It’s easy to see how owning an ATM can be a great source of passive income. When you get down to the facts, it’s a great way to accrue some extra cash over time. Nowadays, it’s not nearly as difficult as the average person might think to own and operate one or more ATMs as it did years ago when ATMs belonged solely to large financial institutions. If you’re really interested in pursuing a good way to earn extra income, take a look at this handy guide to owning an ATM and its benefits.
Why Should You Own an ATM?
A great reason you should look into owning an ATM is the ease with which your new venture can be started and how easily the program can be operated. You will need a small initial investment to purchase your ATMs, but will find they can be paid off in a matter of months. What is even better is that you can manage your ATMs as your schedule permits. Switch Commerce offers tools that easily allow you to view your ATM’s performance on your smartphone, laptop or desktop so you always know if there are any alerts, how much money is in your ATM and much more.
How Do You Get Started?
There are important factors to consider before you own an ATM or become an ATM ISO (Independent Sales Organization). As with any new venture make sure you do your due diligence when entering into the ATM business, just like you wouldn’t jump out of an airplane without making sure you knew exactly how your parachute works the same goes for learning about ATM processing, knowledge is key. The next item you will need to get started with you venture is an ATM(s), which you can easily purchase or lease. The cost will depend on the size and features you want to support and there are many models available to choose from.
Now that you have your ATM you will need to find a location to place it which can be done by scouting some local businesses that have a large amount of foot traffic. Let’s not forget that since you will be working with a “mini-bank” there are rules and responsibilities you will need to follow so make sure you talk to a reputable ATM ISO or an ATM ISO sponsoring bank to understand all the guidelines. Once you understand your new venture, have your inventory ready and understand the rules it’s time to secure a processor for all of those transactions that will be coming through your ATM(s).
How To Select the Right ATM Processor
You will want an ATM processor that offers a reliable, secure processing platform and one that helps you manage your ATM portfolio in real-time while providing round-the-clock support. Switch Commerce provides all of that plus the convenience of working from your smartphone, laptop or desktop while helping you set up your terminals, resolving your alerts along with a 24-hour turnaround on settlements. Switch Commerce does all of these things and offers world class support for all areas of ATM management.
How Much Money Can You Make?
Experts estimate that 3-5% percent of everyone who passes by an ATM will use it. Depending on the amount of foot traffic, the number of your locations and Switch Commerce’s easy access and manageability tool, owning an ATM can be a great source of passive income. If you’re interested in learning more about ATM processing and how to easily manage your ATMs, contact Switch Commerce.