Everybody loves a passive income stream. Whether you already have a full-time job and a side hustle, or you’re simply interested in investing in something that’s totally recession-proof, you can’t do much better than to start a passive ATM business. While it might seem like a lot of work, it’s actually fairly easy to rent an ATM from Carolina ATM and get started. However, don’t make the mistake of assuming it’s just a walk in the park. Like any business, your ATM endeavor is going to take work and commitment, even if it won’t end up taking over a lot of your time in the long. Ready to get started? Here’s what you need to know.
Find the Best Location
When it comes to starting an ATM business, location is everything. Just like you wouldn’t want to open a restaurant or boutique on a less-than-bustling city street, you also don’t want to plunk your ATM just anywhere, especially in some dusty corner of a store that never gets a lot of foot traffic. There’s a reason why you see a lot of ATMs in small groceries or bodegas. These places don’t just get a ton of foot traffic each day. They’re places where people come specifically to get cash. A lot of people rely on finding a corner store when they’re in need of cash. That’s why it’s best to place your ATM in a place where people not only come in droves each day: They often come in pursuit of what you’re selling.
Figure Out an Arrangement With a Retailer
Once you’ve found the right location, you need to strike a deal with the store’s owner. In most cases, a small store will be happy to have an ATM inside. It’s good for business, especially if it’s a cash-only store, and it drives in more customers. However, since it’s their property, they’ll ask for a cut. This is to be expected. It’s up to the two of you to decide what’s fair.
Rent or Buy Your ATM
Now that you have your location locked down, you can either buy or rent an ATM machine to load with cash. Buying is always the better choice if you have the money on hand. However, most of us don’t have that kind of cash. Renting is a painless process, and you’ll be able to easily connect your machine to the internet or to a phone line. Once it’s installed, you can load it up and figure out how often you need to keep feeding it cash. This will depend on foot traffic for the first week, after which you’ll be able to figure out a schedule for re-filling the machine.
Decide On a Surcharge
Now comes the fun part: You get to decide how much of a profit you’ll be able to make. Do a bit of research on this first by visiting other ATMs around town. Factoring in the other surcharges in the area, the amount you’ve decided on with the store owner, and the median amount of most machines (in America, this number is around $3) you’ll be able to decide on a figure.