What does it take to be an ATM professional? One of the most important moves you can make when you decide to become an ATM entrepreneur is to partner with the right company. You shouldn’t have to sign a contract. They should offer support whenever you need it. They should provide assistance and guidance through every single step of the process of becoming an ATM entrepreneur. Who’s the best? Answer: ATM Together.
Let’s look at some of the fundamentals of becoming an ATM industry professional. There are four pillars involved.
Your LLC and EIN
You’ll need to establish an LLC and an EIN to be in business for yourself. The best ways to do this:
- Go to your state site for the most cost-effective way of getting your LLC/EIN.
- Go to incfile.com for the quickest way of getting your LLC/EIN. They will expedite your paperwork, which you should have completed within a week. (Use code 522320 – this will define your business.)
Those wishing to set up a business checking account are usually denied on several criteria.
- Basically, you are in competition with the banks.
- The ATM business is, in their estimation, a “high risk” business.
- You aren’t completely squared away and ready to ask for a business account. Make sure you have copies of your LLC, EIN, identification, and a processing agreement (an agreement between you and your processing company).
You may simply want to start cold calling banks to inquire about an ATM business checking account. Banks to avoid:
- Wells Fargo
- Bank of America
These banks may be fine for personal accounts, but not for ATM accounts.
Actual ATM and Processing
Though the cheapest price for your ATMs may be attractive, it may not always be your best bet. Make sure the company that says they’re giving you a “deal” on your ATM machines doesn’t take a huge chunk for processing as a result. You saved money on your machines, but now you’re losing money. Again, beware of contracts. You shouldn’t have to sign one.
Go with the company that’s a one-stop-shop. The one company that’s able to facilitate your ATM sale and is able to give you your processing. What’s more, processing should be free. You get to keep 100% of your surcharge. (Processing is the network you need in order to facilitate the transactions between the ATM, the banking network, and your business checking account.)
Remember, your ATM machines are yours. In addition to being able to sell them whenever you want, once they’re in a location, you should be able to sell that entire package to an interested party, if you so choose.
Location, Location, Location!
Simply put, location is everything.
You want your location to be cash driven. Example: Nail salons, laundromats, nightclubs, liquor stores, parking garages, etc. Today, dispensaries are also a good place for an ATM. If people have a reason to use cash at the location, it could be the ideal spot for your ATM.
Additionally, anywhere that lottery tickets are sold, an ATM machine is needed. In most cases, you cannot buy lottery tickets with credit cards.
Make sure, as well, that the location in which you want to put your ATM has good foot traffic.
Ready to Be a Professional in the ATM Industry?
If ATM entrepreneurism appeals to you – when it comes to purchasing, owning, operating ATMs, and more – the professionals at ATM Together are here for you.
With the ATM Together team on your side, you can scale the highest entrepreneurial mountains!
Got questions about how to start your new ATM business? Contact us for information.