How long does it really take to start an ATM Business? There is a simple answer and a complex answer. The simple answer would be 2-4 weeks. The complex answer is…well a little more complex so I’ll break it down for you.
So before you can start an ATM business, you have to setup some paperwork and logistics. You need to setup an LLC, Business Bank Account, Find Business, Sign a Contract With The Business, Order ATM, and Setup Processing.
Although some of these terms and processes may seem foreign to you, DON’T WORRY!!! We’ve got you covered. Just stick with me for the remainder of this article, and you’ll be miles ahead of your competition.
WARNING: Do not skip any of these steps!
STEP #1) Setting up an LLC
Starting an LLC is simply paying the government to register your business, thats it. Don’t make an LLC all high and mighty. Its just a fee you pay to your state.
You can either pay the fee directly to the government yourself, or you can hire someone else to do it for you.
I recommend hiring someone else to do it for you, also known as a “Registered Agent”. Hiring someone is good because they use their address and their name, so you wont get bombarded with spam mail. Idk about you guys but I hate anything relating to spam, drives me nuts.
This step should only take you about 20-30 minutes to file, but you wont actually get your paperwork until 3-5 business days later. Some cases it takes 14 days+, depending on the company that you use
I, as well as hundreds of my students have used North West Registered Agent to file our LLC.
However, if you are looking for a cheaper but slower option, you can use Zen Business.
If you need help with setting this up, follow this video right HERE
STEP #2) Open a Business Bank Account
In all honesty, opening a business bank account can be a pain in the ass. Personally I’ve gone to 14 banks before one actually accepted me. Lucky for you, I have a strategy that will make it so they you may only have to visit 3 or 4 banks before you get accepted.
Criteria For Finding a Bank
- Bank must be local
- Bank must have less than 3 branches
- Bank accepts “high risk” businesses (such as Marijuana Retailers)
- No monthly fees (optional)
So if you follow this criteria it shouldnt take long to start your atm business. This step should only take 1 or 2 days. If you want to cut down on some of that time, you can call the banks ahead of time and they may be able to tell you straight up on the phone if they’ll accept you or not.
If you need more help finding a bank, you can get more info in my free ebook.
STEP #3) Location, Location, Location
Next comes the fun part! This is when you go out and look for potential locations to place your ATM at. I recommend getting yourself a polo shirt with your logo on it, because it looks a whole lot more professional than your Nike Dri-fit T-shirt.
What I recommend is walking into a business asking for the owner and once you’re able to locate the owner or a manager, simply explain why you’re there. Tell them that you own an ATM business and you want to partner up with them. You can pay them 75 cents to $1 per transaction, and you take care of everything.
Once they agree, you can have them sign a contract. We will go over this is the next section
Finding a good location can take a few days to a few weeks, just depends on how active you are and how quickly you’re able to speak with the owners.
Step #4) Contract
You NEED a contract when you place your machine at a business. There’s nothing worse than having a business owner go behind your back and try to rip you off. Very rare, but it does happen. So get yourself a contract!
I have a free template that you can use in my Ebook. Just copy and edit it.
Step #5) Ordering ATM
Ordering an ATM can get overwhelming especially when you have so many options. I highly recommend finding a company who can give you machines at whole sale prices. I sell machines for extremely low prices. Currently I sell machines for as low as $2114 to students, or $2350 to non students.
When ordering a machine, it comes with a 2 year manufacturer warranty. If possible try to find a package deal. For example, my machines come with a wireless box. If you were to buy a wireless box from a 3rd party that would cost around $200. So really my machines are selling for $1914 and the wireless box bundle makes it $2114. I don’t know any companies out there selling new machines for under $2,000.
If you want to order machine through me, contact me HERE.
STEP #6) Processing
This is probably the most confusing aspects of this business. ATM processing is the processing of money transactions. The ATM processing company connects your ATM with your bank and your clients bank.
You want an ATM processing company that gives you 100% of your surcharge. Not all of them do so be careful.
You also want a processing company who doesn’t charge hidden fees, because a lot of them do. I provide processing for my students, I give them 100% of their surcharge and no hidden fees.
Contact me if you want to get setup.
All in all this entire process should take no more than a month to actually go from nothing to having your first machine setup. Some of my students have done it within 2 weeks. There is a learning curve, which is why I offer my accelerated course. Because it goes from idea to implementation a whole lot faster.
I’m hosting a free webinar a few times per month, so if you want to learn more about it, click HERE and claim your spot before it gets taken up. Only 100 spots are available per session.