Have you ever heard the saying: “Make your money work for you?” While many people relate this saying to investments, it can also be applied to passive income.
Passive income in and of itself is a misnomer, as there are no businesses that are truly passive. What entrepreneurs should consider, however, is the amount of time it will take to launch the business, and the cost it will take to get the business off the ground.
With that said, there are many lucrative “passive” income streams, but one of the options with the lowest cost of entry (both in relation to time and funds) is ATM ownership.
How Does an ATM Create Passive Income?
Every time someone swipes their debit card at an independent ATM, a convenience fee is assessed. Every year, the national average for ATM fees has increased; but typically, the fee for an ATM is between $1.00 and $8.00. (1). The national average for ATM fees was $1.97 in 2008 and was $4.35 in 2014 (2).
That processing fee is what the ATM owner pulls his or her passive income from. With that in mind, also remember that the venue owner and an ATM processor also draw payment from that convenience fee.
How Much Money Will I Make with a Passive ATM Business?
The amount of money you make with your ATM business depends on multiple factors, but boils down to the more transactions a machine does, the more money you will make. An average ATM does between 8 and 10 transactions per day, but busier areas like gas stations can do considerably more.
Additionally, there is no limit to the number of ATMs a single person can own. Therefore, as you consider launching an ATM business, there are considerable perks to owning a fleet versus a single machine.
Ultimately, if you have multiple ATMs performing numerous transactions daily, your cash flow from a few machines could be in the thousands, easily.
EFX is your ATM Partner
When you decide to jump into the exciting and lucrative world of ATM processing, EFX can assist you in obtaining machines and processing your transactions.
EFX offers custom plans and white-glove customer support at every step. EFX’s low-cost infrastructure and partnerships with industry leaders allow us to offer some of the most competitive pricing available.