Did You Know You Could Own Your Own ATM?

When it comes to your money, giving it away is something great to do if (a) you have the money to give (b) it’s going to a good cause and can help make a positive impact on others.  

Get our free mobile app

Giving money for ATM fees is not my favorite thing to do. I’ve been known to drive out of my way to get to a teller machine where I wouldn’t pay fees. I understand that I probably spent more on gas than the amount of the fee, but that’s not the point. Work with me here.  

We learned last week that the average ATM fee is expected to hit $4.77 per transaction this year. That’s too rich for my blood, unless it’s an emergency.  

Did you know that most of the ATM’s around the country aren’t owned by banks. According to ATMDepot.com, of the over 425,000 ATMs in America, less than 50% are owned by banks.  

So, who owns them you ask? 

Well, people like me and you. I recently learned that the average person could own an ATM and place it in public for people to use. This could be the side hustle you’re looking for. 

Now, it’s not as easy as finding a place to put the machine. You should scout out possible areas that don’t currently have a teller on site that get a good amount of foot traffic. 

The article also says that thinking outside the box is a good idea. It may take some time to find the spot you want, and then of course you’ll need to get permission to put the ATM in that spot.  

After you’ve found a location or locations that will be ideal for your new business venture, the next step is of course to get the actual ATM.  

You can buy these; they range from $2,000 to $5,000 if you purchase it outright. There are also leasing options or short-term financing plans available.  

After that is done, you’ll need to find a network to process your transactions. There are a couple of options: 

ISO= Independent Sales Organization 

IAD= Independent ATM Deployer 

You are advised to interview these companies to evaluate their fee structure and policies to see what works best for you. There are apparently several of these companies out there, so it’s best if you do your due diligence in this process. This could directly impact your “return on investment”.  

Once this is done, you’ll need to decide if you will restock your machine (s) yourself, or if you will hire someone to do it for you. Depending on how many ATM’s you have and where they are placed, hiring an armored guard service to do this for you might be the best plan. Again, there are companies out there that do this, from a safety standpoint, it’s worth checking into.  

The last step is getting insurance for your investment. One tip here is to get a policy that ensures the equipment and the cash that is inside it.  

There are few steps to developing an ATM side business, but with more than half of the national ATM’s belonging to private businesses or individuals, there’s apparently some money to be made. Is this a side venture you’re interested in?