Installing an ATM at your place of business or specific locations can be a profitable move. It can increase foot traffic to your shop or restaurant, which means more sales. It can also reduce processing fees you pay banks when people use their credit cards. With an ATM onsite, you encourage customers to withdraw and pay in cash. If you’re planning to invest in an ATM, here’s how much money you can make. 

How Much Can You Earn? 

Some investors claim you can make as much as $50,000 from your ATMs. They claim the machines do all the work. However, that’s not entirely true. You still need to perform minimal tasks. You need to keep the machines loaded, serviced, and checked. But you can pay staff to do this. Another option is to hire an ATM company to carry out service checks on the machines. They can also update the software and perform repairs as needed. 

Setting Your Surcharge

The question on your mind is probably how you can make money with an ATM. First, you’ll need to set a surcharge fee. ATM owners can set the surcharge fee according to how much they want. However, charging too high or too low will hurt your business. That’s why you need to learn the formula. In ATM business, it’s likely that 2 to 3 percent of people will find your ATM and use it. If you have an average of 200 customers every day, that means you can expect 2 to 3 percent of those customers to use your cash machine. As for the surcharge, you can follow a formula: 5 x the amount of surcharge) x the days your ATM is open per year = your annual revenue. 

Expenses Related to ATMs 

You will need to factor several expenses into your budget, though. That’s the only way to calculate how much your real gain is. That’s where maintenance and repair costs come in. You also need to consider the vendor. Is it reliable? A trustworthy vendor won’t try to trick you into paying more than you should. That’s also why it’s essential you research your options before making a move. You can also self-service the unit, but if there’s a problem, you or your staff may not recognize the sign. You may dismiss them outright. Keep in mind that the sooner you have your machine repaired, the better. If it’s acting up, that can mean problematic banking transactions. Prevent that if you don’t to deal with unhappy customers. 

Starting an ATM Business

If you want to try your hand at investing in an ATM, look over these steps as a guide: 

  • Do the math. Think about the startup costs. The repairs and maintenance should be included in your budget, too. 

  • Make a list. Find a suitable spot for your ATM. 

  • Lease or secondhand? You don’t have to buy a brand-new machine. Look for used or rental options to reduce your upfront costs. 

  • Install the machine. Have pros do the installation to prevent mistakes.