ATM services offer the public a great convenience making it easy for people to withdraw cash 24/7. Here’s one tip in case you plan to put up an ATM business in Las Vegas: many customers choose to visit a shopping mall, department store, supermarket, or commercial establishment where there are ATMs conveniently located inside. As much as possible, customers would rather not go outside just to look for an ATM.
An enterprising business owner can take advantage of this situation. Installing an ATM into your retail space can turn into a great opportunity. The move can help you earn extra income and boost foot traffic in your store. However, study the upsides and downsides before considering an ATM business for sale in Las Vegas.
Start with the advantages. One reason retail entrepreneurs and business owners should consider installing an ATM is to generate residual income. They get a minimal surcharge amount for every transaction charged to the person’s bank card. The current owner also obtains additional exposure that later leads to actual sales, as well as greater than before visibility because the presence of an ATM will definitely increases foot traffic inside the retail outlet.
The negative aspect is you need to pay for the installation with the additional responsibilities of regular maintenance as well as stocking cash into the machine regularly. Nonetheless, it is possible to minimize your tasks by looking for an ATM company that provides free upkeep, cash replenishment, and repairs. Certain providers also offer ATM placement without any fees. The
third option is to lease rather than purchase the machine.
Look for an ATM franchise with reputable track record. A prominent brand name gives customers a feeling of confidence in your service but the operator must pay a certain amount as franchise fee plus possible royalties on your earnings. Franchise opportunities for ATM business opportunities in Las Vegas cost around $25,000 with discounts for veterans. Purchasing and installing your own machine can be a cheaper alternative.
How about starting small and scaling upwards gradually? Look at some of these figures. An ATM costs roughly $7,500, although you can find models priced as low as $3,000 if you’re patient enough. With a limited budget, it is possible to test the waters by buying two or three machines instead of opting for a franchise. Once the proceeds come in, make the business scalable and add more machines, depending on the available funds.
Operators who service and place money into several ATMs on a daily basis face more hazards. Criminals may monitor the business owner’s movements waiting for the chance to steal your hard-earned money. It pays to have at least one armored vehicle and armed security guards when moving from one location to another for added protection. However, the practice may be very expensive, so research the market to determine the amount of required capital.
High-traffic areas can benefit from an ATM. Check the neighborhood and see if another ATM will come in handy, then, study the prospect of an additional ATM placement location. Remember, the mall or supermarket will charge a rental fee for use of the space at a particular number of hours per month. Otherwise, the next option will be to negotiate a commission for every withdrawal.
Try to find a viable ATM placement program in Las Vegas. Under this arrangement, the ATM company will supply, deliver, and stock the ATM at no cost to the operator. Likewise, this provider will handle repairs and servicing if necessary, providing a round-the-clock, toll-free support line for customers allowing them to report issues or make inquiries.
With the full placement category, the provider handles all functions including cash management. On the other hand, the partial placement program requires the operator to make sure the machine does not run out of money. The cash that customers withdraw is returned automatically to your bank account daily.
Operators under these two ATM placement programs get a fixed percentage of the surcharge earnings paid on the 20th of every month. ATM service fees normally range from $2 up to $4. However, charging a customer $4 for a small amount of withdrawal does not seem sensible at all. This is one reason why majority of ATM providers reduce the fees to $1 which is more reasonable.
Requirements for machine installation include: a telephone line, high-speed Internet connection (for faster transactions), and electrical outlet. Web security is crucial and the ATM operator needs the following:
Communication lines should always be open so operators will know when it is necessary to fill the ATM with money. Taking these precautionary measures will help the owner avoid risks of theft or robbery and ascertain the security of customers.
The magnitude and progress of any ATM business is based solely on the entrepreneur. Business proprietors with multiple ATMs can choose to outsource their requirements to an armored car service; another possibility would be to hire employees specifically to monitor the ATM’s. The key is to figure out capital and operational expenditures, and making comparisons or projections for prospective profits for financial sense.
The ATM venture is one way of making passive income, just make sure to consider all factors before allocating your finances to the project. Manage all the risks and possibilities properly to discover a gainful business undertaking for the long-term. Try to obtain the suggestions of relatives, friends or associates who have been in this enterprise.