Originally Posted by LiLcHiCo4LiFe
I'll try to answers few of the questions regarding ATMs.
Finding an ATM shouldn't be that difficult. You do have to look around though. Try craigslist, ebay, or even drive around to see if there are any stores that closed down that owned one. You can definitely find one for less than $1,500 for a used one. I found a very basic one for $500 in good working condition. Now that you've found an ATM, you need to find a location. I can't disclose my locations, but try to find a location that is independently owned or your own place of business. There are still great locations available, just need to look. If you're starting with only one ATM, I suggest you use at least $2,000 in rolling to load it. The more busier locations would require more funds in rolling so you don't have to load the ATM so often. If you find a location that is independently owned, you have to give the owner a piece. A very smart owner would have his own ATM. Some could care less and would take anything you offer, as long as they're getting a piece. If your surcharge is $2.00, you'd give the owner at least $.75-$1.00. Don't go into much detail on how much you're making, but do give the owner enough to make it worth his while.
Now that that is taken care of, be sure to keep the ATM loaded at all times. A customer shouldn't leave because there wasn't any money in the ATM. That is the last thing you want. 75% of the time, the customer won't return because they'll remember the ATM didn't have funds last time they went there. It is very simple to check and takes less than 30 seconds. Most, if not all, of the newer ATMs tell you how many bills are in the ATM and how many bills have been dispensed. You don't need to open of the dispensing cartridge and hand count it. Since I'm in the process of opening 8 other locations plus the 2 that I have, I purchased a money counting machine to make counting a lot easier and faster. Also, be sure the bills are in mint condition when loading the ATM. If there is a slight tear or bent corners on the bill, more than likely it'll get caught in the dispenser, causing the machine to not function.
The surcharge fee should be reasonable. Don't make it too high where it turns off the customer. True, the customer can just go to their bank and withdraw funds. But if they know there is an ATM near by, they'll just save few bucks in gas and rather pay the $2.00 surcharge and be on their way. Don't make the surcharge too low where you can't afford to pay the owner their share. Check around local stores that have ATMs and how much their fees are. If they're all more than $2.00, keep yours at $2.00 to bring in traffic at first and gradually raise it if you need to. Don't get greedy!
This is all from experience and I hate it when the customer leaves due to malfuntion in the ATM. I hope I've answered most of the questions regarding ATMs.
One more thing. This is not just a money generating side hustle, it is a business. Now with all legit businesses comes licensing and tax issues. If you can get away with it with just one ATM, that's great. If you decide to open up a chain of them and not have proper documents...well you get the point.
Good luck.
