I bought an ATM for $1000, all in with the set-up was probably $1200. I’m netting $100/mo now…so yeah, decent ROI.
Caveat* I have access to a good location.
Comments Q and A
I’d like to hear more about this. Where is it set up? Do you pay utilities, transaction fees? Where do buy one?
A/I’m in Denver, bought a used machine from a place “Advanced Technology Management” (who have been really great). They set up pretty much everything, all I had to do was put money in it and plug it in.
The part that’ll be harder for you to replicate is getting a location, I own some properties around town and one is a bar. So there’s tons of traffic.
I only charge $2.50, some places charge up to $4. I get to keep about $2.15 of each transaction and pay another $20/mo in fees.
Who exactly did you buy the ATM from? You don’t have to give the actual name of your supplier if you don’t want to, but I don’t understand. did you purchase it from a bank like Well’s Fargo, a gas station, or a 3rd party and then pay someone to host it on their property?
A/Just Google “buy ATM in [insert country you are in]”.
Generally, they are 3rd party suppliers (never big banks) where you can set the fees etc. You would usually make a deal with the owner of the location to split the fees at a certain percentage.
You need to pay regular maintenance and restocking fees (money in the machine). Also insurance etc.
It can be profitable pretty easily, but you NEED a good location, generally, one lacking an ATM within a 5 min walk (bars etc. are ideal but the owners usually have their own).
Can’t imagine doing it here where all the ATMs are branded with either a bank or two ATM companies. Also, almost everyone that I know here assumes it’s free (no fees etc.). I had 3 bank accounts with cards attached to them and all ATMs transactions were free for me.
A/I would have thought the same thing, but I guess if you’re a little drunk in Denver and want to buy some weed from the dispensary across the street for the after party; you don’t want to drive to an ATM.
I mean, that’s my theory. I hate paying to use an ATM too.
Funny my mother did the same thing. She bought and sold ATM machines and kept them stocked for like 10 years before she finally sold the company last year. I would say at her best she had 10-15 machines running. The tough part is having enough money to keep it cycling through the machines (2-3k depending on location). She would look for dumpy dive bar type places that only accepted cash. She’d then charge 1-3 dollars ATM fee and give a cut to the owners.