If you’re interested in an investment that pays off over the long term, an ATM is one option to consider. Each time your ATM is used, you earn a convenience fee that the user pays. This is typically only a couple of dollars, but over time, that amount adds up. With an ATM that gets a lot of use, you can turn a rather nice profit. This may sound complicated, but the investing process is a lot easier than you might think.
The first step is choosing the right location, or perhaps several locations. The best locations are obviously places that don’t have another ATM nearby. You will also want a spot that gets a lot of foot traffic. Places like malls, bars and restaurants, and hotels are typically ideal. However, smaller shopping centers or retail stores can also work. In fact, smaller retail locations may welcome someone placing an ATM in or near their store as a convenience for their customers.
Of course, even if you have a few locations picked out, you’ll still want to do some research before deciding to put an ATM there. Typically, 3% to 5% of the people who see an ATM will use it. By determining the number of people who walk by that location, you can figure out how many people will use your ATM each day and how much money you can expect to make from an ATM in that location.
After you determine the best location, you can choose the right machine. ATMs come in all different sizes, shapes, and prices. They can also be purchased new or used. Most ATM providers will be able to assist you in finding the right machine for you, which can be a fine line. A cheaper used machine may break down, which obviously means you can’t make any money. Meanwhile, a more expensive machine means it’ll take a little longer to recoup your investment.
From there, your biggest duties are making sure your ATMs remain stocked with money and in working order. Most ATMs require little maintenance, although a yearly tune-up can’t hurt. You also have to make sure there’s always enough money in the machine. Depending on your preference, you can take care of this yourself or hire a company that specializes in providing the money for ATMs and refilling them.
By following these simple steps, you can invest in one or more ATMs that give you a steady stream of income via convenience fees that you collect. With a little help and know-how, it’s a simple investment that can end up paying off handsomely in the long run.
Contact National ATM Wholesale today to learn more about investing in an ATM.