I’m about to open an Amex gold card and I’m hoping to get a credit line of somewhere around 8k? or so and use that for an atm machine business. The thing is though I have no clue how to get started . If you have some tips or advice can you leave it please ? Thanks

  • nigel_deez@alien.topBEnglish
    1·
    1 year ago

    Going to echo the sentiments around the comments OP, but ATM’s tend to be a process that only yields good results at scale.

    Look into vending machines, probably a better way for your goals than ATM’s.

  • candidfakes@alien.topBEnglish
    1·
    1 year ago

    Instead of ATM machines, have you looked into soda machines? Or laundry machines? Those coins are worth every penny!

  • Chabubu@alien.topBEnglish
    1·
    1 year ago

    I owned 3 ATMs at one point thinking it was a viable business. It was quite a hassle.

    First, you have to have a good location.

    Businesses with a good location know they have a good location. They’ll either already have an ATM or they’ll want a big chunk of your revenue, or a flat monthly fee.

    I talked to a grocery store that wanted $2500/mo per store to have the ATM in all of their 8 location. So $20k/mo.

    Are you going to sign that contract as a newbie? Of course not.

    Ultimately you will have to constantly withdraw cash and load the ATM, you can only collect so much in fees before you have to go load it again.

    So if you want to cut down on the trips then you have to increase the cash in the machine which increases the cash you need in the bank and increases your risk.

    You can model how much in fees you might make on average and how long it takes to do a trip. You’ll probably find that what you are making isn’t that great.

    Say you put $2400 in a machine and the average withdrawal is $80 and you charge $3.50. You can handle 30 withdrawals and make $105 before you have to reload. So your trip takes you an hour and you make $100.

    For me it was not worth the effort due to mediocre locations.

  • aldoblack@alien.topBEnglish
    1·
    1 year ago

    Did you see those Instagram reel where they do some imaginary numbers and suggest you to open Intagram reel? I got some news for you, everything you see on Instagram/TikTok is over-saturated and they are trying to sell you courses. In nay case, best of luck.

  • cbnyc0@alien.topBEnglish
    1·
    1 year ago

    Well, the first step might be realizing that the “M” in ATM stands for machine, so when you say “ATM Machine,” you’re basically saying “Automated Teller Machine Machine.”