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ATM machine business
Posted on 6/23/19 at 11:39 am
Posted on 6/23/19 at 11:39 am
Does anyone have any insight to this. There is a guy i know selling a machine for $400. Says it’s in full working condition. Looks brand new. I looked up the model and it is prices at $3500 new. No i don’t believe it’s stolen.
Thinking of taking a shot at it. Does anyone know how this business works. Like I know you make money off the fees but do you need a special license to own one, or special insurance. I have a business to put it in but not sure how it all works.
Any Info is appreciated.
Thinking of taking a shot at it. Does anyone know how this business works. Like I know you make money off the fees but do you need a special license to own one, or special insurance. I have a business to put it in but not sure how it all works.
Any Info is appreciated.
9
Posted on 6/23/19 at 11:54 am to SaintNation
The poster with the rolls royce posted about owning ATMs if I remember correctly. From what I remember i think he said owning the locations (like gas stations) was huge. If you don't own the location i think that greatly eats into your margins.
Posted on 6/23/19 at 12:06 pm to SaintNation
ATMachine*
Posted on 6/23/19 at 12:40 pm to SaintNation
From what I know, you need the atm machine in places like video poker casinos , tobacco stores , liquor stores , etc.
I hear an atm in a video poker hall is like a license to print money.
I hear an atm in a video poker hall is like a license to print money.
Posted on 6/23/19 at 4:51 pm to BearsFan
You’re talking about dabigfella. He leases a rolls. Showed us a photo in a what a burger drive thru once. He owned a truck stop if I recall.
Posted on 6/23/19 at 5:08 pm to Fat Bastard
Yeah, is he still around?
He gave a good explanation of how to make it with ATMs (or it least it sounded like good advice). He made it seem like unless you owned locations already, that it would be an uphill battle.
He gave a good explanation of how to make it with ATMs (or it least it sounded like good advice). He made it seem like unless you owned locations already, that it would be an uphill battle.
Posted on 6/23/19 at 5:58 pm to SaintNation
quote:
There is a guy i know selling a machine for $400
If you don't own the location it's at you might get $2 per transaction.
Probably need several ATM's doing a brisk business to make it worth considering.
Posted on 6/23/19 at 6:17 pm to BearsFan
Yeah if you own the business (gas stations in his case) it works way bette
Posted on 6/23/19 at 6:33 pm to BearsFan
No if I recall he’s been banned OR he just refuses to post here anymore. He’s too good for us. Lol.
Posted on 6/23/19 at 7:45 pm to SaintNation
I personally don’t think it’d be worth it if you don’t own a store of your own.
I’m speaking for myself, but in the rare event I need cash, I go to my bank to avoid all fees because I’m cheap and don’t want to pay the ATM owner and my bank a fee just to pull $20 or something.
If you can put it in a touristy area that has mostly cash transactions I’d see it being profitable but other than that ATM’s just aren’t widely used as they once were. I say this as a former friend had one in an upscale New Orleans hotel and said that he was only making enough to basically break even and it wasn’t like that before some years back
I’m speaking for myself, but in the rare event I need cash, I go to my bank to avoid all fees because I’m cheap and don’t want to pay the ATM owner and my bank a fee just to pull $20 or something.
If you can put it in a touristy area that has mostly cash transactions I’d see it being profitable but other than that ATM’s just aren’t widely used as they once were. I say this as a former friend had one in an upscale New Orleans hotel and said that he was only making enough to basically break even and it wasn’t like that before some years back
Posted on 6/23/19 at 8:04 pm to dukee7
Why aren't ATMs used as much anymore? General reduction in use of cash?
Posted on 6/23/19 at 8:35 pm to SaintNation
The first rule of the ATM business is not to call them ATM machines,
Posted on 6/23/19 at 9:13 pm to BearsFan
quote:
Why aren't ATMs used as much anymore? General reduction in use of cash?
Increase in acceptance of credit cards, would be my guess. Just a few years ago, even heavily relying on credit cards, I would pull a couple hundred dollars a month. Now? $200 probably lasts me a quarter, if not longer. Hell, I probably use cash more often to settle up with friends than I do handing it to a merchant. And with the rise of Venmo/Zelle, I don’t do that much anymore, either.
Posted on 6/23/19 at 10:23 pm to BearsFan
quote:
Why aren't ATMs used as much anymore? General reduction in use of cash?
Pretty much. Cash just isn't popular anymore with all the technology services available (chase quickpay, venmo, zelle, credit cards, etc)
The only reason I would need cash is if i go on a trip. i may pull a couple hundred out for emergency purposes, but other than that i pay everything i need with my credit card. i couldn't tell you the last time I've actually had cash in my wallet
Posted on 6/23/19 at 10:39 pm to SaintNation
I have a client that owns about 40 ATMs. He doesn't own or operate any of the places they are located. However, he has another business that leases video poker machines. So in most of the bars that he has machines at, he also has an ATM there (it's two seperate companies though).
He has a couple of "tough guys" that go around and empty out the video poker machines and also refill the ATMs. He also has a couple of repair/installation guys that work for him that can work on both types of machines.
He provides the ATM and the servicing, the location owner provides the communications line. He splits the fees with the location owner.
He has a couple of "tough guys" that go around and empty out the video poker machines and also refill the ATMs. He also has a couple of repair/installation guys that work for him that can work on both types of machines.
He provides the ATM and the servicing, the location owner provides the communications line. He splits the fees with the location owner.
Posted on 6/24/19 at 10:27 am to SaintNation
It’s not as profitable as owning a CPR resuscitation business
Posted on 6/24/19 at 2:35 pm to jimbeam
*Automated ATM
Posted on 6/24/19 at 4:15 pm to SaintNation
Seems like a tough business, the only place I use cash is at a dispensary and there’s a branch of my bank just down the road so I don’t need to use the standalone ATM in the dispensary.
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