7 TOP QUESTIONS A REAL ESTATE INVESTOR MAY ASK ABOUT THE ATM BUSINESS CAREY BUCK
A
wireless
modem
can
cost
you
anywhere from $275 to $325. Installing
a new phone line in the business may
cost you about the same amount.
I install a wireless modem in all of my
ATMs for one simple reason: if I want to
move the ATM out of the current
location and put it somewhere else,
then I’m taking my wireless modem with
me.
Otherwise, I just installed a new
phone line for the location and I surely
can’t take that with me.
Also, you may want to purchase stickers and signage for your machines. This is an arbitrary number that you
can pick. You may want to only buy 50 cent to 1 dollar stickers for your business or you may want to purchase
$200 LED signs. These stickers and signage are what let people know that there is an ATM inside the business
location.
6. Do I have to pay these business locations to place my ATM in their spot?
It depends. Are you a good negotiator? When I first started in the ATM business I didn’t pay anyone to let me
put my ATM in their location. I just went over the benefits of them having an ATM in their business and the
benefit of working with me.
As I got further along into the ATM business, I realized that there was an extra benefit to compensating these
business owners: they like extra money too! And if I was willing to cut them into some of the profits then they
may never get tired of me, my service, my ATM, etc. and try to find someone else to put their ATM in their
business.
Now, when I speak to business owners I tell them that I pay them profit sharing from the very first transaction. I
never cut into my own personal profits though to pay them.
What I mean by that is, let’s say the average surcharge in your area is $2. You always want that $2 for yourself.
100% of it. If you want to pay the business owner part of the profits you would raise the surcharge fee to $2.25
and give them 25 cents on every transaction. That way, they make some “free” money and you still get 100% of
the average surcharge fee for the area.