Did you know that there are over 400,000 ATM machines in the United States in 2019?
Not all ATM machines are owned by banks. Actually less than half are actually owned by banks such as Bank of America, Wells Fargo, etc. More than half of those machines are owned by everyday people like you and me.
If you compare an ATM machine business to a regular brick and mortar business, there are so many benefits. For example, with the ATM business you don’t need any employees, and you have very little monthly expenses. But with a regular brick and mortar store, you have expenses such as salaries, rent, electricity, water, etc. So the cost of starting an ATM business is much less than if you were to start a traditional business.
Best of all, an ATM can make you roughly $500 in profit EACH MONTH! This is done by collecting all of those little $3.00 transaction fees. That means if you have 10 machines, you can make $5,000 per month while only working a few hours a week to refill your machines with cash. I’m going to go over this in 8 simple steps, so that you can start your ATM business.
Another benefit of starting an ATM business, is you run your business from your house! You can set your own hours and you don’t need someone looking over your shoulder every half an hour.
If you follow these 8 steps to starting an ATM business, I can guarantee that you’ll be able to profit from this ever growing industry.
STEP #1) You must register your business with the State.
This step you cannot skip! You must register your business as an LLC. This may sound complicated, but in reality it is not. It only takes about 5 minutes. All you have to do is go to this website right HERE and fill out some basic information about yourself and your business. If you need help, I have linked a YouTube Video Right down below to help you.
STEP #2) You must obtain an EIN number from the IRS
Same thing as step #1. This seems complicated, but it only takes a few minutes to do. Now the KEY here is that you do it on the IRS website, and NOT the LLC website. Most LLC agents will charge you anywhere from $50-$100 to give you an EIN number. This is total BullS**t!
An EIN number is FREE if you just go onto the IRS website and do it yourself. The link to the IRS website is right HERE. Just a heads up, their website is only open from 7am-10pm New York Time Monday-Friday.
If still need help, I have linked my video down below. Skip to 20:55 if you want to go straight to the instructions.
STEP #3) Getting a business bank account
This is one of the more difficult steps, but its definitely achievable! All you have to do in order to open a business bank account is bring in a drivers license, EIN form, and Articles of Organization. All of these things you should have been given to you in the previous steps.
A lot of banks don’t want to work with ATM businesses because they find it “Risky” for them. It is not risky for us by any means. However, it is risky for them because they have issues with fraud and other money related crimes.
So a lot of the big banks such as Bank of America, Wells Fargo, Chase, etc. They don’t work with us. A lot of the smaller local banks are willing to accept our kind of business. Since the smaller banks need the money, they are more willing to accept the “Risk”. So go into a smaller bank and talk to one of the bankers there, and they can probably point you in the right direction.
STEP #4) LOCATION, LOCATION, LOCATION
Just like Real Estate, you MUST have a good location to make money in this industry. You cant put an ATM in some small town in an alley where nobody will ever go. You have to put your machine in a high traffic, high cash demand location.
The higher the traffic, the higher the cash demand, the more money to be made.
Focus on locations such as Gas Stations, Bars, Cash only Restaurants, Strip Clubs, Liquor Stores, Small Casinos.
These places will increase your profits. Some of my locations and my students locations have been able to break $1,000 per month in profits.
STEP #5) Getting a Contract
The 7th out of 8 steps to starting an ATM business is finding a good location. Once you find a good location, you must speak with the business owner or the General Manager of that location. These people untimely have the decision to tell you YES or NO. Sometimes the cashier or the clerk will tell you YES or NO. These people cannot make decisions for the business. So unless its the person in charge, don’t let them discourage you.
Get in front of the decision maker, and have them sign your contract. I have contracts in my FREE E-BOOK. You can find that HERE
STEP #6) Purchasing your ATM
At this point, you are pretty much ready to purchase your ATM machine. You need a few things before you can buy a machine. You need a picture of your license, Articles of Organization, and a Voided Check with your business name on it. Something that looks similar to this.
Once you have all of that information, you are ready to buy a machine. There are plenty of places to get machines from. I do sell machines myself so contact me if you need to get the current prices and info. You can contact me by clicking on the CONTACT tab at the top of the article. The machine should run you about $2,100. But you make this money back within 4-6 months. So its definitely worth the investment.
STEP #7) Installing your machine
Since this is your first machine, you can have your machine installed by a professional. They will actually teach you how to use the machine and load the machine with cash. They will also install the machine by bolting it down to the floor.
This step is highly recommended if you don’t know what you’re doing. This service usually costs around $250-$350, it depends on the company who is installing it.
STEP #8) REINVEST PROFITS
I see this happen time and time again! People do not reinvest their profits. They spend it on drinks at the bar, new clothes, pointless objects. If you really want to become rich, by all means spend your money. If you want to become WEALTHY, you must Reinvest. Compound interest is the 8th wonder of the world, according to Albert Einstein.
The 1% of Americans know this. This is why people such as Warren Buffet and Jeff Bezos have been able to become multi billionaires. They reinvest their profits, and after a few years go by, they’re making more money than they ever imagined.
Starting an ATM business doesn’t have to be complicated if and only if you follow my 8 simple steps. This is how some of my colleagues are able to make hundreds of thousands of dollars a year. They have hundreds of machines out on the streets making them wheel barrels of cash.
If you’re interested in starting your own ATM business, I host FREE weekly webinars. I teach people the benefits of this business and I also show you some results of my students. The single most important thing I’ve learned in my entrepreneur journey is that you must TAKE ACTION.
You can learn all you want, read all you want, watch educational videos all you want, but that means absolutely nothing if you do not take action and execute! So click the link below to access my free webinar.