Buying an ATM

[clevmil]

I was thinking about buying an ATM machine and start a business with that. A friend just did that a few years ago and really likes it. I was just wondering what steps should taken before getting one and what issues I should watch out for before I actually invest my money into one. I imagine there are also some legal hazards that may come along with this as well. I'm just trying to do as much research as I can before starting. Any advice on how to get started would be greatly appreciated. Thanks.

[Mega B]

If your friend has already done this i would have thought he would have been the best person to ask about this business venture !!!

[clevmil]

I moved away from his area and I haven't really been able to keep in touch with him so I only got so much info which was really just the most basic idea.

[rakoom2002]

how would you make money? Do you rent them out to local banks?

[Pwdrin]

I think you would get money by charging a fee for them to take money out.

[Encrypted]

how would you make money? Do you rent them out to local banks?

I would assume you'd put them in malls and shopping centers and charge fee's, like someone else stated.

[conductr]

I own a couple ATMs, and am a registered distributor even though I do not actively sell machines. I can tell you this, it is a shady industry, you have to be careful who you do business with, especially when searching online. I think it is comparable to the web hosting industry - they are all sales and no service.

Early on, you need to make a decision about how much service you require. Meaning; will you be stocking the cash, will it be your cash that is stocked, who is responsible if the machine breaks, etc.

Based on these factors, you know what to look for. If you want to provide all of the service aspects; you buy the machine, you keep 100% of surcharge. If you do not want to provide all of these services, you can basically scout locations and find an ATM company to make the investment/provide the services and you will get a smaller percentage of the surcharge as a residual income.

Legally there is not much to worry about. You will have contracts for everything, just make sure you read them carefully or find a lawyer.

The only real risks are theft and under performance. You usually need about 200 transactions per month to make the investment worth it. Depends on your surcharge amount though.



There is a lot more to the ATM industry as a whole and many different ways to make money. PM me.

[hoskinskv]

I have a friend who is opening a rollerskating rink in Denver, CO. I would like to put an ATM in the lobby. Does anyone have info on how I can go about purchasing/ setting one up?

[Louis de Montjour]

I have the same question. From the above, it appears that the shady aspect comes from the "biz op" side of things. It looks like it is probably best to own the machines and fill them oneself, from whatI am learning. Still, there would have to be insurance to cover the machines.

[benmaxime]

Never heard of a business like that.
Good luck!

[gamer99]

You should check out the following sites: atms4less.com/ and atmexperts.com/

[mthomas]

If you plan to fill up the cash by yourself, just take into account that you are going to be carrying around large sums of money (in twenties so its even harder to conceal) so be careful when you are transporting this cash around.

Also, try to establish a good relationship with your bank (tellers, head tellers, etc) so when you are in need of cash, they'll be willing to work with you to order extra twenties, etc

[Franakapan]

Clubs and casinos seem like a good place to put an ATM (if there are none in those locations already).

[Anthony.Salley]

This looks like a good idea good luck on your ventures