You've now got a deal, it's time to register an LLC and an EIN. You want to go to your "Secretary of State's" website and register your LLC. This is an easy process and worth doing in your own. Next go to http://www.irs.gov and get an EIN.
-
Show this thread
-
Your now officially a registered business (LLC) and have your EIN. Take your EIN to the bank and open your business bank account. (EIN needed for this step) Large banks may not like your business, since you are competing with their ATM. I'd recommend going to a Credit Union.
1 reply 1 retweet 18 likesShow this thread -
You're officially a business, have a closed deal, have an EIN and a bank account. Now we need to get an ATM. http://www.cardtronics.com/ This is one of the most popular ATM suppliers. Be sure to read the contract. If you don't like being locked in, try another company.
2 replies 1 retweet 19 likesShow this thread -
For your first few ATM, Id recommend buying new. Once you understand the business you can begin buying used ATM. Just be careful to not get scammed. With new EVM chip laws, you will not want to buy an older ATM.
1 reply 1 retweet 10 likesShow this thread -
With companies like
@Cardtronics, they will ship the ATM to your store location and install it for you.1 reply 0 retweets 12 likesShow this thread -
Your ATM is now installed. Everything is good to go. You as the ATM owner will set a surcharge rate. This will vary from location to location. Here in Ohio, an average ATM surcharge is ~$3.50. You load your atm with cash and sit back.
1 reply 0 retweets 10 likesShow this thread -
Everytime someone uses the ATM, They withdraw (ex:$20) plus are charged the $3.50. So the customer pulls out $20, but is charged $23.50. You as the ATM owner just made $3.50 for doing absolutely nothing.
1 reply 0 retweets 13 likesShow this thread -
ATM location is the key to this entire business. If you are in a prime location (dispenseries) you could make $3k a month per atm. I'd say this is the high end of the business. On average, you can make $400-$1,000 a month if your location is good.
1 reply 0 retweets 15 likesShow this thread -
That's $400-$1000 for maybe an hour's worth of work. Now imagine owning 10 different ATM in 10 different locations. Things begin to add up.
1 reply 1 retweet 10 likesShow this thread -
Your main job as the ATM owner will be ensuring your ATM is loaded with cash at all times. ATMs take approximately 1minute to fill. They will be filled with your own personal cash, but remeber, the (withdrawn amount) + (surcharge) is sent back to your bank account.
3 replies 2 retweets 16 likesShow this thread
So just to cover the financial inside again, someone pulls out $20,$40,$60 with their CARD. They are charged the $20,$40$60 PLUS $3.50 or whatever surcharge rate you set. You literally cannot lose money on the business end of this hustle.
-
-
There is virtually no downside to this business. The only risk are things such as fire and water damage or someone actually stealing your entire ATM. Then likelyhood or those scenarios is slim to none. Nonetheless, be sure your ATM is located INSIDE the actual store for safety.
5 replies 2 retweets 32 likesShow this thread -
The ATM CONTRACT store above was my store. I've since taken this store down. DM me if you're interested in getting a hold of the contract.
0 replies 0 retweets 0 likesShow this thread
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.