ATMs seem to be everywhere these days. If you’re looking for a profitable way to generate passive income, consider owning an ATM. If you run a business, you can install the ATM at your establishment. You can also install ATMs at strategic places where there is high foot traffic to encourage more users. If you can have them installed in public locations, that can comfortably earn you passive income. If that sounds interesting, here are a few things to help you build an ATM business. 

Benefits of an ATM

• An ATM attracts more foot traffic to your grocery, shop, or restaurant. 
• Increased foot traffic helps generate more sales for your business. 
• Easy access to ATM encourages customers to pay in cash. Cash payments save you money on credit card processing fees, leading to more revenues for you. 
• Convenient access to ATMs also makes customers happy, resulting in higher levels of customer satisfaction. 
• Flexible plans. With ATM companies offering flexible plans, you can own or rent the machine, depending on what works for you. With short-term contracts and options that allow you to cancel anytime, you have the advantage in these deals. If generating passive income through an ATM appeals to you, start looking for an ATM company that rents out or sells models you can choose from. 

ATM Fees 

Three parties receive a portion of the ATM fees: the vendor’s owner, the ATM’s owner, and the ATM processor. If you own both the venue and the machine, that gives you a bigger share of the profits. You also generate income from the surcharge, which is the fee you charge users of the ATM. The ATM surcharge rebate should be returned to you a hundred percent. Some processors, though, might try to eat into that profit by providing less than a hundred percent for the surcharge rebate, so keep an eye out for that. 

Starting an ATM Business

Follow these steps to get started: 

• Make plans. A clear plan will prevent problems. Map out specific details. Consider the startup and ongoing costs, determine your target market, and think about how much you will charge for the fee. 
• Form a legal entity. Establishing a legal entity is vital. If someone sues your ATM business, you won’t be personally liable if it’s not under your name. 
• Register for taxes. Apply for an EIN before you do. 
• Open an account. Look for a business bank account and credit card. 
• Set up business accounting. Record your sources of income and expenses. That will help you understand your company’s financial performance. 
• Get the needed licenses and permits. Lack of licenses and permits can get you fined. If you don’t want to spend money on hefty fines or put your business at risk of being shut down, get the documents required by local and state laws. Know the business licensing requirements. 
• Choose the right ATM company. Look at the models in its inventory. Advanced models will cost more but are also a better investment since you won’t have to worry about them getting outdated much too soon. Also, newer ATM models have better security features against hackers.