Imagine earning “real” money without working yourself to exhaustion. Sounds unrealistic these days, right?
That’s not necessarily true with an ATM business. ATMs generate a steady income stream and don't require much maintenance. Plus, it's a scalable business that can offer a high-profit margin because it's relatively inexpensive and straightforward.
Seems too good to be true, right? Decide for yourself with these 12 benefits:
- Passive Income
If the global pandemic taught us anything, it’s that you should diversify your income stream, whether it’s a part-time job or an online side hustle. However, unlike many of those gigs, this one requires a manageable amount of time.
- Low Maintenance
New ATMs are built to last and require little to no maintenance, especially if you align with a company that will handle the maintenance issues for you. A warning: beware of buying used or cheap ATMs from an online market. If you're going to start with a used machine, make sure you're dealing with a reputable company that can provide you with the exact services you'd get with a new ATM.
- Easy to Manage
Managing an ATM is straightforward. Your primary job is to make sure your machine is stocked with cash. (Here’s a pro tip: The more money you put into your ATM, the fewer trips you'll have to make to restock with cash.) And, regarding restocking the machine with cash, you'll receive a text or email alert whenever your machine runs low on money.
- Work from home
You should be able to access all information online (hence, another reason to buy a new ATM). You’ll also get an email or text alert when the machine’s cash is low or if maintenance is needed.
- High Profit Margin
ATMs typically have a high profit margin. Your goal should be to make back your initial investment in six months or less.
- Low Startup Cost
Starting an ATM business doesn't require a significant investment. You can start with just a few thousand dollars for a new machine, less for a used one – but prices vary. Work with a professional to gauge the model type suitable for your location, budget, and other needs.
- Recession-Proof
The push toward a cashless society has moved much slower than experts anticipated. Translation: Even during economic downturns, people still need access to cash.
- Scalability
Start with just one machine and expand your business over time. You could buy a new or used machine as soon as the previous one has paid for itself in surcharge fees, then keep repeating that cycle as long as the workload remains manageable.
- Partnerships
Most banks, grocery stores, and shopping centers will already have an ATM on the premise. A new business, though, would love to have an ATM, especially if it's expecting moderate to high traffic. There are good reasons for that: People are more likely to buy something in a store if they have access to cash. You may have to pay a small commission to the store owner or landlord, but it's generally a win-win situation.
- Support
Look for a company that specializes in ATM placement and management. As mentioned, companies like this provide installation, maintenance, and marketing support.
