Is there anyone here who owns any ATMs (No, not asynchronous transfer ..., automatic teller machine) Looks like one can be purchased for a few grand, and then set up in a store. I'm assuming the site would want to collect some of the profits, correct? Other expenses would probably include: insurance, setup of machine, connection to bank, etc... I'm wondering how profitable this is, provided I'm not tossing the machine and contents in the back of my truck and moving to Mexico Thanks, Adam
Could be wrong but i think all the obvious locations are tied up by banks. This biz was great in its infancy, but now the banks have wised up.
Though nothing near my experience, I see a lot of advertising and articles on the internet type ATMs. Pay for internet time at a small terminal. Some even dispense stamps and other services. I don't know if there are any opportunities for a ATM only machine left.
remember that some banks are waiving ATM fees now so maybe in the future all banks will do this too. keep that in mind if you are serious about owning ATM machines.
I have a few, and unless that is your main biz, not worth the headache. You can find plenty of locations that would work ie:lobby of Walmart or whatever kind of busy store, rent space in a mall or whatever. You can set the amount you want to make per transaction but unless you have a large area locked down it must be competitive or people will start to avoid it. You can pay as low as 30 bucks per month for terminal link fee and a small fee per transaction but the main problem is that you need to fill them with YOUR OWN MONEY! To me it isn't a real big money maker, its more of a convienience to customers. To make a few hundred a month off a busy machine is not worth stocking it with maybe 25 or 30k for the month. From now on if I were to put any in more of my stores I will pick a company to use kinda like a soda machine and just take a percentage of transactions and let them fill it and do the upkeep.I take it you watched Dateline last night on how people can own ATM's and the fraud that goes on with them?
Yep, that's it! I wasn't aware I'd have to put my own money into 'em Even the one way trip to Mexico wouldn't be worth it
this was my thought exactly. IIRC, the lodge up in big-D charges something like 7.95 a transaction! sheesh. but at least I was going to be reimbursed by a former company. =)
Wouldn't make more sense for a strip club just to own the ATM? Cuts out any middle man. You got a point, Randy. Those ATM fees are as bad as the drink specials.
