Whether you are looking to start your own ATM business, or you are a business owner looking to increase revenue by offering additional services, ATM ownership may be a profitable business model for you.
Year to date, 2020 has not been kind to most people’s bank accounts. Due to COVID-19, countless individuals have been laid off and are looking for work, while many business owners have struggled to keep their doors open. On both sides of the spectrum, people are looking for new ways to make a living.
Despite these hurdles, there has never been a better time than now to invest in an ATM business. Owning an ATM or a small ATM fleet is a lucrative business opportunity. It is a small investment in comparison to the potential gain it represents.
ATM businesses can represent a steady stream of income for both individuals as well as business owners. Many people choose to make ATM ownership their full-time job, while others use it as a means for additional passive income.
How Does an ATM Business Make Money?
An ATM makes money by charging customers a small convenience fee for each transaction. Most customers are happy to pay a small fee for the convenience of using a machine at a location that works well for them.
ATMs can be placed strategically around a city, within or outside of businesses. Areas with strong foot traffic are ideal spots for ATMs, as are cash-heavy businesses like bars, restaurants and gas stations.
Many store owners find adding an ATM to their business is a profitable endeavor. Not only can an ATM increase foot traffic, but it can also help to keep money in your place of business.
Typically, people remove cash to use at the establishment they are in. Therefore, if you are a business owner, it makes sense to add a machine to your place of business. This rings especially true for convenience store owners; Statistically, customers spend 20 to 25 percent more money in convenience stores that have an ATM machine. The added foot traffic coupled with patrons with cash-in-hand could exponentially increase profits with minimum upfront investment.
How Much Can an ATM Business make?
The average ATM processes approximately 300 transactions monthly. More popular locations can pull in even more money. The best performing 7-Eleven stores, for example, process over 6,000 transactions monthly (Bizfluent). At an average of $2 to $3 per transaction, the machine becomes quite a passive income stream.
You can earn thousands of dollars annually from service fees alone.
EFX Can Help You Establish an ATM Fleet and Process All ATM Transactions
If owning an ATM sounds like a lucrative prospect to you, contact EFX to discuss your needs. EFX can assist in establishing your fleet, and processing all transactions.
With over 20 years of industry experience, EFX offers custom plans and white-glove customer support at every step. EFX’s low-cost infrastructure and partnerships with industry leaders allow us to offer some of the most competitive pricing available.