machines, the less passive that income becomes. So when we say โ€œrelatively passive,โ€ we mean that it depends on your level of experience, the number of machines on your route, and the number of operational tasks you outsource.

The more machines you have, the more work you will need to invest in your ATM business. However, you will still probably work the same if not less hours than a typical 9-5. Plus, you get to be your own boss, and you have the opportunity to replace or exceed your current 9-5 salary.

Low Overhead/Low Expenses

Purchasing an ATM route for sale will require a large initial investment (more on this later). But this cost and others associated with the business are much less than other business models. For example, you donโ€™t need to purchase, lease, or rent real estate for a storefront. You donโ€™t have to spend time and money on online ads and other marketing. And you donโ€™t have to pay many (if any) employees.ย 

Once you make the initial investment in an ATM route and vault cash, costs after that are limited. The most essential are travel, maintenance (cleaning supplies, receipt paper, tech support if applicable, and revenue share with the location owner and any other third-party services you might use.ย 

Your biggest expense will be the one-time initial investment. After that, any costs associated with improving your machines and your business are fairly low, can be added at any time, and can be budgeted as your revenue steadies or increases.ย 

Simple Process

Buying an ATM route is the easiest way to start an ATM business. All you have to do is search for an ATM route for sale, pay the seller, and take over the operation of all of the machines on the route.ย 

These machines are already installed, have contracts in place, and some even include training. This removes a lot of the work associated with finding your own locations, purchasing equipment, and installing the machines.

Avoid Negotiating Locations

Negotiating locations is one of the biggest hurdles among independent ATM deployers (IADs). Although there are many strategies for simplifying and perfecting this process, purchasing an ATM route eliminates this task. Rather than spend your time approaching businesses to negotiate a placement, you can purchase a route of ATMs that are already established.

This can translate into more passive revenue and profit because you donโ€™t have to pay yourself for the time it takes to travel to various locations, make and attend meetings, and negotiate with location owners. With that work already done, you can start making money sooner by purchasing an established ATM route.

Cons of ATM Routes for Sale

Expectation vs. Reality

Itโ€™s important to realistically manage your expectations when it comes to purchasing an ATM route. There are professionals and sellers who will make big promises (hundreds of thousands of dollars a year!) that might not be realistic for everyone.ย 

Yes, some investors make hundreds of thousands of dollars a year with a large fleet of ATM machines (100+). But this requires a large initial investment, a lot of time and effort, and experience. You might consider purchasing an ATM route that makes $40k/year, but unless you have the experience necessary to keep those machines operational and maintain those merchant relationships, you risk making a lot less.

Dishonest Sellers

Most ATM routes for sale will provide an estimated yearly earning amount. This way you can weigh your investment against the potential return. However, this number is contingent upon the sellerโ€™s honesty. One of the downfalls of purchasing an established ATM route is that you donโ€™t get the chance to vet the locations or choose merchants you want to work with.ย 

Sellers will omit any negative details about the locations. Sure, most sellers want to make a bigger profit off of their established route, but others are struggling to make a profit and need out. Maybe they are just inexperienced. Or maybe the locations donโ€™t perform well, the contracts werenโ€™t fairly drafted, or the merchants are difficult to work with. All of these factors will be out of your control when you purchase an established route.ย 

You also want to inquire about the contract lengths. There is little sense in buying an ATM location with only one year left on the agreement because if the merchant decides not to renew the contract, that one year might not be enough to earn back your initial investment. So make sure the seller is honest about how long the locations are guaranteed for.

Lose Money

While an ATM route does have the potential to earn you A LOT of money, there is also the risk of losing money. This is especially true if you are new to the ATM business and are inexperienced. Unless you know how to keep the machines operational, monitor trends by analyzing the journal, and work with merchants and other vendors, you could lose money.ย 

ATM machines donโ€™t make money while they arenโ€™t functional. Machines lose out on transactions and revenue if the surcharge fee isnโ€™t competitive and strategically set. Merchants can void or fail to renew contracts if you donโ€™t show them the benefit of working with you.

So an ATM route of 10 machines making $50k a year could end up being a lot less if you arenโ€™t able to keep the machines operational and the merchants satisfied.

Lots of Work

The bigger the ATM route, the more money you can make. However, the more machines you operate, the more work you will have to do. Maintaining a route of 50-100 or more machines can turn into a full-time job. So unless you want to replace your current full-time job with an ATM route, you might be better off making supplemental income with up to 10 machines for just a few hours a week.

You also want to consider distance. How far will you have to travel to the farthest machine on the route? Or, how far apart are the locations on the route? A route in a concentrated area or zip code will be much easier to manage than a route spread out across the state. So think about travel time and costs when checking out routes, too.

There are a few things you need to do to keep your machines up and running. You have to monitor and analyze the activity on each machine to make sure it never runs out of cash. You have to travel to each machine to stock it with cash (unless you outsource the vaulting). And you have to address any bugs, outages, error codes, or damages.ย 

Multiply this work by the number of machines in the route you want to buy. Weigh your potential earnings against the time you will spend on the business to see if it will be worth it for you.ย ย 

How to Find ATM Routes for Sale

All it takes is a simple internet search to find listings in your area. You can search โ€œATM routes for sale + zip codeโ€ or expand your search to include a whole city. It just depends on how far you are willing to travel.

You can also sometimes find sellers in ATM Facebook groups and communities. You might have seen some already and wondered what a route entails and why someone would sell. Usually the poster will explain, but again, you have to rely on their honesty or do your own research to verify the details.

How Much Do ATM Routes Cost?

This is a difficult question to answer definitively since numbers and factors vary widely. However, here are a few examples based on recent listings on BizQuest:

There is a listing in Kansas City, Missouri asking $50,000 for 18 locations making around $30,000 a year. In Texas, there is a route of 11 high-end locations making $30,000 a year in Austin and a larger route of 110 ATMs making $477,000 a year for $1.5 million. And in Los Angeles, California, you could purchase a route of 5 ATMs for $90,000 with an estimated cash flow of $35,000 a year.

Add to these numbers, though, the amount of cash needed to vault the machines. If you vault with your own money, you will need to factor the amount of vault cash into your investment total. The exact amount will depend on the transaction volume of each machine. The seller should be able to provide you with a specific number.ย 

Should You Buy an ATM Route?

When it comes to the question of should you buy an ATM route, it can only be answered by you. Only you know your budget, your time, and your goals when it comes to operating an ATM business.ย 

However, based on the risks involved with purchasing an ATM route, we recommend doing this as a way to scale your business rather than starting out this way. It is better to find your own locations, purchase your own equipment, and learn the business inside and out before venturing into existing ATM routes.

The less you know about the ATM machines and the business, the more mistakes you are prone to make. Itโ€™s better to make your mistakes on a small scale with a few machines than on a large route. Yes, there are smaller routes available; there is a route of 5 currently available in Los Angeles. But you still need enough experience to be able to confidently maintain those machines and those contracts. There are so many more unknowns when buying an existing route than there are when you find your own locations.

Once you get comfortable with your own machine(s), then you can look into purchasing an ATM route to scale your business. But weโ€™ll let you in on a little secret: It is more profitable for you to build your own route and then sell it than it is to purchase someone elseโ€™s!

If you can get a good deal on a route and good locations, there is definitely money to be made. But buying an ATM route as a beginner will end up costing you more than just starting from scratch. If youโ€™d like to learn more about starting your own ATM business, find out more at ATMDepot.com and get your ATM Start-Up Kit today!

Becoming an Independent ATM Deployer: FAQs

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Becoming an independent ATM deployer (IAD) is a great way to generate passive income. It can also become your main source of income depending on your individual goals. But while becoming an IAD is quite simple, it isnโ€™t necessarily easy.ย 

There are some industry ins and outs you will need to become familiar with before you really get going. So you will have to put a little work into getting started. Fortunately, there are a ton of resources and experienced IADs available to help you every step of the way (and there really arenโ€™t that many steps).ย 

To help get you past any pre-business jitters you might be experiencing or any other obstacles that might be standing in your way, weโ€™ve compiled a list of the most frequently asked questions from new IADs. Our hope is to remove as many hurdles as possible so that you feel confident going into business for yourself as an IAD.ย ย 

What is an Independent ATM Deployer?

An IAD is an individual (or a company) who owns and operates ATMs without being affiliated with any specific financial institution. A common misconception is that all ATMs are owned by banks. But ATMs can be deployed in various locations such as retail stores, gas stations, salons, and other public places. Just like bank-owned ATMs, independent ATMs offer cash withdrawal and sometimes additional services like balance inquiries and transfers.

An IAD works with an independent sales organization (ISO) that provides processing. This is how an independent ATM machine is able to communicate with usersโ€™ financial institutions to provide account information and approve or deny withdrawal requests. It is an IADโ€™s job to purchase ATM equipment, place it in a location that provides customers with convenient access to their accounts, and maintain the machine to keep it functional.ย 

How Can I Become an Independent ATM Deployer?

You can become an IAD in just a few simple steps. First, there is some documentation you need to prepare. You will need to prove your identity, pass a background check, and complete any agreement forms required by your ATM processing company. This documentation might include your ATM business bank account information so that the processing company knows where to send your settlement funds and surcharge income (more on this later).

You also need to find a bank that will work with your ATM business. This can be tricky, so keep reading for more information on finding a bank to work with. Next, you want to purchase your ATM equipment. This can include the machine and any upgrades or ad-ons youโ€™d like. At the very minimum, you will need a machine. The rest can come later depending on your budget (cost estimates coming up next!).

Once you have the ATM machine, you can begin to learn the functions (most new ATM machines come preprogrammed). Review the manual, test it out, and practice operating it. The only thing thatโ€™s left to do is to find a location to place it.

When you find a location that can benefit from having an ATM onsite, and the location owner agrees to work with you, you can plug the machine in, connect it to the internet, load it with cash, and start making money! And THAT is how you become an independent ATM deployer.

How Much Does It Cost to Start an ATM Business?

There are some startup costs associated with starting an ATM business, just like there are with any business. However, compared to most other businesses, ATM business startup costs are fairly low. The biggest expenses will be the purchase of the machine itself and the cash you use to vault the machine.

ATM Equipment

We recommend that new IADs start with a new ATM machine. They are user-friendly, compliant, programmed, and typically experience fewer technical problems. New machines run from around $2,000-$3,000 depending on the size and manufacturer. Of course, you can find used and refurbished machines for a little less, but they also come with a modicum of risk.

Once you feel a little more comfortable and confident with ATM equipment, you can look into used and refurbished machines for future placements. But you will want to make sure that all faulty parts have been replaced or repaired, software has been updated, and that it is compliant.

Vault Cash

The other major startup cost is the vault cash. This is the cash that you load into the machine to be dispensed to your ATM users. Plan to start with about $2,000.ย 

At the end of each business day, your ATM processing company will deposit the sum of all cash withdrawn from your machine back to your settlement account, or your ATM business bank account. Then, you can withdraw the funds back from this account when you are ready to restock the machine, so on and so forth. Vault cash is yours at the end of the day, but it is tied up in your machine, so try not to think of it as cash you are able to use.

Other Costs

Other costs associated with operating an ATM business include receipt paper, any cleaning supplies you need to maintain your machine, travel to and from the machine, insurance if you have the budget to purchase it right away, and a wireless device.

Itโ€™s a good idea to just invest in your own internet connection from the start. That way you donโ€™t have to rely on the locationโ€™s internet service. If their internet goes down, you will be at their mercy and that of their service provider to get back up and running. And the time that your machine isnโ€™t operational is time that you arenโ€™t making money.

How Can I Make Money as an Independent ATM Deployer?

You make money as an IAD from the surcharge fee. This is the fee that you set for each transaction made on your machine. Itโ€™s the price your customers pay for convenient access to their accounts. A standard surcharge fee is about $3 but can be as high as $8 and even more in some locations. It depends on the type of location, average withdrawal amount, and convenience of the ATM.

Before you can start to make a profit, you need to make back as much as you put into the business. Your surcharge fee and revenue split with the location owner will determine how quickly you make your ROI and can begin to profit.

You can expect to make a few hundred dollars a month, a few thousand a year, with one machine. But remember that this is passive income. Your machine makes money while you work your day job, travel, sleepโ€ฆ. Once you get the hang of the business, you can start adding more machines to your portfolio. Soon, that few thousand a year can turn into tens of thousands a year so that you are making full-time income.

How Do I Get a Bank Account for an ATM Business?

It can be tricky to get a bank to work with your ATM business. Because of the cash-heavy nature of the business, banks can be held liable for your business practices. Therefore, banks that handle ATM business accounts are subject to costly audits to help monitor and prevent money laundering.ย 

Our number one tip when it comes to finding a bank is to start where you already have a good relationship. If you already know your bank manager or tellers well or have had accounts with them for years, make an appointment to speak with someone about opening an account for your ATM business.

Some banks will flat out say no; some banks donโ€™t handle these types of accounts at all. Others might use their discretion on a case-by-case basis. So if you are turned down from one financial institution, be polite, patient, and understanding, and move on.ย 

To make yourself a more appealing customer, offer to open multiple accounts. The more products and services you purchase, the more lucrative you will be as a customer and the less likely the bank will be to close your ATM business account. Your settlement account will often have a low balance as you withdraw the funds to vault your machine, and it will take extra time and money for the bank employees to order and count enough cash for your business needs. So prove to them that youโ€™re worth their time.

Some IADs have success at banks that others donโ€™t and vice versa. Our list of ATM business-friendly banks is a good place to start, but donโ€™t rule out local, regional, community banks. Sometimes, they are under less scrutiny than tier 1 financial institutions and might be more likely to take on your business.

How Do I Find a Location for an ATM Deployment?

There are a few tips to keep in mind when it comes to looking for a location to place your ATM machine.

The first, again, is to start where you have good relationships. What are some businesses that you frequent and even know some of the employees? This could be a good way to get your foot in the door or even get a referral.

Look for gaps in service. Where do you see a need for an ATM where there currently isnโ€™t one? Find out who owns the location or property and see if they wouldnโ€™t mind a free ATM placement.

And obviously, look for places that experience a lot of foot traffic like shopping centers, event areas, or other attractions.ย  Statistically, the more people who pass by your machine, the more transactions you are likely to see. Cash-only locations are great spots as well as new businesses that havenโ€™t been approached yet for ATM service.

Even if a location already has a machine, find out if they are happy with it. It doesnโ€™t hurt to ask, and you could end up replacing someone elseโ€™s machine thatโ€™s been neglected.

What Are the Advantages of Becoming an Independent ATM Deployer?

There are many advantages to becoming an independent ATM deployer. First and foremost is being your own boss. Each ATM business looks different. There are a lot of decisions you get to make based on your own specific situation, needs, and goals. Your ATM business is yours to curate.

That includes curated responsibilities. As an IAD, you can outsource any aspects of the business you canโ€™t or donโ€™t want to handle, whether it be vaulting or cleaning or maintenance.

Which brings us to the most appealing advantage of becoming an independent ATM deployer: generating passive income. Your ATM machine works with very little onsite effort from you. Aside from loading the machine and regular cleaning and maintenance (all of which you can hire out if you want), you can go about your regular life and watch those revenue deposits hit your account.

Finally, the ATM business is scalable. Want to make a little more passive income? Place a second machine. Want to replace your 9-5 income? Invest in 10 or more machines. Youโ€™re in control. And you donโ€™t even need any official business or entrepreneur education, training, certification, or experience to get started.

What Are the Challenges and Risks Associated with Being an Independent ATM Deployer?

Like any other business venture, there are some challenges and risks associated with being an IAD. But there are also ways to mitigate and handle them.

Challenges

The first challenge might be the initial funding. However, since good ATM machines are about $2,000-$3,000, you can sometimes find credit companies that offer little to no interest for 12-18 months. That gives you time to get your business up and running so that you can start to pay off your machine as soon as you start to generate income rather than purchasing the machine outright.

Another big challenge for IADs is finding and negotiating locations. But there are a couple of things to remember here:ย 

First, you donโ€™t have to limit your search to locations without an ATM machine. You could be looking for machines that are old, unkempt, or frequently out of order. This could be a great opportunity to approach a location that clearly wants ATM service but canโ€™t keep up with it on their own or is dissatisfied with their current provider.

Second, it helps instill confidence in new IADs to remember that they arenโ€™t selling anything. As an IAD, you are offering a serviceโ€”for freeโ€”that benefits the location and its customers.ย 

There are a number of objections you might encounter when approaching location owners to negotiate a placement. But with preparation, practice, and active listening skills, you can become better at addressing these.ย 

An obstacle that isnโ€™t unique to the ATM business is imposter syndrome. It can be particularly daunting to try to negotiate a deal when you donโ€™t have any experience under your belt. But you can also spin this in your favor by emphasizing your dedication to just ONE machine and your motivation to provide service thatโ€™s good enough for a referral or recommendation in the future.

Risks

As with any business, again, you risk not making money. But unlike other businesses, your ATM investment probably wonโ€™t bankrupt you, and you can always move your machine to a better-performing location.ย 

Actually, let us take that back. Itโ€™s really hard to lose money with an ATM business. As long as itโ€™s up and running, if someone uses it, it will make money. However, it might not bring in enough quickly enough, and that is a potential risk that can be solved by relocating the machine or adjusting your signage, advertising, surcharge rate, and/or incentives.

Safety and security can be a risk as well. When it comes to the safety of your business, just make sure you protect yourself with contracts. There are templates you can use and industry experts you can borrow from without having to get a lawyer involved.ย 

When it comes to the safety and security of your machine, there are lots of things you can do to protect your assets. You can also prevent potential risks and unnecessary challenges by avoiding some of the most common small business mistakes.ย 

How Can I Ensure the Safety and Security of My ATMs?

The first thing you can do is to purchase general liability insurance. There are other, more comprehensive policies you can invest in, too, but general liability is pretty standard. While insurance isnโ€™t preventative, it can provide you with peace of mind and protect you in the long run.ย 

Second, use common knowledge. Make sure that the machine is within eyesight of employees and/or security cameras (some machines come with a camera which is a great way to deter crime). Donโ€™t place the machine in an area that is easy to breach like near doors or windows. If you want to, you can invest in your own surveillance system (cheap cameras can be purchased on Amazon, for example) or GPS tracker for your cash. And bolt down the machine. Donโ€™t let a location owner talk you out of it.

Most of the time, a simple sign that announces that the machine is under constant surveillance is enough to deter criminals. But try to predict weaknesses or potential points of ingress and reinforce them. Blocking the machine against a wall or other furniture can prevent both external attacks and internal attacks like software hacking.ย 

Maintaining current software updates can help protect your customer data as well. And keeping up with compliance changes can help protect you and your customers.ย 

Finally, keep an irregular vaulting schedule. Donโ€™t make it easy for someone to predict and plan when you and the machine will be vulnerable. Itโ€™s also a good idea to vault the machine outside of the locationโ€™s hours of operation so that there is less foot traffic during vaulting.

Is An ATM Business Worth It?

Only you can answer this question. We will say that an ATM business is worth it for thousands of IADs in the United States. If it works for them, it could work for you. You donโ€™t need any official education, training, certification, or experience to get started in the ATM business. And once you get past those few initial steps, you can start making money immediately with little to no marketing efforts.

Your success as an independent ATM deployer is completely up to you. The process is simple, but donโ€™t expect it to be easy. It will require some effort. You will need to plan, be organized, and make well-informed decisions. Fortunately, you donโ€™t have to do any of it alone.ย 

If you work with an ATM processing company like ATMDepot.com, they will walk you through each step. Do your research, ask lots of questions, and start making passive income! How much is up to you. Ready to get started? Get your free ATM start-up kit today!

7 Common Small Business Mistakes

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There are some common small business mistakes that apply to independent ATM deployers (IADs) as well. Fortunately, you have an opportunity to learn from those mistakes others have made. Being aware ahead of time of what can go wrong can not only provide you with peace of mind but also save you time and money in the long run.ย 

Knowing where things can go wrong can help you avoid headaches and early failure. Use this list of 7 common small business mistakes to make the most out of starting your ATM business.ย 

7 Common Small Business Mistakes

1. Trying to Do Everything Yourself

Donโ€™t try to do everything yourself. Especially at the beginning. Use your resources. Ask for help when you need it. This will help you avoid a number of other, industry-specific mistakes.

Talk to other IADs for advice. There are a number of Facebook groups you can join to learn from other peopleโ€™s questions and ask your own. And donโ€™t hesitate to ask your ATM company for help. You never know what resources are available until you ask. Your ATM processing company wants you to succeed because if you make money, they make money.

Finally, itโ€™s absolutely okay to delegate any ATM business operations you donโ€™t enjoy handling. If you donโ€™t want to clean your machine or load cash, pay someone else to do it for you. The point of an ATM business is to generate passive income. So if you find that you are doing more work than you feel is worth it, share the load!

The point is to avoid making mistakes by not being afraid to ask for help. Plus, you want to make sure you donโ€™t get burned out. Operating a business that you donโ€™t enjoy isnโ€™t going to see as much success as one you do enjoy.ย ย 

2. Overspending or Underspending

This one is tricky. You want to make sure you find a happy medium when it comes to overspending and underspending. You will need to weigh pros and cons to determine which costs are necessary and which are extra.ย 

For example, a refurbished ATM machine will save you money upfront compared to a brand new machine. However, if you arenโ€™t great with tech, a new machine might be worth it in the long run if it saves you time and money having to figure out a less user-friendly machine or constantly calling technicians for help.

You also want to be mindful of your cash flow. Make sure that your list of expenses is very detailed and that you have a budget for your business. Although itโ€™s exciting to start seeing that passive income hit your account, be careful not to spend it right away. You will want to account for any costs related to maintenance, repairs, insurance, or other emergencies, so make sure you set some money aside for these things.ย 

And donโ€™t forget about financing. You can always look into leasing a machine or getting a loan from your bank, a friend, or a family member to get your business up and running. Donโ€™t let that stop you from starting your business.

Just remember that some costs are absolutely necessary while others can wait. You might want to go ahead and pay for your own wireless router but wait until your business starts making money to spring for video surveillance. You want your business to be reliably operational before looking for ways to improve the customer experience.

3. Launching without a Plan

One of the most harmful common small business mistakes in the ATM industry is starting without a plan. Planning includes everything from negotiating a good placement location to drafting contracts to preparing for emergencies.

Before you can operate your ATM machine, you need to have a site to operate it from. Before you can get a site, you have to approach multiple location owners to gauge interest. And before you can get a location ownerโ€™s interest, you have to know what you are going to say and how you are going to handle their objections.

If you donโ€™t have these plans ahead of time, you could get overwhelmed or feel pressured and stressed. The longer you have a machine without a place to operate it from, the longer it will take you to make your return on investment (ROI) and profit. So the better your plan, the quicker and easier getting started will be.

And donโ€™t skip the contracts. Any time you enter into an agreement with a location owner, vendor, or other third party, make sure you read their contracts very carefully or develop your own. This is an important step in ensuring that all responsibilities and compensation are clearly outlined and that no one backs out unexpectedly leaving other parties in a tight spot.

4. Neglecting to Set SMART Goals

Goal setting is paramount to success. How else will you know whether your business is working for you or not? How else will you be able to scale your business? Specifically, we recommend setting SMART goals. SMART goals are specific, measurable, actionable, relevant, and timely.ย 

So any goal you set for yourself should be specific. Rather than just say, I want to make passive income, think of a number (this will also help you determine the perfect surcharge fee).ย 

Numbers are also measurable. If you say you want to make $100/day, you can definitively say yes youโ€™ve accomplished that or no you havenโ€™t by looking at the transaction history.ย 

Once you have that specific, measurable goal, you can then act on it. If you say you want to make $100/day, then you know that by setting a $5 surcharge, you can reach that goal with 20 transactions. If you are shy of your goal, act again. Do you need to reposition the machine? Add a sign to draw attention? Lower the surcharge fee to get more transactions?

A financial goal is also relevant. It is an important reason for why you are in this business in the first place. Itโ€™s an important step toward other goals you might have such as purchasing a vehicle, taking a vacation, quitting your day job. A goal that is important to you is more likely to be accomplished.

Finally, you want to set a timeframe. Maybe expecting to make $100/day is a lofty expectation to have the day you install and program your machine. Maybe, at the very latest, you want to start making $100/day within the first 6 months of being up and running. THAT is a specific, measurable, actionable, relevant, and timely goal.

5. Failing to Market or Advertise

This is one of the common small business mistakes to avoid when you are looking for more placements. If one of your goals is to scale your business, you need to let people know what it is that you do. So once youโ€™ve been in business with at least one machine for a while, itโ€™s a good idea to start marketing yourself once you have enough revenue to do so.ย 

You can create a business name and logo to display on your machine screen or ATM wrap. You can create ATM business cards to have on hand when meeting new people. And you can even advertise your service on social media. There are lots of ways to market yourself, so donโ€™t skip out on this if you want to own a fleet of machines!

6. Being Disorganized

As youโ€™ve probably gathered from the five common small business mistakes above, itโ€™s extremely important to be organized. But donโ€™t worry. There are a lot of tools and resources at your disposal. And if you donโ€™t consider yourself to be a very organized person, maybe this is one of the tasks you end up delegating!

First, of course, donโ€™t start without a plan. Second, make sure you are prepared to start your business by gathering all of the necessary paperwork and documentation. Third, donโ€™t forget about contracts, particularly the site location agreement (SLA).ย 

Additionally, keep your finances organized so that you donโ€™t find yourself out of money in the event of an emergency. Finally, make sure your machine never runs out of cash!

If your machine runs out of cash, you wonโ€™t be able to operate your business. You will lose out on income during this downtime, and you risk losing face with the location owner and customers. Running out of vault cash over the weekend or a holiday is even worse since you wonโ€™t be able to withdraw large sums of cash when your bank is closed.

Fortunately, with remote online monitoring, you can get low cash alerts. This is the number one tool you will want to use to stay organized. You can view all activity on your machine in real time, and you will want to use this data to inform all of your business decisions. Knowing the busiest days and times can help you create a convenient vault loading schedule to ensure your machine is always stocked.

Being organized shows that you are serious, professional, and reliable. That is the kind of IAD people want to work with.

7. Fearing Failure

The most important of all of the common small business mistakes you can make is fearing failure. This is what can keep you from trying at all. You canโ€™t start a business or make money if you donโ€™t even try. You have to take the ATM business one step at a time knowing that if you fail, you will learn from it and do even better going forward.

But fearing failure is a mistake you can make even after youโ€™ve been in business for a while. This can cause you to refuse to pivot which can be a costly mistake. You have to be able to recognize when something isnโ€™t working or when something could be done betterโ€”and then change it.ย 

Donโ€™t just do something because itโ€™s what youโ€™ve always done or because itโ€™s what everyone else is doing. Every small business is different. Each ATM business is curated to fit the IADโ€™s lifestyle and goals. So if your business model stops aligning with your lifestyle and goals, your business model needs to be adjusted.

This might mean leaving a toxic partnership with a particular location owner or delegating some of the ATM operations. Try not to worry about revenue risks. It will be worth it to get back to enjoying your business. Your business should not hurt other areas of your life. If it does, it might be time to pivot.

Finally, donโ€™t be afraid of new technology. Technology is constantly improving to make your life and your customersโ€™ lives easier. So donโ€™t be afraid to try something new and improved, and donโ€™t choose traditional routes just because they are familiar.ย 

You canโ€™t win if you donโ€™t play. You canโ€™t succeed if you donโ€™t try. So donโ€™t be afraid to pivot, and donโ€™t be afraid to fail.ย 

Conclusion

Donโ€™t plan to make no mistakes in your ATM business. If you set out with that expectation, you risk disappointment and discouragement. Instead, treat them as learning experiences and move forward stronger. Sometimes, it can help to document these mistakes. Jot down what went wrong, what you did to fix it, and how you can prevent or avoid repeating the mistake.ย 

Use this list of 7 common small business mistakes as a map for how to proceed in your ATM business smoothly, and rest assured knowing that there are very few mistakes you could make that you wouldnโ€™t be able to recover from. And remember: ask for help. ATMDepot.com has a host of resources for new IADs including training videos, SLA templates, and 24/7 live support. So donโ€™t hesitate to contact us today!

ATM Keypad Encryption PCI Compliance Updates โ€“ Upgrades Due by January 1, 2025

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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.ย  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 PCIย  compliant and canโ€™t be upgraded.ย 

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 โ€œReplace ATMโ€ are boat anchors in 2025.ย 

All the Hyosung ATMs in this compliant Hyosung ATMs PDF show which ATMs will need to be replaced, so donโ€™t buy any used or refurbished Hyosung ATMs listed in this document where it says โ€œReplace ATM?โ€ = 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 itโ€™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.ย  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.ย 

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.

There Are Other Side Hustles, Then Thereโ€™s The Ultimate Side Hustle

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Are you looking for side hustles that could make you a little extra money each month? Are you struggling to find something perfect? Something that doesnโ€™t cause you extra stress and anxiety? Something that you can fit into your already busy schedule?

Here, weโ€™ve got a list of some of the most common side hustles including what we consider to be the ultimate side hustle. Keep reading to find out which side hustle you can turn into a fully-fledged business that worksโ€”even when you donโ€™t!

Other Side Hustles

There are so many things people are doing to earn extra cash, build savings, or create a legitimate small business. And itโ€™s not surprising. In the United States, about 340 million people and 77% of households are in some kind of debt. About 40% of adults struggle to make ends meet each month (a 5.6% increase from 2022). Furthermore, 60% of adults live paycheck to paycheck. Finally, 6.3 million Americans are classified as โ€œworking poorโ€, people who actively work or spend time looking for work but whose incomes still fall below the official poverty level.

Itโ€™s unfortunate that so many Americans feel the need for side hustles to supplement their regular employment. But the internet and the rise of work-from-home opportunities make it easier than ever to make a little extra cash.

Driving/Delivery Side Hustles

Many people make driving and delivery service their full-time job. But thereโ€™s no reason why you canโ€™t do a little on the side when you have some spare time. Most Uber drivers make between $15 and $25 an hour. But if you donโ€™t like the small-talk aspect of rideshare service, donโ€™t have a comfortable vehicle, or just donโ€™t feel comfortable letting strangers in your car, you can consider food or grocery delivery.

Doordashers can also expect to make around $15 and $25 an hour. And you can make $200-$1,000 a week as a personal shopper with Instacart. Amazon Flex is a package delivery service that allows drivers to make $18-$25 an hour. However, you still need a reliable vehicle to make these side hustles work, not to mention the wear it will cost. And your income potential will depend on where you live, the busiest times of the day, and the size of the orders.ย 

Online Side Hustles

If you donโ€™t have your own, reliable vehicle, there are a number of ways you can make money online from home. If you are a quick typer, you can look for online transcription jobs that pay by the project. You just listen to audio files and type scripts of them. However, these jobs typically require training and certification.

Websites like Fiverr, Upwork, and 99Designs allow you to market your writing, editing, photography, graphic design skills, etc. Create a profile with your experience, qualifications, and portfolio, set your price, and users can find you and your services.ย 

Or, you can create your own website or blog and sell ad space or become an Amazon affiliate. If you are crafty, Etsy is a very popular site for people to sell their handmade goods and personalized products.ย 

While you donโ€™t necessarily need any special training or certification for these other online side hustles, you do need to have a marketable skill. If you donโ€™t, you can still make money online by taking surveys, joining focus groups, or testing products.

In-Home Side Hustles

Maybe you have a more practical skill or just donโ€™t want to bother with the internet. There are many in-home side hustles you can do from your home or a clientโ€™s home. All you have to do is get the word out that you are available for a price!

You can babysit, petsit, dog walkโ€”weโ€™ve even heard of plant sitters! You can clean homes, do hair and makeup, and even meal prep. People pay for services like HelloFresh, so if you like to cook, create a menu and start taking orders!

Labor Side Hustles

If you are strong and healthy, good with tools, or just enjoy working outdoors, you can make extra money doing yard work, washing and detailing vehicles, or moving furniture. Websites like TaskRabbit and Handy are great for Jacks- and Jills-of-all-trades to pick up jobs that other people canโ€™t or donโ€™t want to do themselves.

Teaching/Tutoring Side Hustles

Teaching and tutoring can be done in person or online. It just depends on what platforms or channels you use to get clients. You can offer in-home tutoring to students in your community. Or, you can apply with a website like Tutor.com to tutor online. Depending on the website, you might not even need a degree. Sometimes you just have to pass a content test to prove that you are proficient in a certain subject.

You especially donโ€™t need a degree to teach English language online. Websites like VIPKid and Preply will accept almost any native English speaker to teach the English language to people all over the world.

You can even teach music or art in-home or online. It just depends on your preference and the preference of your clients.

The Ultimate Side Hustle: ATMs

Flexibility is the nature of any side hustle. All of the examples above can be done day or night on your own schedule. With a side hustle, you need to be able to pick and choose your own hours because youโ€™ve got to make it work with your regular job.ย 

But do you really want to work when you arenโ€™t working? Do you want to turn your hobby into work and risk compromising its enjoyment? If you have a regular job and a side hustle, do you have time for anything else? With the ultimate side hustle, you donโ€™t have to sacrifice more of your time to make that extra cash.

How an ATM Business Works

Not all ATM machines are owned and operated by banks. If youโ€™ve ever seen or used an ATM at a gas station, grocery store, pop-up market, cannabis dispensary, etc., someone owns it and makes money from it. Sometimes the store itself owns the machine. But other times, independent ATM deployers (IADs) own the machine in exchange for the storeโ€™s customers benefiting from the convenience.

So if there are places in your community where you see that people need access to cash and there is no ATM nearby, inquire with the business owners if they would be interested in having an ATM onsite. Alternatively, if you see ATMs that are in bad shape or that are often out of order, find out if the location owner wants you to take over! Maybe they own the machine and canโ€™t keep up with the maintenance, or maybe they are unhappy with their current IAD. These are all great opportunities for you.

Once you get some good leads, work with the location owner to figure out a deal that works for you both. Maybe you share the surcharge revenue, maybe you share the responsibilities. Either way, you get paid a surcharge fee every time someone uses the machine. You can even negotiate how much time you spend on the business.

The only work you really have to do once the machine is up and running is make sure it stays stocked with cash and keep it maintained and functioning. You can use remote online monitoring to view all ATM activity on your phone from the comfort of your own homeโ€”and make money while you sleep!

What Makes an ATM Business the Ultimate Side Hustle

Passive income is the name of the game. With an ATM business, you make money without spending a ton of time and effort. Your ATM machine can make money while you sleep, spend time with your family, go on vacationโ€ฆ.ย 

In terms of starting a business, the upfront costs are minimal compared to other side hustles like buying and flipping or renting property, reselling thrifted items, operating a food truck, or buying or renting a storefront for a brick-and-mortar business. Plus, you are your own boss!ย 

Finally, itโ€™s a completely customizable business. Depending on how much money you want or need to make, you can pick and choose which aspects of the business you want to handle and which you want to outsource or partner up for. You can operate one ATM machine for a little extra cash each month, or you can replace your full-time income with passive income from a fleet of ATM machines.

How to Start an ATM Business

You can start an ATM business in just a few steps. All you need to do is pass a background check, open an ATM business bank account, purchase an ATM machine, find a store or location willing to share its space with you, and install and program your machine. Then, you can start making money on each transaction made on your ATM!

Get Started!

There are a ton of resources available to new IADs. You can download a free guide about how to profit from an ATM business, purchase a more detailed book (the best selling ATM business book on Amazonโ€ฆ), join ATMDepotโ€™s Members Area, and/or join our Facebook group.ย 

We wonโ€™t say that owning and operating an ATM business is easy. It will require some work up front. But after that, you can relax! Other side hustles are basically second jobs, and that can take away from your friends, family, and free time.

An ATM business is, however, simple. There are only a few steps to get started, and you donโ€™t need any special business license, entrepreneurial experience, or certification. You also donโ€™t have to spend a lot of time working with clients or customers, working on a computer all day, or worry about your job security. As an ATM owner and operator, you are your own boss! What could be better than that?

Let us help you master the ultimate side hustle today!