Due to the great convenience they offer, the number of ATMs installation is rapidly increasing throughout the world, especially in the U.S. According to 2017 report, the number of ATMs has grown to 500,000 in America. Not to mention, you will find cash machines in almost every second gas station, restaurant, shopping mall, hotel lobby, and grocery store.
So, whether you run a casino or own a retail store, it’s a great idea to install ATM at your business location. No doubt, deploying ATM will not only increase your profits but also improve your brand reputation, since you will be providing your customers with a significant withdrawal or deposit facility.
Believe it or not, installing a cash machine at your place is a small investment that can help generate passive income and benefit you in the long run. In that case, you would be wondering how much profitable cash machine is? However, before deciding to install an ATM, you should ask yourself a few questions. For instance, ensure whether the customers around your location require ATM solution.
If consumers near your location do need ATM solution, then it’s the best opportunity to boost your business by providing them with an excellent ATM facility.
The Profitability of ATM Devices
It’s no wonder that an ATM business enables you to expand your business, boost your profits, and increase foot traffic to your store. According to stats, a customer is likely to spend around 20% of withdrawn cash soon after using your ATM. Considering that, it’s an excellent opportunity for you to leverage and sell your products or service.
Well, this is not the end; besides increased sales, you will also receive an extra amount charged on every transaction your customers will make. It’s important to mention here that a surcharge amount can range from $1 to $8, depending on your ATM processor, operator, and your business nature.
Furthermore, if you have more parties involved in your ATM business, this earned amount will be distributed according to agreed terms. However, if the venue and the machine, both belong to you, you will make a minimum amount of $0.50 or more on every transaction.
On average, ATM processes approximately 300 transactions every month, which means you will earn $150 per month or $1,800 per annum. Moreover, if your business becomes more popular, chances are, you will have more customers; this way you will have more transactions, and thus you will earn more profit.
Not to mention, if you a significant stream of clients flowing to your shop, you will be able to earn thousands of dollars every year. However, it’s imperative to keep in mind that if you charge high fees for the facility, you will drive consumers away. The best way is to estimate your expenses and revenue beforehand so that you can set your rates accordingly.
What Should You Consider Before Starting An ATM Business?
Well, before starting your ATM business, make sure to assess all the costs associated with it; from purchase amount and installing fees to maintenance charges and monitoring prices. Moreover, beware that ATMs are more susceptible to robberies and attacks.
Therefore, it makes sure that no matter which model you’re purchasing, it should be integrated with strong security measures. Besides this, make sure to choose a suitable spot to deploy your ATM at. By that we mean, do consider a place where there is no problem with the phone lines, electrical system, or internet connectivity.
Now that you have a better idea about how much profitable ATM can make sure to adopt smart strategies to increase foot traffic since it’s the only way to increase the number of your ATM transactions and boost your profits.
Furthermore, when it comes to purchasing an ATM unit, ensure to opt for the reliable ATM company, such as MOBILEMONEY.