Starting an ATM business can put you on the path to financial freedom. You can make tens of thousands of dollars, but you must follow some of these steps on how to start an atm business.
There are many mistakes that you can make, which is the reason for me posting this article. If you want to learn how to start an atm business follow these 3 steps.
So many things can go wrong, such as buying from the wrong supplier, getting ripped off by signing contracts, choosing the incorrect ATM processor, bank accounts freezing up.
If you want to start your own atm business you must do a few things.
- Register as an LLC HERE
- File for your EIN number through the IRS
- Open a business checking account
All three of these steps may seem simple, but there are so many questions that arise! Such as can I file in a different state? Should I pay the LLC Agent to file my EIN number for me? What bank do I open an account at?
These questions can be answered by watching the video down below.
This business is crazy lucrative if you can follow all of my proven steps.
Step 1: Register as an LLC
By clicking on the link, it will bring you to an LLC agent. This agent will get you setup legally with your state government. This is neccessary to starting a business because it makes you look professional to the bank, lenders, and also clients.
You want to register as an LLC, because without it you will be personally liable if god forbid anything happens to your business.
Step 2: File for an EIN with the IRS
First lets start off with what an EIN is. An EIN also known as Employer Identification Number is a number given to you by the IRS. This is how they track taxes and other money movements. So getting one of these is essential, and actually a requirement when applying for a bank account.
When registering your your LLC, the agent company will ask you if you want to also get an EIN included in your package. DO NOT BUY DO THIS!!! They charge you $50-$100 just for the EIN, and this is something that you can do for FREE. Just head over to the IRS website and apply yourself. Takes about 5 minutes, and you get the number right then and there.
Step 3: Opening a business checking account
Im going to be straight up with you. Opening a checking account in this business is not easy. I personally went to 15 banks before one decided to open one for me. They say that starting an atm machine business is “risky” for them because apparently it’s easy to launder money, fraud, and all sorts of shady stuff.
This makes it difficult for people like us to open a bank account. Even though were a legit business, 95% of banks are still hesitant, dispute all of our paperwork.
So when approaching a bank, tell them exactly what you are doing. Don’t lie and say that youre a different type of business, cause when they see that you’re withdrawing thousands of dollars each week in $20s, they’ll know whats up and will shut your account down in a heart beat.
Walk in, say youre starting an atm business, and ask them if they will accept you. Some banks will require more information than others. Such as copies of contracts, receipts, pictures, etc.
If you want to learn more about the ATM business, I have a YouTube channel where I show people like you WAYYYY more information than I could give in this short little article. You can find my channel by clicking on this link HERE
I also have tools and resources that you can use for FREE: HERE