How to Start an ATM Business

Have you ever thought about starting an ATM business? 

There are almost 500,000 ATMs in the United States, and less than half of those are owned by national banks.  The majority are owned independently. With very little overhead costs, an independent ATM business can be a lucrative endeavor.  In fact, ATMs can offer an earning potential of thousands of dollars a month.

While there are many perks to owning your own ATM or fleet of ATMs, it is important to understand both the initial investments as well as the ongoing maintenance a business of this nature requires.

How do I make money with an independent ATM business?

Every time a patron takes cash from the ATM, a surcharge, or convenience fee is applied to their withdrawal.  On average, this charge is about $3.00 per transaction. This fee is where you derive your profit.

How do I get started with my ATM business?

First, determine how you plan on acquiring the ATM machines.  There are various ways you can go about obtaining your initial machine(s).  You can purchase the ATM machine(s) outright for an initial investment of approximately $2000-$5000 per machine, or you can lease or finance the machine(s). 

Simultaneously, you should begin researching where to install your machine(s).  Determine where you intend to locate your ATM machine(s), and begin negotiations with any business owners who may own the properties in which you wish to set your ATM.  Sometimes, this can be as simple as asking the property owner or business owner if they’d like an ATM on their property. Many business owners see the machine as a convenience to both them and their customers and are happy to partner.

Remember, your ATM is a transaction machine, and you will need a company to process the transactions. These organizations typically charge a portion of your ATM transaction fee for maintaining the processing. 

When your ATM(s) are installed, you will need to stock your ATM with cash.  You may choose to restock the machine(s) yourself, or alternatively, work with a company that can restock your machine(s) with armored guard cash services.  Ultimately, the decision should be based on the overall safety of the area. Also, you may feel more comfortable personally restocking a machine inside a building with heightened security.

Lastly, you may also choose to insure your ATM(s).  There are a number of companies that offer ATM insurance, which will protect both the equipment, as well as the cash stored inside.  Look for an insurance company associated with the ATM Industry Association (ATMIA), as they will be the most well-versed on your unique needs.

Owning an ATM of a fleet of ATMs can be a profitable investment; however, it is important to be aware of the setup, maintenance, and commitment involved in the endeavor. As with any new business opportunity, take time to research and fully understand the opportunity.

Partner with EFX for your ATM Processing Needs

Should you decide to venture down the path of ATM ownership, EFX can assist you in your ATM processing needs. Backed by over 20 years of experience in the ATM processing industry, EFX’s low-cost infrastructure and partnerships with industry leaders allow us to offer some of the most competitive pricing available.