business plan for atm business

ATM Business Plan Template

Written by Dave Lavinsky

ATM Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their ATM companies.

If you’re unfamiliar with creating an ATM business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write an ATM business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is an ATM Business Plan?

A business plan provides a snapshot of your ATM business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.  

Why You Need a Business Plan for an ATM Business

If you’re looking to start an ATM business or grow your existing ATM company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your ATM business to improve your chances of success. Your ATM business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for ATM Businesses

With regards to funding, the main sources of funding for an ATM business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for ATM companies.

Finish Your Business Plan Today!

How to write a business plan for an atm business.

If you want to start an ATM business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your ATM business plan.  

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of ATM business you are running and the status. For example, are you a startup, do you have an ATM business that you would like to grow, or are you operating a chain of ATM businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the ATM industry.
• Discuss the type of ATM business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of ATM business you are operating.

For example, you might specialize in one of the following types of ATM businesses:

• Independent ATM owner/operator: This is the most common type of ATM business in which an individual owns one or multiple ATM machines that can be located in a variety of places such as retail stores, shopping malls, and more.
• Mobile ATM: The owner/operator of this type of ATM business will book their mobile ATMs for events such as festivals or conventions.
• Bitcoin ATM: This type of ATM machine is for cryptocurrency transactions rather than traditional banking transactions.
• ATM installation and maintenance: This type of business provides installation and maintenance services for an ATM owner/operator.

In addition to explaining the type of ATM business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of customers served, the number of transactions completed, and reaching $X amount in revenue, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the ATM industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the ATM industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your ATM business plan:

• How big is the ATM industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your ATM business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your ATM business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of ATM business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.  

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other ATM businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes online money transfer apps and traditional banking establishments. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of ATM business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for customers to access your ATM?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a ATM business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of ATM company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide mobile ATMs, bitcoin ATMs, or ATM installation services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your ATM company. Document where your company is situated and mention how the site will impact your success. For example, is your ATM business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your ATM marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your ATM business, including answering calls, planning and providing therapy sessions, billing insurance and/or patients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to install your Xth ATM, or when you hope to reach $X in revenue. It could also be when you expect to expand your ATM business to a new city.  

Management Team

To demonstrate your ATM business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing ATM businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an ATM business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you install 5 ATMs in retail locations around your city, and will you charge a $2.00 fee for each transaction? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your ATM business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a ATM business:

• Cost of the ATMs
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of locations in which your ATMs will be installed.  

Writing a business plan for your ATM business is a worthwhile endeavor. If you follow the free template above, by the time you are done, you will have an expert ATM business plan; download it to PDF to show banks and investors. You will understand the ATM industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful ATM business.  

ATM Business Plan FAQs

What is the easiest way to complete my atm business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your ATM business plan.

How Do You Start an ATM Business?

Starting an ATM business is easy with these 14 steps:

• Choose the Name for Your ATM Business
• Create Your ATM Business Plan
• Choose the Legal Structure for Your ATM Business
• Secure Startup Funding for ATM Business (If Needed)
• Secure a Location for Your Business
• Register Your ATM Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your ATM Business
• Buy or Lease the Right ATM Business Equipment
• Develop Your ATM Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your ATM Business
• Open for Business

Learn more about   how to start your own ATM business .

Don’t you wish there was a faster, easier way to finish your ATM business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to learn about Growthink’s business plan writing services .  

Other Helpful Business Plan Articles & Templates

ATM Business Plan Template

Written by Dave Lavinsky

ATM Business Plan

You’ve come to the right place to create your ATM business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their ATM businesses.

Below is a template to help you create each section of your ATM business plan.

Executive Summary

Business overview.

SecureVault ATM Company is a startup ATM machine business located in Santa Cruz, California. The company is founded by Lacie Bryon, a vending machine manager who owns multiple machines throughout the city of Santa Cruz. She has built excellent relationships with the business owners from whom she rents space and electricity and, as a result, has several offers to place her ATM machines in the current locations where her name and reputation precedes her.

SecureVault ATM Company will provide reliable and secure ATM services to customers while creating mutually beneficial relationships with the location providers. There is an increased drive by consumers for cash and SecureVault ATM Company plans to build profit from that increase, particularly as the business grows. All SecureVault ATM machines will be in convenient and easily accessible locations, making it especially easy for consumers to access the ATM machines and return to it whenever needed.

Product Offering

The following are the services that SecureVault ATM Company will provide:

• Convenient and secure ATM cash withdrawals
• ATM cash machine services for tourists and out-of-country visitors
• Bank deposits that will transact within 24 hours
• Secure video panels and safety mechanisms within the machines ensure secure and safe transactions
• Proprietary app “ATM @My Location,” quickly sources and offers driving instructions to the nearest available ATM within the SecureVault ATM machines in the region
• Secure account information printouts with receipts
• Day to day management of ATM locations to maintain clean machines and surrounding areas

Customer Focus

SecureVault ATM Company will target residents of Santa Cruz. They will also target visitors from the U.S. and international visitors within the popular beach city. They will target business owners who are interested in partnerships built via the ATM machine locations. They will target businesses who will want to market services or products via the ATM app.

Management Team

SecureVault ATM Company will be owned and operated by Lacie Byron, a vending machine entrepreneur who owns multiple vending machines throughout the city of Santa Cruz. She has recruited her virtual assistant, Kayleigh Thompson, to join the startup on-site.

Lacie Byron has been a self-employed entrepreneur for over fifteen years. She has built excellent relationships with the business owners from whom she rents space and electricity and, as a result, has several offers to place her ATM machines in the current vending locations where her name and reputation precede her.

Kayleigh Thompson, the former virtual assistant, will join SecureVault ATM Company as an Administrative Assistant on-site. She will oversee all day-to-day administrative tasks. She will also be on-call for ATM emergencies 24/7 each day.

Success Factors

SecureVault ATM Company will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team of SecureVault ATM Company
• Secure ATM machines that accept out-of-country debit and credit cards
• SecureVault ATM Company creates partnerships with area businesses with the intention of building up both businesses and creating mutually beneficial profitability.

Financial Highlights

SecureVault ATM Company is seeking $200,000 in debt financing to launch its SecureVault ATM Company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for SecureVault ATM Company.

Company Overview

Who is securevault atm company.

SecureVault ATM Company is a newly established, full-service ATM machine business in Santa Cruz, California. SecureVault ATM Company will be the most reliable, secure and convenient choice for residents, visitors and tourists from out of the country, as well as those from the surrounding communities. SecureVault ATM Company will provide a comprehensive menu of ATM choices and services for any customer to utilize. Their full-service approach includes a comprehensive set of options for cash withdrawals, deposits and other banking transactions.

  SecureVault ATM Company will be able to serve hundreds of customers on a regular basis. The team of professionals in SecureVault ATM Company are highly qualified and experienced and each member of the team is trained to easily serve customers. SecureVault ATM Company removes all the headaches and issues of trying to find an ATM machine, particularly in an unfamiliar city, and ensures all issues are taken care of expeditiously while delivering the best customer service.

SecureVault ATM Company History

SecureVault ATM Company is owned and operated by Lacie Bryon, a vending machine entrepreneur who operates multiple vending machines throughout the city of Santa Cruz. She has been in business for over 15 years and has built excellent relationships with the business owners from whom she rents space and electricity and, as a result, has several offers to place her ATM machines in the current locations where her name and reputation precede her.

Since incorporation, SecureVault ATM Company has achieved the following milestones:

• Registered SecureVault ATM Company, LLC to transact business in the state of California.
• Has a contract in place for a 10,000 square foot office in a midtown building.
• Reached out to numerous contacts to include SecureVault ATM Company in their current and future location plans.
• Began recruiting a staff of three and two office personnel to work at SecureVault ATM Company.

SecureVault ATM Company Services

The following will be the services SecureVault ATM Company will provide:

Industry Analysis

The ATM machine industry is expected to grow during the next five years to over $30 million. The growth will be driven by ATM machines placed in new locations, particularly as new communities form. The growth will also be driven by new industries or sectors that conduct business in rapidly-growing cities. The growth will be driven by entrepreneurs who prefer to own and operate a business without an employer or oversight by others. Costs will likely be reduced as ATM partnerships share the costs on a more equitable level of a 50/50 split. Costs will also be reduced as new technology paves the way for improvements to ATM servicing capabilities.

Customer Analysis

Demographic profile of target market, customer segmentation.

SecureVault ATM Company will primarily target the following customer profiles:

• Residents of Santa Cruz
• U.S. visitors and international tourists
• Potential business partners for ATM placement/services
• Potential business partners who will market their business via the ATM app

Competitive Analysis

Direct and indirect competitors.

SecureVault ATM Company will face competition from other companies with similar business profiles. A description of each competitor company is below.

Quick Cash Company

Quick Cash Company provides ATM machine access throughout the Santa Cruz and Highway 1 Corridor. ATM machines are located within strip malls and adjacent to laundry facilities. The ATM machines provide cash in twenty-dollar increments up to a value of $200. The ATM machines do not accept bank deposits, nor do the ATMs accept cash deposits. There are no receipts provided. Quick Cash Company is owned and operated by Gerrie and Sandy Doney, entrepreneurs who have been in the ATM business for over ten years. The ATM machines provided by Quick Cash Company are utilized heavily near the beach amusement park area and are also popular near the southern beach portion of the Santa Cruz city. Quick Cash Company has a singular goal: that of providing cash; all other transactions are omitted from the services provided.

MoneyLink ATM Services

MoneyLink ATM Services is bank-owned and operated as a convenience for the customers of the Redwood Bank. The day-to-day management of the ATM machines owned is contracted out to a security company that refills the ATM machines with cash on a regular basis and maintains the ATM machines as needed. The Redwood Bank provides services for customers of the bank, including conducting transactions if cash or checks are deposited and paying out up to $400 if the withdrawals are from a bank customer.

MoneyLink ATM Services operates 10 ATM machines in various parts of the city of Santa Cruz, with two ATM machines near tourist shops and mini-mall stores in the downtown area of the city. The ATM servicing company maintains the ATM machine by filling them with cash as needed; however there is no cleaning of the areas around the machines, nor cleaning of the machines themselves. There are no services offered at the ATM machines, other than withdrawals and deposits.

Harrison & Company

Harrison & Company is a legal limited liability company formed between four brothers who own and operate ATM and vending machines throughout the Santa Barbara, California area. They recently expanded their business to include Santa Cruz and other beach areas. There are twenty food vending machines in the business and 15 cash vending machines within the company, each serviced and maintained by the siblings in Harrison & Company.

The food vending machines owned by Harrison & Company are located primarily in strip malls and convenience stores, where visitors can access easy and convenient cash. Harrison & Company carefully evaluates each suggested location before placing a vending or ATM machine on any site, due to the increased risk of theft or other invasive tactics by unscrupulous visitors. Harrison & Company maintain the ATM machines and food vending machines on a daily basis and have created strong and lasting partnerships with other businesses in the area in order to secure the prime locations for their machines.

Competitive Advantage

SecureVault ATM Company will be able to offer the following advantages over their competition:

• SecureVault ATM Company creates partnerships with area businesses with the intention of building up both businesses and creating mutually beneficial profitability

Marketing Plan

Brand & value proposition.

SecureVault ATM Company will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees who are able to provide a comprehensive array of services and cash products to consumers.
• SecureVault ATM Company offers reasonable partnership value and steady income levels for partners.

Promotions Strategy

The promotions strategy for SecureVault ATM Company is as follows:

Word of Mouth/Referrals

SecureVault ATM Company has built up an extensive list of contacts over the years by providing exceptional service and expertise to her clients. Current partners and potential partners are eager to take part in the relationships of SecureVault ATM Company and help spread the word of SecureVault ATM Company.

Digital Advertising

SecureVault ATM Company will contract with a digital marketing expert to access local and regional marketing campaigns.

Social Media Campaign

SecureVault ATM Company will also contract with a social media manager to announce the launch via a series of call outs across several channels to build up to the launch date. ATM locations and specifics of the services offered will be included in the social media campaign efforts.

Print Advertising

SecureVault ATM Company will secure local newspaper ads to announce the new ATM machines in the targeted communities and regional areas. They will also send a direct mail targeted flyer to all residents within Santa Cruz county.

Website/SEO Marketing

SecureVault ATM Company will fully utilize their website. The website will be well organized, informative, and list all the services and products that SecureVault ATM Company provides. The website will list their contact information and will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “ATM machine that accepts international debit and credit cards” or “ATM machine near me”, SecureVault ATM Company will be listed at the top of the search results.

The pricing of SecureVault ATM Company will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for SecureVault ATM Company. Operation Functions:

• Lacie Byron will be the Owner and President of the company. She will oversee all staff and manage partners and new partnership relations. She has spent the past year recruiting the following staff:
• Kayleigh Thompson, who will take on the role of Administrative Assistant and manage the office administration and act as the emergency contact.

Milestones:

SecureVault ATM Company will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel employment contracts for the SecureVault ATM Company
• 6/1/202X – Finalize contracts for SecureVault ATM Company partnerships
• 6/15/202X – Begin networking to find potential partners and ATM locations
• 6/22/202X – Begin moving into the SecureVault ATM Company office
• 7/1/202X – SecureVault ATM Company opens its office for business

Financial Plan

Key revenue & costs.

The revenue drivers for SecureVault ATM Company are the fees they will charge to customers for the usage of their ATM services.

The cost drivers will be the overhead costs required in order to staff SecureVault ATM Company. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

SecureVault ATM Company is seeking $200,000 in debt financing to launch its ATM machine business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of ATM Customers Per Month: 1,600
• Average Revenue per Month: $56,500
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, atm business plan faqs, what is an atm business plan.

An ATM business plan is a plan to start and/or grow your ATM business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your ATM business plan using our ATM Business Plan Template here .

What are the Main Types of ATM Businesses? 

There are a number of different kinds of ATM businesses , some examples include: Independent ATM owner/operator, Mobile ATM, Bitcoin ATM, and ATM installation and maintenance.

How Do You Get Funding for Your ATM Business Plan?

ATM businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start an ATM Business?

Starting an ATM business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An ATM Business Plan - The first step in starting a business is to create a detailed ATM business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your ATM business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your ATM business is in compliance with local laws.

3. Register Your ATM Business - Once you have chosen a legal structure, the next step is to register your ATM business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your ATM business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary ATM Equipment & Supplies - In order to start your ATM business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your ATM business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful ATM business:

• How to Start an ATM Business

How to Start an ATM Business (Complete Guide for 2024)

Starting a business may be a significant step to financial freedom. And it might surprise you, but you can actually start your own ATM business and make money off the fees when people withdraw cash. So, here’s how to start an ATM business.

• Invest in a new or used ATM machine or consider leasing one
• Find a high-traffic location where using cash is common
• Hire a cash delivery service to handle reloading the machine
• Ensure enough cash on hand to refill the machine monthly or as needed
• Plan for more minor expenses such as receipt paper, the phone connection for the machine, insurance, and ongoing maintenance

This article offers a complete guide on starting an ATM business in 2022. An ATM business is a cool source of passive income.

We’ll look at the complexities, legalities, and what life is like as an ATM owner. But I’ll also cover whether you need a business license, how much you can make off ATM fees, and what the first step in creating your business model is.

Let us dive in!

Step-by-Step Instructions on Starting an ATM Business

Starting an ATM business can be a great way to make money and provide a valuable service to customers. However, it is important to understand the process and the steps involved in order to ensure success. Here are 14 steps on starting an ATM business:

Step 1: Research the Market

Before you start your ATM business, it is important to research the market and understand the competition. Look into what other businesses are offering in terms of services, fees, and locations. This will help you determine if there is a need for your services in the area and if you can offer something unique that will set you apart from other businesses.

Step 2: Choose Your Location

Choosing the right location for your ATM business is essential for success. Consider factors such as foot traffic, visibility, security, and accessibility when selecting a location. You should also consider any local regulations or zoning laws that may affect your business.

Step 3: Obtain Licenses & Permits

Before you can open your ATM business, you will need to obtain all necessary licenses and permits from local authorities. This may include a business license, sales tax permit, or any other permits required by law in your area.

Step 4: Purchase Equipment

ATM machines are expensive pieces of equipment that require regular maintenance and upkeep. Before purchasing any equipment, make sure to research different models and compare prices from different vendors to get the best deal possible.

Step 5: Find Suppliers & Vendors

You will need to find reliable suppliers and vendors who can provide you with cash for your ATMs as well as other supplies such as paper rolls or receipt tape. Make sure to research different suppliers before making any decisions so that you can get the best prices possible.

Step 6: Set Up Your Business Structure

Before opening your ATM business, it is important to set up a legal structure such as an LLC or corporation so that you can protect yourself from personal liability in case of any legal issues or disputes with customers or vendors. Consult with an attorney or accountant who specializes in setting up businesses so that they can help guide you through this process.

Step 7: Create a Business Plan

A well-written business plan is essential for success when starting an ATM business. Your plan should include information about your target market, pricing structure, marketing strategy, financial projections, and more. This document will serve as a roadmap for running your business and should be updated regularly as needed.

Step 8: Secure Financing

Securing financing is one of the most important steps when starting an ATM business since it will determine how much money you have available for startup costs such as equipment purchases or marketing expenses. Consider applying for loans from banks or investors if needed in order to get enough capital for launching your business successfully.

Step 9: Market Your Business

Once everything is set up and ready to go, it’s time to start marketing your new ATM business! Developing a comprehensive marketing strategy that includes both online and offline tactics will help ensure that potential customers know about your services and where they can find them when they need them most!

Step 10: Train Employees & Install Equipment

Once all of the necessary paperwork has been taken care of and financing has been secured, it’s time to start training employees on how to use the equipment properly so that they can provide excellent customer service when helping customers use their ATMs! Additionally, make sure all equipment is installed correctly according to manufacturer instructions before opening up shop!

Step 11: Open For Business!

After all of these steps have been completed successfully it’s finally time to open up shop! Make sure everything is ready before opening day so that customers have a positive experience when using your ATMs!

Step 12: Monitor Performance & Adjust As Needed

Once everything has been set up properly it’s important to monitor performance regularly in order to ensure everything is running smoothly at all times! Additionally make sure adjustments are made as needed based on customer feedback or changes in market conditions so that you stay ahead of competition!

Step 13: Expand Services & Locations As Needed

As demand increases over time consider expanding services offered by adding additional features such as check cashing or bill payment options at select locations in order increase revenue potential even further! Additionally consider expanding into new locations if there appears enough demand in those areas too!

Step 14: Stay Up To Date On Regulations & Trends In The Industry

Finally make sure stay up-to-date on regulations related specifically related ATMs industry as well as trends within this sector so that you remain competitive at all times! Additionally consider attending conferences related specifically related ATMs industry too so that you stay ahead of competition at all times!

Frequently Asked Questions

How much does it cost to start an atm business.

A new indoor ATM machine is approximately $2,500. Outdoor machines are closer to $10,000. Renting space for the machine can be $100 per month. A phone line for connecting to other banks is $30 a month. Replacing receipt paper is $50 per month, and armored cash delivery can be as much as $500 per month.

And occasionally, you’ll have maintenance costs on the machine, especially if it’s outside.

But there is no exact figure that translates into the cost of starting an ATM business. I would like to believe that anyone who wants to start a business would have a budget they want to work with.

Alternatively, you may want to find out how much it will cost to generate a business plan for the finances or adjust your budget.

A number of factors influence how much money you may need to own an ATM business. Let us look at them.

Cost of ATM Machine

The cost of an ATM varies based on the model, size, and age.

You can get a machine between $2000- $3000 if it’s going INDOORS. In addition, you can choose to purchase a brand new ATM or refurbished machine. Determining the type of machine is a crucial aspect for ATM business owners.

As I said above, automated teller machines at ATM locations that are outside can cost closer to $10,000 since they have to be both weather-proof and more secure from theft.

You may want to invest in a new machine as it usually comes with a warranty. However, if you buy used machines, it may require lots of repairs, reducing the gross profit.

After settling the issue of the ATM, up next is looking for a good location.

Again, it helps if you find small business owners willing to rent out a space to you. In addition, whatever rent you agree to should not be so much that it leaves you with little or no profits.

Alternatively, you can suggest sharing the revenue from the ATM business with the location owner. This way, you are sure to avoid extra losses.

Some places will naturally benefit from having an ATM in their location (cash-only restaurants, for example) and be happy to let you place your machine for free. But others may want a fee of $100/month.

Business Structure

Another factor that affects the cost of starting an ATM business is the business structure.

You can choose between a Limited Liability Company or an incorporated business. Usually, creating a legal document may range from $150- $200.

In addition, you may have to visit the State Attorney General’s office to register the business. The cost of the registration varies depending on the business entity. However, the range is between $10- $700.

Licenses and Permits

Before you start an ATM business, you must follow your state’s licensing requirements.

You must have thought of a business name which you will register with your county clerk. In addition, you may opt for a limited liability company.

This protects you from personal liability. Furthermore, you should get all necessary business licenses and permits by paying all required fees before commencing the business.

Purchasing ATM insurance is not compulsory.

You can decide to get it or not. The cost depends on what plan covers the machine and/or cash. The number of employees and location of the business may also influence it.

But on average, expect it to cost about $500/year to insure an ATM for up to $1,000,000 in general liability coverage.

However, remember to check if an insurance policy already covers the location. If it does, this will determine the type of insurance to purchase.

Most people who start the ATM business are available to run it.

However, if you have the vision to expand to other locations, you may need to hire workers. And either way, you’ll need a system to reload the cash into the machine(s) periodically. Armored car service is the most secure but can run $500/month.

Alternatively, there are other services that can do it for about $50/visit.

So, think about how crime-ridden the neighborhood is where you have the machine, how busy it is, and how often it will need to be refilled.

Ongoing smaller expenses

As I said above, you’ll need to refill receipt paper as needed, which should cost about $50/month.

Then you’ll need a phone line so your ATM equipment can connect to other financial institutions. That is often about $30-40/month.

Thank you to Robinson’s Barbershop of Kenner, LA for choosing @advantageatm_ as it’s ATM partner! Mr. Robinson has been a successful business owner for 20+ years. We’re happy we could help! pic.twitter.com/4UcQikHRoG — cash is king. (@advantageatm_) July 11, 2020

Is owning an ATM profitable?

Yes, owning an ATM is a profitable business.

There is an ATM almost everywhere you go. They may be your only option when you are in dire need of cash but far from your local bank branch.

You may wonder what I mean by ATM business is profitable since they are affiliated with big financial institutions. However, that is not what I am talking about. Instead, I mean those ATMs you find in gas stations or convenience stores without the big names on them.

One of the key motivating factors for venturing into any business is profit. Now, to the burning question at the back of your mind: how do ATM owners get profit?

A specific transaction fee is deducted whenever a person withdraws money from the ATM. As a result, the ATM owners get paid a price of about $3 per transaction. In addition, ATM owners earn from interchange fees of about $0.10- $0.20 for each transaction.

According to Bankrate:

“An ATM operator fee or surcharge fee is charged by ATM owners to non-customers using its ATMs.”

This is another way private ATM owners make money. The average cost of surcharge fee is $3.08. Whenever someone withdraws cash from your ATM, you earn an ATM fee of about $3.

Therefore, your profit will depend on how much cash people withdraw within a period. According to ATM Depot, the average number of transactions on one ATM is 180 within a month. Therefore, you can make an average of $540 every month.

If you have more than one ATM or location is in a region with high foot traffic, then you are sure to make more profits.

Well this is different. Never seen them filling the atm before…now i know what those trucks with money are for XD pic.twitter.com/NG0q9Q35ZS — Andrew (@ajskateman) July 20, 2015

Who fills money in ATMs?

The bank obviously refills ATMs at banks or is owned by them.

However, if you are unfamiliar with the ATMs, you may wonder who actually fills these private ATMs with money since they are not affiliated with any bank.

Suppose you are the outright owner of the ATM business. You can refill the machine without involving a third party. This option may be stressful, but it is the path to maximizing profit from the business.

One problem that ATM owners may face is having enough money to refill the machine. Therefore, ATM owners must have much cash as capital for refilling.

Another issue they may face is security.

ATM business owners need to find the safest time to refill the machine. If something goes wrong, they may lose a huge amount of cash. This is primarily a risk for the free-standing type of ATMs.

Therefore, it is not uncommon for ATM owners to hire a cash management company to take care of refilling the machine with money.

Of course, this method reduces the overall profit.

But you can have your peace of mind intact. Working with a cash management company is a secure way of handling funds. The company will also have insurance which means double coverage if anything happens when filling the machine with money.

In addition, ATM owners may seek partnerships with an ATM processor.

The ATM processor is responsible for filling the machine with money. They help them map out business processes and strategies for filling the machine with cash. Although ATM owners would have to pay for this service, there is better security coverage.

WinSouth Credit Union, a financial institution based in Northeast Alabama, has partnered with ATM USA, an ATM outsourcing company, to deliver three ATMs to its new branches. #WinSouthCreditUnion #ATMUSA #ATMoutsourcing Read more: https://t.co/BWX4QIlU6R pic.twitter.com/2Q96ErcNfK — АО «САГА Технологии» (@SAGA_Tech) September 25, 2021

Are ATMs a dying business?

No, the ATM business is not a dying sector.

Some people would like to argue that the world is going digital. Therefore, there is no future for ATMs.

And 50 years from now, that will likely be true.

However, as long as cash is still in circulation, there will always be a need for ATMs. Cash has been around for thousands of years, and it will not lose relevance overnight. This is because it is the most accessible means of payment.

Many people are adopting the cashless policy.

They prefer to pay for goods and services with their debit or credit cards. The world is going digital fast. Nevertheless, ATMs are evolving to meet the need of people in the digital world.

Digital payments are risky, and that is why cash will persist. It is not easy to keep track of digital transactions. However, there is proof of transaction in your email. It would contain personal information putting you at risk of identity theft.

In addition, digital payment is a contributing factor to the digital divide.

Some people do not have access to the internet required for digital transactions. Others do not have the necessary skills to manage digital finances. Individuals living in rural areas, the unskilled, and the aged are at a disadvantage with digital transactions.

On the other hand, cash is quick.

You don’t have to wait for proof of transaction status or deal with issues of insufficient funds. Furthermore, cash is accessible to everyone irrespective of social class, educational background, or tech skills.

The events of 2020 and beyond have actually increased the usefulness of ATMs.

Banks are restricting the number of individuals who come in to follow the social distancing regulations. ATMs can be fitted with big screens for advert placement. In addition, ATMs in stores may increase foot traffic and boost business.

Found this on an atm/change machine in the casino when I went to change a 20. Someone’s having a rough start to their Vegas weekend! #Vegas #nofunds pic.twitter.com/Skm8QHgDZK — Heath Johnson (@heathjohnson80) February 15, 2020

Where is the best place to put an ATM?

The best locations for ATMs are indoor locations with a lot of foot traffic, restaurants or bars that are cash-only, or locations adjacent to large flea markets or swap meets as long as events happen regularly .

So as you may have guessed, the biggest factor that influences the success of the ATM franchise is location.

Therefore, it is essential to consider a good location because you can only profit when people use your ATMs. Here are some factors to consider before choosing a location.

Areas where cash is preferred : the ATM location should be where cash is the staple for transactions. Some organizations accept only cash, which makes them one of the best places to put an ATM.

High traffic areas : areas with more traffic increase the chances of using the ATM. This is because it is in a visible location that is easy to access. In addition, high traffic areas may make customers feel safer when using the ATM.

Other ATMs in the areas : suppose there are other machines. You may need to do a thorough investigation before placing your ATM there. If the other ATMs are old and in poor condition, you have nothing to worry about. Also, if the foot traffic is incredibly high, there may not be much competition. If otherwise is the case, you should avoid these locations.

The following are the best places for putting your ATM:

• Gas stations 
• Convenience stores
• Parking lots
• Clubs and bars
• Restaurants
• Event centers
• Universities and other institutes of learning

So I would never withdraw money from a free-standing ATM (cash machine), a converting a red phone box into one is admittedly a clever idea pic.twitter.com/ncaPMYHebb — The Travelphile (@TheTravelphile) September 1, 2019

What are the types of ATMs?

There are two types of ATMs: Freestanding and Through-the-wall ATMs.

In urban cities, you can find an ATM on almost every corner, gas store, and phone line. People can use their cards (debit or credit) to withdraw cash from any location. In addition, some ATMs allow for checks and cash deposits.

Let us take a look at the difference between the two.

Free Standing ATMs

Free-standing ATMs are the most popular ATMs owned by ATM operators. They are unattached to a wall or a building.

Instead, they are held by the ground. Free-standing ATMs are often provided to increase customers’ convenience, especially for organizations that accept only cash. For example, they are popular at movie theaters, grocery stores, and restaurants.

However, these machines do not receive deposits from customers for safety reasons. The benefit of free-standing ATMs is that they can be placed in any good location provided there is enough space and a constant power supply.

Through-the-wall ATMs

Through-the-wall ATMs are attached to the wall of a building or business.

This type of ATM offers more security features than its counterpart. Only the machine’s exterior, where customers can do their transactions, is on the outside.

The filling the ATM with money and other things take place behind the wall, out of prying eyes. However, through-the-wall ATMs require much space. This is because it requires constructing a room(s) based on the number of machines.

So, if you are opting for this type of ATM, do not forget to include construction costs in your budget plan. In addition, you may need to discuss the price of the area with the property owner.

Special thanks to our awesome business partner Citizen State Bank for our new ATM machine. This will better serve our students, staff and patrons. They are a great partner. ⁦ @AndrewRikli ⁩ ⁦ @PLCSchools ⁩ pic.twitter.com/vkYTu76jhV — Jeff Johnson (@papiojeff) April 22, 2019

What is a good name for an ATM business?

Finding a good name for an ATM business is a crucial decision of a sole proprietorship. The name is a representation of the business. Let us examine the steps in choosing a good name for an ATM business.

The first thing that influences a choice of name is the goals and vision you have for the business. You need to ask yourself fundamental questions like: “what is the target market? what emotions do you want to evoke in them?”

A clear answer to these questions helps to improve your understanding of the best ways to appeal to your potential customers.

Next is the fun part, which is brainstorming.

I would advise you to use paper and pen/pencil. Imagine what adjective you would like to be associated with your business. Allow the creative juice to flow and keep writing them down as they come.

Here are some brainstorming techniques:

• You can work with the ATM business location
• You can use words that evoke some emotions like secure cash ATM, Happy ATM, etc
• You can use word puns or combine words in a fun way like Money Mill ATM, Great Citizens ATM, etc
• There is the option of keeping it short and simple, like Safe ATM
• In addition, you can use a name that represents something for you, like your favorite celebrity, your family name, etc.

Furthermore, you can try a business name generator.

The software will ask some questions that it will utilize in generating the ideal name for your business. It is okay if you do not like the name. It can be the spark you need to get name ideas flowing.

Finally, register the business name.

Before going to the appropriate office to register, it would help to find out whether the business name you chose is available. It should not come to you as a surprise if someone has already used your desired name to register their business.

What are the worst mistake to avoid when starting an ATM business?

Starting an ATM business can be a great way to make money, but there are some mistakes that can be costly. Knowing what these mistakes are and how to avoid them is essential for success.

Not Doing Your Research

One of the worst mistakes you can make when starting an ATM business is not doing your research.

You need to understand the industry, the regulations, and the competition in order to be successful. You should also research the different types of ATMs available and decide which one is best for your business. Additionally, you should research potential locations for your ATM and determine if they will be profitable.

Not Having a Business Plan

Another mistake to avoid when starting an ATM business is not having a business plan.

A business plan will help you stay organized and focused on your goals. It should include information about your target market, pricing structure, marketing strategy, and financial projections. Having a well-thought-out plan will help ensure that you are making informed decisions throughout the process of starting your business.

Not Understanding Regulations

It is also important to understand all of the regulations that apply to ATMs in your area before starting an ATM business.

Different states have different laws regarding ATMs, so it is important to familiarize yourself with these laws before getting started. Additionally, you should make sure that you are compliant with any federal regulations related to ATMs as well as any local ordinances or zoning requirements that may apply in your area.

Not Having Enough Capital

Having enough capital is essential when starting an ATM business.

You need enough money to cover start-up costs such as purchasing or leasing an ATM machine, obtaining necessary permits and licenses, and marketing expenses.

Additionally, you need enough money to cover operational costs such as maintenance fees and cash replenishment fees until your business starts generating revenue from transactions fees charged by customers using the machine.

Not Having Proper Insurance

Finally, it is important to have proper insurance when starting an ATM business in order to protect yourself from potential liabilities or losses due to theft or vandalism of the machine or other unforeseen circumstances.

Make sure that you have adequate coverage for both property damage and liability so that you are protected in case something goes wrong with your machine or someone gets injured while using it.

The ATM business is profitable.

And it can be the key to financial freedom for you. But it’s not always easy to start an ATM business, and there are some significant start-up costs to think about.

You can also read a recent article on my website about the keys to financial freedom.

There are essential factors you must consider to get the best from an ATM business. It helps if you choose a good and catchy name for the ATM business.

Also, get it registered and licensed to avoid any trouble with the law.

Before you venture into the ATM business, take time to study the location and the type of ATM best suited for it. In addition, make concrete arrangements concerning how the machine will be refilled with cash when necessary.

I hope this article has been useful in guiding potential ATM owners. Make the right decision today!

Image by Peggy und Marco Lachmann-Anke from Pixabay

Jeff Campbell

Jeff Campbell is a budget-master, father, full-time blogger, Disney-addict, musician, and Dave Ramsey fan. Click Here to learn more about me. Click Here to learn more about my site. Editorial Policies.

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How to Start an ATM Business

When a consumer needs access to cash, most are willing to pay a few dollars in service fees at the nearest ATM. Automatic teller machines strategically placed in public locations around town is a profitable way for entrepreneurs to earn a comfortable passive income.

Learn how to start your own ATM Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start an ATM Business by following these 10 steps:

• Plan your ATM Business
• Form your ATM Business into a Legal Entity
• Register your ATM Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your ATM Business
• Get the Necessary Permits & Licenses for your ATM Business
• Get ATM Business Insurance
• Define your ATM Business Brand
• Create your ATM Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your ATM Business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our ATM Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your ATM Business?

Business name generator, what are the costs involved in opening an atm business.

While this type of business venture does not require an office space or a lot of supplies, there are a few things you will need to purchase. Total investment will be defined by how many machines you plan to start with. Each machine will cost between $3,000 and $10,000, depending upon the style you purchase. Each machine should have at least $2,000 in cash on a rotating basis. The only other items you should need is an insurance policy, a bag for transporting cash, tools for routine machine maintenance, and a reliable vehicle. Each machine must have access to a phone line or the Internet and you will need a computer for checking the status of each machine.

What are the ongoing expenses for an ATM Business?

Most machines require a minimum of $2,000 cash per week. Cash should be loaded in on a rotating basis. Many banks will charge your business a surcharge and merchants charge a monthly rent fee or commission, depending upon the contract both parties have agreed upon. New business owners are urged to conduct thorough research regarding your market, so that margins are correctly set from the beginning. This will help ensure higher profit margins for your ATM business.

Who is the target market?

Your ATM business is there to serve anyone who may need quick access to cash. Restaurants, bars, strip malls, convenience stores, and shopping malls are a great place to start.

How does an ATM Business make money?

An ATM business charges each customer a fee when they draw money out of their account.

The standard fee is $2.50 to $3.00 per transaction.

How much profit can an ATM Business make?

It’s important to choose high-traffic areas for your terminal locations. Successful business owners report an average of $500 per month, per ATM machine.

How can you make your business more profitable?

The more machines you have strategically placed, the higher your profits. Many new business owners find comfort in investing in franchises. Once you have learned the intricacies if this business venture, considering passing that knowledge on to new entrepreneurs by offering franchise opportunities.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your ATM Business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate an ATM business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Services Contract

ATM businesses should consider requiring clients to sign a services agreement before installing a new machine. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and so on.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your ATM Business needs and how much it will cost you by reading our guide Business Insurance for ATM Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market an ATM Business

Unlike most business ventures, an ATM business requires little to no marketing. While you will not be directly interacting with your customers, you will communicate regularly with your merchants. Develop strong connections with them to ensure a long-term, mutually beneficial relationship. Networking with business owners in the community is a great way to ensure your name is recognized. When an entrepreneur opens a new business, your merchants will pass your name along, helping to solidify your business’ positive reputation.

How to keep customers coming back

It’s important to remember that each customer is coming to you out of convenience. Do not earn a reputation for having machines that are low on cash or always broken. Strive to deliver what they need, when they need it, at all times.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

Are you seeking a business investment that doesn't require an immense amount of time or investment? Do you enjoy interacting with other business owners throughout the community? If so, opening an ATM business may be the perfect business opportunity.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at an ATM Business?

The amount of time spent managing this type of operation varies, depending upon your skill set and the number of ATMs you own. Each machine must be kept in working order at all times. It should also contain enough cash to dispense 24/7. Anything less, and your business is losing money. Most ATM business owners have a regular route they tend to each day, where they check to ensure everything is working as it should. The rest of your team’s time is divided between administrative duties and nurturing relationships with vendors, banks, and the businesses that house your machines.

What are some skills and experiences that will help you build a successful ATM Business?

There is no formal training for owning an ATM business. Since this investment requires a significant amount of cash be on hand at all times, entrepreneurs must be skilled at handling cash and budgeting for future needs. A business degree or background is recommended. Strong interpersonal skills would also prove beneficial, as you will need to develop relationships with vendors, banks, and business owners throughout the community.

What is the growth potential for an ATM Business?

Consumers love convenience, making an ATM business a worthy long-term investment. The potential for growth is significant, as these small machines can be strategically placed wherever customers may need quick access to cash. A well thought out business plan will help you define and reach your short and long-term goals for growth and profit.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting an ATM Business?

Successful ATM business investors offer the following advice:

• Conduct thorough research prior to purchasing your machines. Choose one manufacturer and use them for all your machines. This will prove beneficial as you and your team learn how to repair and replace parts over time.
• While it will require more start-up capital, purchase a new machine with a 1-year warranty on parts. Older equipment leaves you open for potential issues and may not be equipped to handle evolving banking requirements/laws.
• Make sure you understand EMV and that your machines are EMV compliant .
• Have each of your merchants sign an agreement.
• Map out your route with locations fairly close together to cut down on operating costs.

How and when to build a team

Most new ATM business owners start out managing the business alone. If your goal is to spread out over a large area, it may be necessary to hire additional team members for servicing. When considering hiring new team members, review their background and job history thoroughly, as they will be regularly handling a significant amount of cash. Additionally, each team member should have the knowledge and skills needed to perform routine maintenance on your machines.

Useful Links

Industry opportunities.

• ATM Industry Association

Real World Examples

Further reading.

• Mistakes to Avoid When Starting an ATM Business
• Interview with an ATM Business Owner

Have a Question? Leave a Comment!

• Business Ideas
• Registered Agents

How to Start an ATM Business in 14 Steps (In-Depth Guide)

Updated:   January 18, 2024

BusinessGuru.co is reader-supported. When you buy through links on my site, we may earn an affiliate commission. Learn more

The ATM industry is expanding at a rapid rate across the world. As of 2020, the market hit $20.18 billion and is projected to grow at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028.

For savvy entrepreneurs interested in pursuing this sizable market opportunity, understanding the key steps involved in building a successful ATM business is critical. What does it take to get started? What are the most important factors in running a profitable ATM operation?

This guide will walk you through how to start an ATM business. Topics include opening a business bank account, registering an EIN, marketing your brand, sourcing ATMs, and more. Here’s everything you need to know to start your own ATM business.

1. Conduct ATM Market Research

Market research is essential to starting a ATM machine business. It offers insight into your target market, local market saturation, trends in products and services, and more. There are two types of market research, primary and secondary, both are important for beginning a brand.

Some details you’ll learn through market research include:

• This upward trajectory is expected to continue.
• One forecast projects the global ATM market will reach $25 billion by 2026, up from $18 billion in 2021.
• Driving this growth is rising demand in developing regions like Asia Pacific and Latin America as personal incomes increase and more people want to withdraw cash.
• In the US specifically, market saturation remains low compared to other countries.
• There are only around 9 ATMs per 10,000 adults in the US, versus over 12 per 10,000 adults in Canada. This gap indicates there is room for more ATM expansion domestically.
• Profitability prospects for ATM operators are also favorable.
• Transaction fees from banks and surcharges collected from customers can produce strong cash flows.
• Well-located machines in high-traffic areas like gas stations, convenience stores, and entertainment venues can generate over $1,000 per month in gross revenue.
• After costs, operators can realistically target $200-500 in net monthly profits per ATM. For an operator with 20 well-situated machines, this translates to $4,000-$10,000 in monthly recurring cash flow.
• The upfront investment to acquire and install an ATM is around $2,500-$3,500 on average. With strong cash-on-cash returns, payback periods of 6-12 months are achievable.

Overall, market conditions point to a sizable and lucrative opportunity in the ATM industry right now. With steady growth on the horizon and attractive profit potentials from individual machines, the market offers a stable source of cash flow for operators who target strategic, high-traffic locations and provide reliable customer service.

Keep in mind that starting a Bitcoin ATM (or any other cryptocurrency ATM) business may require more initial financing and can be more difficult to achieve.

2. Analyze the Competition

Understanding the competitive landscape is key for any new business, and ATM operators are no exception. Competitive analysis tells you how to market your business, where customers are more likely to use ATMs, and what your target market is looking for in an ATM provider.

There are a few angles aspiring operators should analyze to size up competing ATM businesses:

• First, look at the number of ATMs already installed in your target geographic area. Tools like VISA’s Global ATM Finder allow you to search for ATMs by city and zip code.
• High concentrations of existing machines in an area make it more challenging to find vacant high-traffic sites in retail stores and other locations.
• National chains like Cardtronics and large independent players often have ATM fleets numbering in the hundreds or thousands.
• Analyze the monthly transaction volumes of competitors’ machines at locations you are considering. Higher volumes signal you may struggle to attract customers.
• Evaluating fees is also important. Check competitor surcharge amounts and if they adjust pricing during peak hours. You may find opportunities to undercut higher fees.
• Search online reviews of major operators. Poor feedback for lack of service and maintenance may present a competitive opening if you deliver better customer service.

Doing this competitive homework will help identify potential business gaps you can fill and sites where inserting a machine could be profitable. Performing ongoing competitive research as you scale your operation is key to staying strategic.

3. Costs to Start an ATM Business

When launching an ATM operation, the upfront costs consist of acquiring the machines, preparing sites, and handling initial licensing and compliance needs. There are also ongoing business expenses to consider.

Start-up Costs

• ATM Purchase – The biggest start-up cost is purchasing the ATM units themselves. New machines typically run $2,000 – $3,500 per unit depending on features. Opting for used/refurbished ATMs can reduce this upfront equipment investment to around $1,500 – $2,500 per machine.
• Site Preparation – When placing ATMs in retail locations, any construction or electrical work required to prepare the site will add startup costs. Budget around $500 – $1,000 per location for minor renovations or wiring work needed.
• Installation – Professional installation of the ATMs by a technician averages $300 – $600 per machine depending on location specifics.
• Cash Load – Each ATM will need an initial cash load in the cash cassette to service customer withdrawals. This can be $3,000 or more per unit depending on machine capacity and anticipated transaction volumes.
• Licensing – Certain states require specific ATM operation licenses that cost around $200 per year. Research regulations in your target markets.
• Insurance – General liability insurance for an ATM business runs $600 – $1,000 per year typically. Worker’s compensation is also required if hiring employees.
• With these factors, total startup costs for a small 1-2 machine operation may range from $10,000 – $20,000. For larger operators placing 5-10+ units, expect initial investments between $30,000 – $60,000.

Ongoing Costs

• Transaction Fees – Processing networks charge fees per withdrawal, usually $0.25 – $0.50 per transaction. With higher transaction volumes, these fees add up.
• Cash Management – ATMs need routine cash reloads, which cost around $150 per service visit. Budget around $5,000 – $10,000 annually for cash management across a fleet.
• Maintenance – Annual maintenance contracts for servicing, cleaning, and inspecting machines run $200 – $300 per ATM
• Wireless Connectivity – For ATMs with cellular data connections, wireless modem plans are around $30 per month per unit.
• Location Rent – Rental fees to the host business for placing an ATM on their site average $100 – $300 monthly per location.

By planning for both the initial investment needed to start ATM operations as well as ongoing costs, new entrants can properly size their opportunity and budget. Partnering with an established operator via a profit-sharing or revenue-share arrangement can also help reduce startup capital needs.

4. Form a Legal Business Entity

When starting an ATM business, choosing the right legal structure is key to limiting liability and supporting growth over time. Here is a breakdown of options entrepreneurs have and considerations for each:

Sole Proprietorship

A sole proprietorship is the simplest and most common entity for small businesses with one owner. There is no formal registration needed beyond standard business licenses. However, the owner has unlimited personal liability for debts and legal claims, which is risky in the ATM industry where security and cash handling exposures exist.

Partnership

Forming a general partnership splits ownership between two or more people. This improves capital resources and allows dividing labor, but still imposes unlimited liability on all partners. Partnerships also dissolve if a partner exits, disrupting operations.

Corporation

Establishing a corporation creates a separate legal entity from the owner and shareholders. This shields personal assets and eases taking on investment. However statutory regulations impose heavy recordkeeping and formalities. Double taxation of profits can also be financially inefficient for smaller ATM operators.

Limited Liability Company (LLC)

Forming a limited liability company (LLC) combines the flexibility of a partnership with the liability protections of a corporation. LLCs limit legal and financial risks to the business itself. They can be owned by one or multiple partners and allow passing profits directly to personal returns. LLCs also have fewer reporting rules than corporations.

5. Register Your Business For Taxes

One key tax-related task when starting an ATM operation is obtaining an Employer Identification Number (EIN) from the IRS. This unique identifier number is essentially the business’s equivalent of a social security number.

All business entities except sole proprietorships need an EIN for federal tax purposes. Having one simplifies filing business returns, opens access to benefits like health insurance deductions, and legitimizes the operation.

Applying for an EIN is free and can be done entirely online via the IRS website . Simply navigate to the EIN Assistant page and respond to a series of basic questions about the business structure and activities.

In the end, an EIN will be provided immediately that can be used to open business bank accounts, apply for licenses, and file taxes. The whole process only takes about 15 minutes.

In addition to the federal EIN, proper state-level tax compliance steps are needed. Most states require registering for sales tax collection and reporting if selling taxable goods.

Since ATM surcharge fees are considered taxable in most states, obtaining a sales tax permit is recommended. This can be acquired by submitting a business license application with the state revenue or taxation department (deadlines and costs vary by state).

6. Setup Your Accounting

Robust accounting practices are essential for any successful ATM operation. With frequent cash transactions and inventory management needs, having disciplined financial tracking and controls in place is a must.

Accounting Software

Using dedicated QuickBooks accounting software provides an easy way to log all revenue and expenses, generate financial statements, and automate tax filings. QuickBooks seamlessly syncs transaction data by connecting to the business bank accounts and credit cards. This eliminates manual data entry and ensures records are comprehensive and accurate.

Hire an Accountant

Partnering with an accountant or bookkeeper is also advisable. They can handle tasks like monthly reconciliations, produce financial reports, and ensure compliance with all IRS rules and tax obligations specific to the ATM industry. Expect to invest around $200 – $500 per month for basic bookkeeping assistance.

Open a Business Bank Account

Keeping personal and business finances strictly separate is also key. All revenue generated from ATM transactions, surcharges, and cash loading fees should flow into dedicated business accounts. Having distinct accounts avoids co-mingling funds and simplifies reporting.

Apply for a Business Credit Card

Obtaining a dedicated business credit card is recommended to keep purchasing and payments separate as well. Business cards don’t rely solely on personal credit scores, making it easier to qualify and obtain higher limits. Expect credit lines around $5,000 – $10,000 to start.

7. Obtain Licenses and Permits

Before installing and operating any ATMs, entrepreneurs must research and acquire all required federal, state, and local licenses and permits. Find federal business requirements through the U.S. Small Business Administration . The SBA also offers a local search tool for state requirements.

At the federal level, ATM operators must register with the Financial Crimes Enforcement Network (FinCEN) as a money services business. This helps ensure regulatory compliance with anti-money laundering laws. Registration can be completed easily online by creating a user account and submitting basic business information. There is no cost.

States may also require specific ATM licenses, particularly those with greater regulation of the industry like Florida, Louisiana, and Texas. These state ATM licenses allow for legal placement and operation within that jurisdiction and typically cost around $200 annually.

Most cities and counties additionally mandate standard business licenses for all commercial entities, including ATM operators. These help verify the legitimacy of the business and ensure awareness of local rules. Business license fees are generally around $50 – $100 per year.

Zoning permits may be needed to install ATMs in certain designated areas or if any construction modifications are required at a host location. Approval should be obtained before commencing work to avoid violations. Fees range from $150 – $500 depending on the jurisdiction.

Finally, some states mandate ATM operators to register as security guards since they handle cash. These registrations ensure operators have gone through proper vetting and background checks. Costs are typically under $100 annually for security guard cards.

Doing due diligence to get properly licensed at all levels will help ATM entrepreneurs remain compliant. Regularly consulting with qualified legal counsel can also help navigate evolving regulations in this industry.

8. Get Business Insurance

Given the cash handling and security risks in the ATM industry, having adequate business insurance coverage is strongly advised. Being underinsured can put the entire operation in jeopardy if claims or losses occur.

Not carrying general liability insurance means the business is fully responsible for legal expenses if customers are injured at an ATM site and decide to sue. Even frivolous suits can bankrupt unprotected businesses through legal fees alone.

If an ATM is damaged or cash is stolen in a break-in, not having property or crime coverage means bearing the full replacement and monetary losses personally. Just one major incident could make it impossible to continue operating.

Not having worker’s compensation insurance while employing staff exposes the business to cover all costs if an employee gets injured on the job. This creates major financial liabilities. And the same is true for banks and other business in this industry – it’s very volatile and just one misstep is problematic.

To get insured, entrepreneurs should first determine the specific policies and coverage amounts needed through a licensed broker or advisor. Useful resources to connect with qualified agents include TrustedChoice.com and NextInsurance.com .

The agent will help evaluate risks, recommend optimal coverage plans, and solicit quotes from reputable providers. Expect to budget around $1,000 – $2,000 annually for comprehensive liability, property damage, and other protection policies recommended for ATM operators.

Being properly insured gives ATM business owners invaluable peace of mind. Having the right policies in place keeps the focus on growing operations, not worrying about incurring catastrophic costs in potential worst-case legal or property damage scenarios down the road.

9. Create an Office Space

Having a dedicated office space can provide ATM operators with key infrastructure to run and grow their business. Here are some potential options entrepreneurs can consider:

Home Office

A home office offers a convenient and affordable choice for very early-stage operators. Administrative tasks like bookkeeping and customer service can be handled from home to minimize costs when just starting. Expect to invest around $500 – $2,000 to set up a comfortable and functional home workspace.

Coworking Office

As the business scales, a coworking space like WeWork provides a step up in professionalism and resources. Coworking spaces offer turnkey offices to rent monthly, with reception services, meeting rooms, WiFi, and other amenities. Average costs range from $300 – $800 per month depending on the location and office size needed.

Retail Office

For more established operators with several employees, leasing a small private office may be better suited long term. This provides dedicated space only for your team and customers, with more flexibility to customize. Average monthly rents start around $1,000 – $2,000 for 1-3 room offices.

Commercial Office

Operators with large ATM fleets may benefit from more warehouse-style space for staging, storage, and preventative maintenance work. Small industrial spaces of 2,000 – 5,000 square feet can be leased for $3,000 – $5,000 monthly.

10. Source Your Equipment

The core equipment needed for an ATM operation is the machines themselves. New entrepreneurs have several options to acquire this critical hardware:

Major ATM manufacturers like Triton sell machines directly ranging from $2,000 – $4,000 per unit. New units come with full warranties and the latest features.

Buying Used

Purchasing refurbished or second-hand units can reduce upfront costs substantially. Used ATMs with some wear but good working order run $1,000 – $3,000. Vet quality carefully before purchasing.

Some ATM providers offer short-term rental programs for special events or to test potential sites. Typical rental rates are $100 – $200 monthly per machine. This avoids large capital outlays upfront.

Leasing through an ATM sales company allows the use of new machines without purchasing. However, monthly costs of $150 – $200 per unit are higher long-term than buying.

11. Establish Your Brand Assets

Developing a strong brand is crucial for ATM companies to stand out and be remembered. This starts with securing foundational brand elements like:

Getting a Business Phone Number

Establishing a professional business phone line conveys legitimacy and organization to customers. Services like RingCentral provide toll-free numbers, call routing, voicemail, and other features essential for managing calls professionally.

Creating a Logo and Brand Assets

A polished logo helps new ATM brands craft an identity and recognition. Services like Looka make it easy to develop a custom logo, color palette, typeface, and supporting visual assets. A contemporary, tech-focused logo can align well with the ATM industry.

Having visually consistent designs across all touchpoints, from machine decals to websites to promo items, will strengthen brand recall.

Creating Business Cards and Signage

Business cards enable networking and serve as walking advertisements. Providers like Vistaprint offer quick and affordable card printing. Having cards on hand is useful for introducing the business at trade conventions or sales meetings.

External signage at high-visibility ATM locations also builds awareness. Vistaprint signs convey professionalism to customers engaging with the machines.

Purchasing a Domain Name

Securing a short, memorable domain creates a digital identity. The “.com” version of the brand name should be purchased from registrars like Namecheap . Take time to brainstorm unique, brand-relevant domain options during registration.

Building a Website

ATM operators need an informational website detailing their services, machines, and contact options. Users expect sites to be mobile-friendly and easy to navigate.

Operators can build basic sites themselves with drag-and-drop tools like Wix to control costs. For more advanced websites, hiring freelance web developers on Fiverr is affordable.

12. Join Associations and Groups

Joining relevant local organizations and online communities can provide invaluable connections and growth opportunities for new ATM entrepreneurs.

Local Associations

Industry associations like the ATM Industry Association offer networking, training, and advocacy. Memberships start at around $275 per year. Attending association trade shows to connect with other operators is highly beneficial.

Local Meetups

Services like Meetup help locate various local small business meetups to mingle with other entrepreneurs and learn from their experiences. Look for relevant finance or business networking-oriented groups within a reasonable driving distance.

Facebook Groups

Facebook communities enable crowdsourcing advice from thousands of fellow operators globally. The ATM Business for Beginners has over 70,000 engaged members each.

Participating in these online discussions helps navigate the industry learning curve faster by accessing others’ knowledge.

13. How to Market an ATM Business

Implementing marketing initiatives is essential for ATM companies to attract customers and build their brand. Some proven strategies include:

Personal Networking

Leveraging one’s network and cultivating referrals from happy existing customers can provide free and valuable word-of-mouth promotion. Offering rewards or discounts for referrals is one way to incentivize this. For example, giving a $10 credit for every new customer referred creates goodwill and expands reach faster.

Digital Marketing Ideas

• Search engine optimization to improve visibility for online searches like “ATM near me” or “ATM cash withdrawal”
• Google Ads geo-targeted to the service area to attract customers looking for convenient ATM access
• Facebook ads to rapidly test different marketing messages and target demographics
• Email marketing focused on retention and loyalty rather than acquisition
• Content marketing through blogging about ATM technology and business operations
• Live demonstrations on YouTube or TikTok to showcase the machines in action

Traditional Marketing Ideas

• Flyers distributed to local businesses, libraries, and events to provide awareness
• Sponsoring local events, fairs, and festivals with booth presence and signage
• Vehicle wraps or billboards placed in high-traffic areas around town
• Direct mail postcards to neighborhoods announcing new machines and locations
• Newspaper ads touting benefits like no-fee withdrawals or high maximums
• Radio ads with unique value propositions using humor or memorable jingles

While digital channels provide excellent tracking and costs per lead, traditional tactics can assist with branding efforts. Evaluating options based on the target customer profile will guide new operators on where to focus when ramping up their marketing.

14. Focus on the Customer

Providing exceptional customer service is crucial for ATM companies to keep users satisfied and gain referrals. With ample ATM options available, operators need to focus obsessively on service to stand out. Some ways to improve customer focus as an ATM company include:

• Quickly resolving issues when machines malfunction or run out of cash is critical.
• Customers will remember speedy responses that get devices working again promptly, reinforcing reliability.
• Slow repairs or prolonged downtime will erode trust.
• Answering questions and listening to feedback also matter.
• Following up after service calls with emails or calls to ensure issues stay resolved makes a big impression.
• Customers appreciate that extra mile of care.

With so many competitors, service is how ATM operators differentiate. Providing white glove assistance and promptly addressing problems earns loyal users who refer friends and family. However poor service risks losing accounts to other operators. Obsessing over the customer experience, not just hardware, is key.

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How to Start an ATM Business: A Complete Playbook for 2022

Written by welcome read – august 15, 2022, written by welcome read  – august 15, 2022.

1:   ATM Business Introduction

2:   set up your corporation, 3:   find and secure locations, 4: buy and install atm machines, 5: manage your atms, are you thinking of starting an atm business if so, you’re in luck. this playbook will provide you with all the information you need to get started in 2022., we’ll go over everything from setting up your corporation to finding and managing locations. so whether you’re a new entrepreneur or just looking to expand your portfolio, read on for all the info you need to know about starting an atm businesses., 1: atm business introduction, before you get started on creating your atm business, it’s important to understand how the industry works. business owners in the atm industry are able to generate revenue through the surcharge and processing fees that customers pay when withdrawing money. through purchasing and placing atms within different high-traffic businesses in your area that are filled with your cash, you’re able to generate a steady stream of passive income., now you might be wondering, just how much money are you able to make from each machine well, with an average atm surcharge of $3 per transaction and an average of 180 transactions per month, your atms have the potential to generate over $540 per month in gross revenue or around $6,500 per year..

With most ATM machines costing around $3,000, that means that the average ATM owner is able to make their investment back in just under six months! Now there are obviously other costs to account for such as maintenance and rev shares with store owners, however, even if you cut the income you receive in half, that’s a yearly return of over 100%, try doing that with real estate.

2: set up your corporation, now that you’ve learned the ins and outs of the atm industry, it’s time to get started. in order to start an atm business, you first need to create a legal entity. whether you’re looking to create an llc, s-corp, partnership, or any other type of company, you’re going to need to file the appropriate paperwork., you can hire a lawyer to help you do this or use one of the many online tools available like zenbusiness . this is a great platform that will allow you to quickly and easily get your business off the ground without having to deal with a mountain of paperwork or the fees of a lawyer., once you’ve finished this step, we recommend that you create an official business plan to help you organize your thoughts into an actionable roadmap. make sure to include your sales process, budget, target market, competition, pricing strategy, and operational plans..

Now that you have a legal entity and a business plan, it’s time to get a bank account. While this may seem like a fairly simple step, as a result of the Bank Secrecy Act (BSA) , which is a law that requires banks to adopt certain procedures to prevent money laundering, you may run into some difficulties. While some large banks may have an aversion to opening bank accounts for ATM businesses, smaller community banks are often more willing to do so, so make sure to try both.

Finally, you can start working on marketing materials like a logo, website, and social media profiles to ensure that potential customers can find you online. tools like squarespace can help you quickly create great looking websites and other tools like canva can help you design your logo, business cards, and more with easy to use, plug and play templates., 3: find and secure locations, once you’re done setting up your company, it’s time for the fun part, making money. to do this you’re going to have to start finding locations that you can place atms. often times this is one of the most difficult steps for people because it involves calling or visiting businesses in-person and selling them on the idea of letting you place an atm in their location., to streamline this process, we recommend creating a simple sales pitch outline that you can give to the owners of the businesses that you visit. once you’ve created a pitch that you’re comfortable with, call around to locations in your area to see if they have an atm. some of the most profitable location types include bars, nightclubs, dispensaries, convenience stores, and really any cash only business that you can find..

Now that you know which businesses in your area don’t have an ATM, you can visit those locations and give your pitch. If they’re interested in letting you place an ATM in their business, you can then get them signed up and get the ATM delivered.

Make sure you create a lawyer approved contract that details the commitments of the agreement and have the business owner either sign it in person or send it to them online via a tool like pandadoc ., so now that you have locations that have agreed to let you place an atm in their businesses, you’re going to need to purchase and install those atms. there are many different atm machines for you to choose from but we highly recommend that you purchase something like the hyosung halo ii . this atm is arguably the most reliable atm on the market and is relatively affordable coming in at only $2,310 on the legacy atm marketplace ., additionally, if you order from legacy atm, we’ll ship the atm directly to you or your target location at no cost (if you’re in the united states)..

Once you’ve taken delivery of your ATM, it’s time to install it. In order to do this you’re going to need several tools including a dolly, scissors, hammer drill, and respective drill bit for the floor type. Start by taking the ATM out of the packaging and placing it in the spot that you and the business owner have agreed upon. You’re then going to want to drill four holes 2-3/4″ deep using a 1/2″ drill bit before hammering in your anchors and tightening them with a 3/4″ wrench.

Once your ATM has been secured to the ground, you’re going to need to plug it into the nearest AC power outlet and connect it to the internet via the ethernet wires provided or an ATM wifi router package.

Now that you have power and internet, you can start programming the ATM. In order to do so you’re going to need to partner with a reputable ATM processor that will serve as the critical link between your machines and the various payment networks including Visa, Mastercard, Discover, American Express, etc. This will ensure that customers can make secure transactions at your ATM and all surcharge is directed towards the correct account(s).

Should you choose to process with Legacy ATM , we can walk you step-by-step through the entire programming process while providing you with lightning fast processing, simplified fees, and automated reports and notifications to help keep you informed about your ATMs.

Now that you’ve found locations and installed your ATMs, it’s time to monitor your machines and ensure that they’re all running properly. It’s important to routinely check each ATM to make sure that they aren’t having any issues and that they are stocked with a sufficient amount of cash. Legacy ATM Processing provides you with automated notifications and reports so that you’re able to quickly respond to any issues regarding low cash balances or errors (We also provide 24/7 phone support should you run into any issues with your ATM).

While a large portion of this business model is passive, you still need to make sure that you’re properly maintaining the ATMs in your fleet. Put aside a few hundred dollars per year for each machine to make sure that you have the budget to replace any broken parts or hire a technician if needed. Every second your ATM is down is time that it isn’t making you money so it’s essential that you stay on top of any issues that pop up.

Final thoughts, so, there you have it. everything you need to know in order to start your own atm business. of course, this is just a basic overview and there are many details that we can’t cover in a single blog post. but, if you want more information or have any questions, please don’t hesitate to contact us., we would be happy to help get you started on your new venture. and remember, when it comes to atms, the sky is the limit, p.s. you can also click here to browse our selection of atm machines and find the perfect one for your business. thanks for reading and good luck with your future endeavors.,      contents, 1.   atm business introduction, 2.   set up your corporation, 3.   find and secure locations, 4.   buy and install atm machines, 5.   manage your atms.

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Atm Business Plan

Additional revenue potential, a simple business model, and several tax benefits make starting an ATM business an excellent choice for emerging entrepreneurs. However, entering the marketplace without proper planning can expose your business to risk.

Need help writing a business plan for your ATM business? Creating a business plan is essential to starting, growing, and securing funding for your business. So we have prepared an ATM business plan template to help you start writing yours.

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write an ATM business plan?

Writing an ATM business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section of the business plan intended to provide an overview of the whole business plan. Generally, it is written after the entire business plan is ready. Here are some components to add to your summary:

Start with a brief introduction:

Market opportunity:, mention your services:, marketing strategy:, financial highlights:, call to action:.

Ensure you keep your executive summary concise and clear, use simple language, and avoid jargon.

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2. Business Overview

Depending on your business details, you’ll need different elements in your business overview. Still, there are some foundational elements like business name, legal structure, location, history, and mission statement that every business overview should include:

About the business:

Provide all the basic information about your business in this section like:

• The name and type of your ATM business: mention details about your ATM business type and the services it will offer to consumers. For instance, here are a few popular ATM business types: 1. Retail ATM Business: This type of ATM business involves placing ATM machines in retail locations such as gas stations, convenience stores, and other busy areas. 2. Mobile ATM Business: This business model involves transporting ATM machines to mobile locations such as fairs, festivals, etc. 3. Bitcoin ATM Business: It is a type of kiosk allowing users to buy or sell bitcoins using cash or debit cards.
• Company structure of your spa business whether it is LLC, partnership firm, or some other.
• Location of your ATM business and why you selected that place.

Mission statement:

Business history:, future goals:.

This section should provide an in-depth understanding of your ATM business. Also, the business overview section should be engaging and precise.

3. Market Analysis

Market analysis provides a clear understanding of the market in which your ATM business will run along with the target market, competitors, and growth opportunities. Your market analysis should contain the following essential components:

Target market:

Market size and growth potential:, competitive analysis:, market trends:, regulatory environment:.

Some additional tips for writing the market analysis section of your business plan:

• Use various sources to gather data, including industry reports, market research studies, and surveys.
• Be specific and provide detailed information wherever possible.
• Include charts and graphs to help illustrate your key points.
• Keep your target audience in mind while writing the business plan.

4. Products And Services

An ATM business plan’s product and services section should describe the specific services and products offered to customers. To write this section should include the following:

ATM Machines:

Atm services:, fees & charges:, value-added services:, emphasize security:.

Overall, a business plan’s product and services section should be detailed, informative, and customer-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Develop your unique selling proposition (USP):

Determine your pricing strategy:, marketing strategies:, sales strategies:, customer retention:.

Overall, your business plan’s sales and marketing strategies section should outline your plans to attract and retain customers and generate revenue. Be specific, realistic, and data-driven in your approach, and be prepared to adjust your strategies based on feedback and results.

6. Operations Plan

When writing the operations plan section, it’s essential to consider the various aspects of your business processes and procedures involved in operating a business. Here are the components to include in an operations plan:

Hiring plan:

Operational process:, technologies:.

By including these key elements in your operations plan section, you can create a comprehensive plan that outlines how you will run your ATM business.

7. Management Team

The management team section overviews the individuals responsible for running the ATM business. This section should provide a detailed description of the experience and qualifications of each manager, as well as their responsibilities and roles.

Founder/CEO:

Key managers:, organizational structure:, compensation plan:, board of advisors:.

Describe your company’s key personnel and highlight why your business has the fittest team.

8. Financial Plan

When writing the financial plan section of a business plan, it’s important to provide a comprehensive overview of your financial projections for the first few years of your business.

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:, financing needs:.

Remember to be realistic with your financial projections and provide supporting evidence for your estimates.

9. Appendix

When writing the appendix section, you should include any additional information that supports the main content of your plan. This may include financial statements, market research data, legal documents, and other relevant information.

• Include a table of contents for the appendix section to make it easy for readers to find specific information.
• Include financial statements such as income statements, balance sheets, and cash flow statements. These should be up-to-date and show your financial projections for at least the first three years of your business.
• Provide market research data, such as statistics on the size of the ATM industry, consumer demographics, and trends in the industry.
• Include any legal documents such as permits, licenses, and contracts.
• Provide any additional documentation related to your business plans, such as marketing materials, product brochures, and operational procedures.
• Use clear headings and labels for each section of the appendix so that readers can easily find the information they need.

Remember, the appendix section of your ATM business should only include relevant and essential information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This ATM business plan sample will provide an idea for writing a successful ATM plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready ATM business plan to impress your audience, download our ATM business plan pdf .

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Frequently asked questions, why do you need an atm business plan.

A business plan is an essential tool for anyone looking to start or run a successful ATM company. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your ATM business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your ATM business.

How to get funding for your ATM business?

There are several ways to get funding for your ATM business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors, venture capital.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your ATM business?

There are many business plan writers available, but no one knows your business and idea better than you, so we recommend you write your ATM business plan and outline your vision as you have in your mind.

What is the easiest way to write your ATM business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any ATM business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Small Business Trends

How to start an atm business.

There are locations without nearby banks, and there are businesses that operate on a cash basis. That’s part of the reason why the ATM business continues to thrive. The success of an ATM business depends on factors like location selection, ongoing maintenance, and efficient management. Even one machine can generate several hundred dollars of passive income per month.

Conduct thorough research and planning to maximize your chances of profitability and growth in the ATM industry. And consider the option of an atm franchise as a viable business opportunity.

Why Start Your Own ATM Business?

Here are the top three reasons for starting your own ATM business:

• Passive Income : One of the primary reasons to start an ATM business is the potential for passive income. ATMs generate revenue through transaction fees, which can provide a steady stream of income without the need for constant oversight.
• Diversification : Adding ATMs to your business portfolio can diversify your income streams. It can be a complementary business if you already operate a retail store, gas station, or any location with foot traffic.
• High Demand : ATMs are in high demand as people continue to use cash for various transactions. Offering convenient access to cash can attract customers to your location.

For broader guidance, see how to start a business that can apply to the ATM sector.

Initial Steps in Launching Your ATM Business

There are steps to take to lay the foundation for your ATM business. Each step is equally important in the process:

• Business Plan : Start by creating a comprehensive business plan that outlines your goals, budget, and growth strategy. Define your target market and location preferences.
• Financing and Budgeting : Determine your startup costs, including the purchase of ATMs, installation expenses, and ongoing operational costs. Consider how you’ll finance the business and create a budget.
• ATM Procurement : Choose the type of ATMs you want to deploy (e.g., cash dispensing or cash recycling), and decide whether you want to buy or lease them. Find reputable suppliers or manufacturers.
• Location Selection : Identify high-traffic locations for your ATMs. Negotiate agreements with property owners or business managers to place your ATMs on their premises.
• Regulations and Compliance : Research and comply with all federal, state, and local regulations related to ATM operation and financial services. This may include obtaining necessary licenses and permits.

Research and Legal Considerations for an ATM Owner

Market Research is crucial. As an ATM owner, you must understand your target market and location demographics. Analyze foot traffic, nearby competitors, and consumer demand for cash access. Identify potential atm locations with a high demand for ATMs.

Continuing with research and legal considerations:

• Competitive Analysis : Research your competitors in the ATM business. Identify their pricing strategies, service quality, and customer satisfaction levels. Differentiate your business to stand out.
• Legal Considerations : Pay attention to legal and regulatory requirements, including Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. You may need to establish processes for compliance.
• Contractual Agreements : Create contracts or agreements with property owners or businesses where you’ll place your ATMs. These agreements should outline terms, revenue sharing, and responsibilities.
• Insurance : Consider insurance coverage to protect your business from potential liabilities, such as theft or vandalism of your ATMs.
• Financial Planning : Consult with financial professionals to ensure you have proper accounting, tax planning, and financial reporting systems in place.

Understanding the common business structures can help in making an informed decision. You can also refer to a business startup checklist to ensure you’ve covered all bases.

Starting an ATM business can be a profitable venture, but it’s essential to conduct thorough research, plan carefully, and adhere to legal and regulatory requirements to ensure a successful and compliant operation.

Selecting ATM Locations

Choose locations with high foot traffic to ensure a steady flow of potential customers. Places like shopping malls, airports, gas stations, or busy urban areas can be ideal. Understanding how to get an atm is crucial for setting up your business.”

There are other factors that contribute to the success of the ATM location you choose:

• Demographics : Consider the demographics of the area. The income level and cash usage habits of the local population can influence the demand for ATMs.
• Competitive Landscape : Research existing ATM providers in the area. If there are too many ATMs in close proximity, it may lead to excessive competition and lower transaction volumes.
• Security : Prioritize safety and security. Ensure that the chosen locations have adequate lighting and security measures to protect the ATM from theft or vandalism.
• Accessibility : Opt for locations with easy access for customers. A well-placed ATM should be visible and convenient, encouraging people to use it.
• Agreements : Negotiate favorable agreements with property owners or business managers. Consider revenue-sharing arrangements or fixed rental fees.

Convenience Stores

Placing ATMs in convenience stores can be a lucrative strategy due to the high foot traffic and customer convenience. Here are some benefits:

• High Traffic : Convenience stores and retail outlets typically attract a steady stream of customers, increasing the likelihood of ATM usage.
• Convenience : Customers often appreciate the convenience of accessing cash while shopping, which can lead to increased spending.
• Profit Sharing : Some retail stores may be open to revenue-sharing agreements, reducing the initial placement costs for ATM operators.
• Hours : Many convenience stores are open 24/7, and an interior ATM within an open store may feel more secure than a drive-up outdoor ATM machine.

Retail Stores

Retail stores have the same benefits as convenience stores, with high traffic and the customers’ need for convenience. In addition, retail stores often have security measures in place, which can help protect the ATMs from theft or vandalism.

Cost to Start an ATM Business

Sourcing and purchasing an atm machine.

There are various types of ATM machines, each with different features and costs. Here are some common types:

• Cash Dispensing ATMs : These ATMs dispense cash and are the most common type. Prices can range from $2,000 to $8,000 or more, depending on features and capabilities.
• Cash Recycling ATMs : These ATMs accept and dispense cash, recycling deposited bills. They tend to be more expensive, with prices ranging from $6,000 to $15,000 or more.
• Mobile ATMs : These are ATMs mounted on trailers or vehicles and are suitable for events or temporary locations. Costs can vary widely, depending on customization and features.
• Used ATMs : You can also consider purchasing used ATMs, which can be more affordable, but make sure they are in good working condition and compliant with regulations. of each.

Operating Costs for ATM Business Owners

• Transaction Processing Fees : You’ll pay fees to a transaction processor each time a customer uses your ATM. These fees can vary, but they are usually a fixed amount per transaction.
• Maintenance and Repairs : Budget for regular maintenance and occasional repairs to keep your ATMs in working order.
• Cash Loading : You’ll need to periodically load cash into the ATM, and this cost will depend on the machine’s usage and location.
• Communication Costs : ATMs require an internet or phone line connection for transaction processing, which may incur monthly fees.
• Insurance : Consider insurance to cover theft, vandalism, and other potential liabilities.
• Rent or Revenue Sharing : If you have agreements with property owners, factor in rental fees or revenue-sharing percentages.

Operationalizing Your ATM Business

The day-to-day operations of an ATM business include predictable tasks.

Regular Maintenance and Cash Loading

Regular maintenance involves keeping your ATMs in good working condition. This includes cleaning, software updates, and hardware inspections.

• Cash loading is the process of replenishing the ATM’s cash supply. You’ll need to monitor cash levels to ensure the machine doesn’t run out.
• Consider setting up a schedule for maintenance and cash loading based on usage patterns at each ATM location.

Security Measures for Your ATM Machines

Security is crucial to protect your ATM equipment from theft, vandalism, and fraud. Install security cameras and alarms near your ATMs.

• Use tamper-evident seals to detect any unauthorized access to the ATM’s internal components.
• Educate your partners and location hosts about security measures and procedures.

Building Partnerships with Local Small Business Owners

Building strong partnerships with property owners, businesses, or financial institutions can be beneficial. Negotiate mutually beneficial agreements that outline responsibilities and revenue-sharing arrangements.

• Consider forming alliances with businesses in high-traffic areas to expand your ATM network.

Managing and Tracking Transaction Fees

Keep detailed records of transactions, including the number of withdrawals, deposits, and transaction fees collected.

• Track revenue and expenses associated with each ATM location to assess profitability accurately.
• Use ATM management software to monitor and manage your entire network efficiently.

Marketing and Expanding Your ATM Business

Market your ATM services to potential locations and small businesses. Highlight the convenience and benefits of having an ATM on their premises.

• Explore new locations with high foot traffic to expand your network.
• Offer promotional incentives, such as reduced transaction fees, to attract more customers to your ATMs.
• A website startup guide can provide valuable insights for establishing your online presence.

Networking and Relationship Building

Join business associations and your local Chamber of Commerce, and attend local business events. That will help you make the connections you need to expand your machine placements.

Digital Presence and Local Advertising for ATM Operators

Every business should have a website and a social media presence. You can use those platforms for advertising existing and new locations, and promote your ATM services.

Opportunities for Growth in the ATM Industry

Partnering with a financial institution can be a strategic move for an ATM business. It can provide access to additional ATMs and financial resources.

• Financial institutions can also help with cash replenishment and transaction processing.
• Negotiate terms and agreements that align with your business goals and objectives.

FAQs: How to Start an ATM Business

How profitable is owning an atm machine.

An ATM business can be profitable, but it depends on factors like location, transaction volume, and operational efficiency.

Is it easy to have an ATM business?

The level of difficulty can vary, but with proper planning and management, running a successful atm business can be relatively straightforward.

What are the potential risks of starting an ATM Business?

Risks include theft, vandalism, machine malfunctions, and changes in transaction fee regulations. Adequate security measures and contingency plans are essential.

How much can I expect to earn from each ATM machine?

On average, an ATM can generate several hundred dollars to over a thousand dollars in revenue per month. The earnings per machine vary widely depending on location, transaction fees, and usage.

How many machines does the average ATM Company Have?

The number of machines can vary widely. Some ATM operators start with just a few machines, while larger operators may have hundreds or more.

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How to Write an ATM Company Business Plan + Sample Template

ATMs, also known as automated teller machines, are an appealing business to operate due to the passive nature of the business. But the industry has faced unexpected changes over the past few years that should cause pause before moving forward with the idea.

ATM manufacturing alone is an $185 million dollar industry in the United States according to reports . Independent owners of these machines take a small fee from each transaction that occurs with the unit. The more machines you’re able to acquire and position in high-traffic locations, the more revenue you can generate.

The challenge within this industry has been impacts of the global pandemic. People aren’t going to be gathering in crowds, attending baseball games or fairs the same way they used to. In turn, cashless payment options are becoming more prevalent, cutting the need for paper assets where germs could spread more easily. As a result the industry size is expected to shrink through 2025.

In spite of this global shift, ATMs will continue to work in some areas. Just like magazines and other industries on that have been on the decline decades, you can still build a profitable business with the right approach. You’ll just need to be more creative and aware of the changing consumer behavior. According to major news outlets , cash is still the most used method of payment in the United States.

ATM machines are expected to decline in use over the next 5 years.

If you’re thinking about purchasing a set of machines, be sure to write a detailed business plan first so you understand the strengths and weaknesses of the business model. This post we provide detailed instruction on how to write a business plan in this industry. We even include free templates you can download and update. Let’s do this thing!

Executive Summary

Start with a brief description of your proposed ATM business by writing down an introduction for it in this section. Include a little bit about the company as well, a quick rundown of the services your ATM business will offer, and the customer focus you’ll be reaching with this kind of business.

Introduction

Introductions are important in a formal business plan. This gives your readers a quick run-through of what your ATM business is without getting too technical. A simple introduction of your business name, location, and the services you’ll be offering will suffice since more details will be thoroughly explained later on.

A sample introduction can be like this:

Cash 2 Go is an ATM business center located inside Pennsylvania Station, New York. The ATMs deployed will have cash withdrawal functions, balance checker options, bills payments services, and fund transfer services. The ATM center is accessible 24 hours a day and seven days a week.

Just by this introduction, you can already tell the name of the business, where it will be located, the services the machines will carry and the hours it is going to be accessible to the public. Assuming the venue is open, the machines could be making you money 24/7 365.

You do not have to provide extreme amounts of detail in this section. You’ll tackle the details in the next sections of the document.

Company Description

Where can I find a cupcake ATM machine?

Why have you decided to put up an ATM business? Who will be the ones running this? A little background on your company will be of great help. This gives your reader an idea of what your business setup will be such as who is in charge of accounts, who will handle the replenishing of cash, and who is responsible for machine repairs and maintenance.

Again, just list down the roles briefly for you will have the opportunity to list down a detailed management structure later on.

ATMs are already known to dispense cash but what other services will your ATM business cover? In this section, write down an introductory list of services your business will be offering.

In this case, you service is simple. You provide access to cash. However, be sure to offer any unique aspects of your vending machines that could be used to differentiate the service.

• Distribution of bills in different denominations ($10, $20, $50)
• Some machines will allow you to make specialty purchases like stamps.
• Does a certain portion of your proceeds go toward charity? That could be a differentiator.
• Does you ATM machine have a green element and use less energy than competitors? This could sway environmentally aware consumers to use your service.

Customer Focus

You’d be surprised to know that not everyone uses ATMs. The younger generation has adopted the ATM more than senior citizens. Also be aware of the location you plan to place the ATM. If you’re installing the machine into an international airport, you may want to consider adding paper assets from other countries. Understand what the customers of your area truly need and adapt.

In this section, briefly state your customer focus for your ATM business since this will come in handy in visualizing the entirety of the business for your readers.

Mission Statement

An ATM machine in Rome.

Even a simple ATM company business will need a mission statement. It will serve as the business’s goals so you can be steered in the right direction when you’re making important business decisions. It also helps you achieve success.

Related Reading: How to Write a Lemonade Business Plan for Kids + Sample Templates  

Here is a sample to give you an idea of how a mission statement would look like:

Cash 2 Go promotes ease of banking. We aim to provide cash for your needs as well as other banking services such as fund transfers and bills payments all at the convenience of one machine. One unique element of our machines is that we allow donate 5% from each transaction to the the Planetary Whale Fund. We also aim to make every transaction as secure as possible and to have our machines up and running twenty-four seven.

With this statement, you can tell how Cash 2 Go’s objectives are to dispense cash, provide basic banking services, and to ensure all their machines will be online all days of the week.

Any shortcomings will mean that the ATM company business has failed in following their mission statement. So make sure to practice and meet these objectives to provide a one hundred percent satisfaction rate from your customers.

Company Concept

ATM company businesses have a fairly simple concept. The main concept is to be able to provide cash for those who need it and cannot go to the banks at the moment. But if you need anything more to add, now is the time to write it down here.

Other concepts you might want to consider:

• Providing a deposit function for both cash and checks
• Viewing and requesting statements
• Adding the option to buy cryptocurrency
• The ability to buy lottery tickets or stamps

Do note that you’ll have to look for machines’ that can accept cash and checks since basic ATMs will only dispense cash.

Market Analysis

We are moving toward being a more cashless society.

The ATM company business has been around for a while and everywhere you go, you’ll probably spot a machine. But that shouldn’t hinder you from putting up your own. Writing up a market analysis will help you figure out if the ATM industry in your desired location is feasible or not so this will give you an idea of what to expect of your ATM business before you decide to operate.

In this section, expound further on the customer focus you mentioned above, study the industry around you, and do a competitive analysis to size up the competition you will possibly meet.

Target Market

Who are the people you are targeting for your ATM company business? Determining this before you start your operations helps you decide the services you’re going to offer, where to place your ATMs, and how to market your business.

Let’s take for example the people who need cash. That would be the people living in rural areas that have no access to banks within the vicinity and would be in need of ATMs. You can also include tourists and young adults who are relying on their parents’ debit cards.

Just be clear which market your business is catered to so you’re not lost on how to advertise your ATM business.

Industry Analysis

Are ATM businesses feasible? More importantly, is there a growth in ATM businesses around your proposed location? Studying the ATM business industry is crucial to the success of your business. An analysis will help you determine if you should push through with it or not, or if you should change some factors such as location to help your business become a success.

Remember that if you come across any results that show your business is not feasible, don’t blame the industry analysis. In a way, it helped you to stop putting up your business before you can push through with it otherwise you would have lost a big investment. So don’t skip this section of the business plan.

Competitive Analysis

There will be ATM businesses around your area so it’s best to note their pros and cons. Do they operate twenty-four seven? Do they accept deposits? How about bills payments? What rates do they have? These are the things you can take note of and compare with your own ATM business so you know which areas you can improve upon so that your business will be better than theirs.

Management Structure

An ATM business may not have a lot of staff since you’ll be letting the machines do all the work for you. But the maintenance behind it takes a few people.

Here are just some of the crew behind getting an ATM business to operate:

• IT Admin or Maintenance Team
• Sales and Marketing Manager
• Customer Service Representative

The number of departments or staff will vary depending on how big your company will be.

Product Line and Services

ATMs won’t be obsolete for many years if not decades.

As mentioned above, ATMs aren’t just known for dispensing cash. If you wish to have fund transfers, bills payments, cash, and check deposits, then you may also add them in this section.

Just be sure that the machines and system that you get for your ATM can carry all the features you wish for it to hold. Make sure you get the right specifications so you won’t have any trouble fixing things up in the future.

Also, make sure your system is secure. ATM hacks are common and hackers evolve through time. Have your IT admin do updates and security patches if need be. Make sure your security alarm and CCTV cameras are also functional so if anything happens, you can find the culprit fast.

Sales and Marketing

How do you market your ATM company business? Well, for a service that’s more of a necessity for a lot of people, advertising your ATM business shouldn’t be difficult.

Related Reading: Download Liquor Store Business Plan Sample Template + Doc

Location plays a great deal. Choose one where there is a lot of foot traffic and with shopping and food establishments around you. Chances are, people will need cash to pay for something so when they’ll spot your ATM conveniently within the vicinity, they’ll use it at once.

You can also advertise on social media and in print so you can reach a lot of people whether young or old.

Financial Plan

A financial plan helps you check the supplies you need to purchase, how much to charge for rates, and how long will it take you to reach break-even. This may seem intimidating but with a proper breakdown and a careful analysis, it will help you estimate how much to provide for your capital.

Funding Request

Business startups get their money by asking for a loan from the bank, inviting friends and families to invest in you, or simply to use a portion of your savings. But the most common one is usually to loan from the bank.

Banks will need some documents and even a business plan from you before they analyze whether or not to grant you a loan so prepare everything you need and make sure this plan will be able to convince them.

Financial Forecast

List down all the materials you need in building that ATM company business. Here is a list of things you might need and things you will be spending on:

• Permits and licenses
• Automated Teller Machines
• Rental space
• A head office
• Marketing materials
• Armored vans or delivery vans to transport your money in and out
• CCTV cameras
• Payroll for your staff
• Maintenance Fees
• Revenue splits with other businesses

Make sure your rates will also match the competition surrounding you so you do not overcharge. With these rates, you can then compute how long it will be for you to reach break-even per machine. By offering revenue splits with business owners, you can increase your chances of being placed in high-profit locations.

Operational Plan

Plan out a schedule for when you want to put your business plan into action. Don’t worry if the dates are all tentative. An operational plan just gives you a timeline for a possible startup date.

Here’s an example:

Date Plan [Insert Date Here] – Finalize the permits, licenses, business registration, and location for your ATM business. [Insert Date Here] – Start purchasing all your machines and system. [Insert Date Here] – Hiring and training your staff. [Insert Date Here] – Load money unto your ATM and start operations. [Insert Date Here] – Achieve objectives and reach break-even.

Every business will have a lot of references and documentation going on which includes photos, a list of expenses, permits, and many other legal documents. This is the section of the business plan where you’ll be able to file them.

Download Templates

Here are the ATM business templates you can download for free in PDF or Word Doc file types.

• ATM Business Plan PDF Template
• ATM Business Plan Template Word Doc
• ATM Businesses may be costly due to the machines and systems you will be purchasing. But note that with a proper business plan and a good location, you’ll be able to profit off of it soon.
• Automated Teller Machines can be purchased brand new or second-hand. Just make sure it’s not broken down if you decide on a second-hand machine to use to fit your budget. Buying used ATMs is a smart approach since you’ll invest less to start the business and will have lower financial risk.

In conclusion, an ATM business has the flexibility to be a small business venture managed in your spare time with the ability grow into a large corporation with thousands of locations. What matters is building a network of consistent locations that are profitable and an operation planning for filling machines with cash and making repairs. After all you won’t make a nickel in this business if the ATMs aren’t stocked with cash or operating correctly.

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Step-By-Step Guide For How To Start an ATM Business

Starting an ATM business can be a lucrative endeavor. It’s important to understand the step-by-step process for doing so. In this article, we will outline the steps you need to take in order to get your business up and running.

Here are the 10 steps you can take to get started on building your very own ATM business.

10 Steps to Launching a New ATM Business

1. choose your type of atm business.

The first step in launching an ATM business is to identify the type of ATM business you want to launch. You might choose from the following types among others:

An independent ATM busines s: In this type of business, you would be responsible for finding locations to place your machines, installing the machines, and maintaining them. You would also be responsible for managing cash and keeping track of inventory.

A franchise ATM business : In this type of business, you would purchase a machine from an ATM franchisor and then find locations to place the machine. The franchisor would provide you with support in terms of machine maintenance, cash management, and inventory tracking.

A white-label ATM business : In this type of business, you would purchase machines from an ATM manufacturer and then find locations to place the machines. You would be responsible for managing cash and keeping track of inventory. The manufacturer would provide you with support in terms of machine maintenance.

2. Name Your ATM Business

Give your ATM business an identity so people will think of it as a well-known and respected brand. You can take the name of your ATM business from your industry, focus on a geographical location, or use your own name among other options.

The main goal for naming your ATM business is to make it sound appealing and trustworthy so…

3. Determine Your ATM Business Model

There are several possible types of business models for an ATM business including:

• The transaction-based model : In this type of business, the customer pays a fee for each transaction made using the machine.
• The surcharge-based model : In this type of business, the customer pays a flat fee for each transaction made using the machine.
• The interchange-plus model: In this type of business, the customer pays a fee that is a combination of a flat fee and a percentage of the transaction amount.
• The free-to-use model : In this type of business, the customer does not pay any fees for using the machine. This type of business is typically used as a marketing tool to attract customers to a specific location. 

No matter which model you choose, make sure that it aligns with your business goals and the services you offer.

4. Choose a Legal Form for Your Business

By incorporating your ATM business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.

The business structure you choose for your ATM business will determine the amount of taxes you pay and which state or federal tax forms you need to file.

Read our article comparing the most common ATM business structures .

5. Write a ATM Business Plan

All ATM business owners should develop a business plan. 

A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.

Read our article about how to write an ATM business plan .

6. Apply for the Necessary Permits and Licenses

There may be required licenses and permits you need to obtain before launching your ATM business.

For example, you may need a general business license.

You must also register your ATM business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.

Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.

Read our article about obtaining the proper ATM business licenses .

7. Determine Your Budget and Apply for Funding as Needed

In developing your ATM business plan, you will figure out how much funding you need to start and grow your business.

If you have your own funds to invest in your ATM] business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your ATM business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.

Read our article about the costs associated with starting an ATM business to help you determine if funding is needed. 

Read our article about how to fund your ATM business . 

8. Get the Technology & Software Needed to Run Your Business Efficiently

When you start your ATM business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues. 

You may also want to invest in point-of-sale (POS) software for your ATM business. POS software can streamline transactions and help you track inventory levels.

In addition, you may need a merchant account so you can accept credit card payments from customers. A merchant account is a type of bank account that allows businesses to accept credit card payments.

9. Market Your ATM Business to Potential Clients

Before you start selling your services , you have to let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.

After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the ATM industry through social media and blogs so they can help share your business. 

You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. ATM businesses should consider the following promotional strategies for which you should start getting prepared: 

Develop a Strong Brand Identity : A strong brand identity is key to success in any industry. You need to create a recognizable logo and color scheme that will be used on all of your marketing materials, from your website to your ATM machines.

Use Promotional Products : Give potential customers something they can hold onto that has your brand name and contact information. Popular promotional items for ATM businesses include keychains, USB drives, magnets and notepads.

Launch a Referral Program : Referral programs are an excellent way to get new customers through word-of-mouth advertising. You can offer existing customers discounts on future transactions or even cash bonuses for referring new customers to your business.

Read our article about how to market your ATM business for more tips.

10. Get New Clients and Grow Your Business

When you promote your services , you’ll start to get interest from potential clients . 

Make sure you’re ready to serve these clients . Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your ATM business.

Read our article about how to effectively grow your ATM business to learn more.

Starting an ATM Business FAQs

Why start an atm business.

The reasons for starting an ATM business vary from person to person. But there are some common motivating factors, such as the desire to be your own boss, the challenge of building a successful business, and the potential for financial independence.

Another reason why people start ATM businesses is that they have a passion for the industry and want to help other people become more financially independent.

What are Some Tips for Starting an ATM Business?

Here are a few tips to help you get started:

• Research the market : The ATM industry is constantly changing, so it’s important to stay up-to-date on the latest trends. Make sure you understand the different types of machines available and what features they offer. You should also research the fees associated with using ATM machines.
• Choose a niche : There are many different types of businesses you can start in the ATM industry. You can focus on a specific type of machine, such as those that dispense cash, sell tickets or provide other services. Or you can focus on a specific market, such as businesses, schools or government institutions.
• Create a business plan : A well-thought-out business plan is essential for any successful business. Be sure to include your marketing strategy, financial projections and a realistic timeline for launching your business.
• Find the right suppliers : You’ll need to find reliable suppliers who can provide you with high-quality machines and software. You should also compare prices to ensure you’re getting the best deal.
• Train your staff : Be sure to train your employees on how to properly use and maintain the ATM machines. This will help ensure a positive customer experience and minimize downtime.

With these tips in mind, you’ll be well on your way to starting a successful ATM business.

Where Can I Find a Simple Checklist for Starting an ATM Business?

A simple checklist to use when starting an ATM business is as follows:

• Choose Your Type of ATM Firm : This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
• Name Your ATM Business : This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
• Choose a Legal Form for Your Business : Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
• Determine Your ATM Business Model : Determine how your business will make money. Will you sell products, services, or a combination of both?
• Write an ATM Business Plan : Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow .
• Apply for the Necessary Permits and Licenses : In most locations you will be required to apply for a business license and/or permits before you can begin operations.
• Determine Your Budget & Apply for Funding as Needed : You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
• Get the Technology and Software Needed to Run Your Business Efficiently : You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
• Market Your ATM Business to Potential Clients : A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need. 
• Get Clients & Grow Your Business : Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services . 

Starting an ATM business can be a lucrative endeavor, but it takes some planning and effort to get started. By following the steps in this guide, you’ll be well on your way to launching a successful business. Remember the market and take the time to create a detailed business plan so that you have a solid foundation for success.

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How to Start an ATM Business in 5 Steps: Beginner’s Guide

Have you ever wondered how to start an ATM business? If you have, then this step-by-step guide is for you. According to statistics, the global ATM market size reached USD 20.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% within the next few years. Undeniably, now is the best time to capitalize on this money-making opportunity.

Starting an ATM business is a big undertaking, and it's important to understand all of the steps before you begin. In this guide, we'll cover everything you need to know on how to start an ATM business.

Advantages of starting an ATM Business

Before getting into the nitty-gritty, let's discuss why you should consider starting an ATM business. Here are some of the advantages:

Predictable Income Stream

You know what's better than having an income stream? Having a predictable income stream. Your customers will always need cash, meaning you'll have a steady stream of revenue from ATM transactions.

Low Maintenance

Once an ATM is installed, there's not much maintenance required or ongoing costs that you need to worry about. This also means you don't have to keep up with the latest technology trends since your machines won't need frequent updates.

Potential For Growth 

As stated before, the ATM market is growing, and you can capitalize on this trend by adding more machines to your network . This means that as your business grows, so does your potential for income growth.

Flexible Work Hours

With an ATM business, you're in charge of your own hours. This means you can take a holiday when needed or work fewer hours if that works better for your lifestyle.

Importance Of A Well-planned Strategy 

Now that you know some of the advantages of starting an ATM business, it's time to discuss the importance of having a well-thought-out strategy. A well-thought-out strategy can help you be successful in your ATM business. It can help you mitigate risks such as cash flow issues or customer complaints, giving you more time to focus on expanding your business . 

It can also help you identify areas of improvement and prioritize tasks so everything runs more smoothly. Having a well-planned strategy is key to ensuring the success of your business. Aside from the points mentioned above, it helps you stay organized so that you can track your progress and make sure everything is going according to plan.

5 Steps to Start an ATM Business

In this section, we'll discuss how to start an ATM business in detail:

1. Conduct Market Research

Market research is an essential part of starting any business, and it's no different when it comes to ATMs. This subsection provides a guide for conducting market research for an ATM business.

Determine The Start-Up Costs And Profitability

Starting an ATM business has a high start-up cost, so it's important that you understand how much money you need to invest. To do this, you'll need to research the cost of buying or leasing ATM machines, as well as other associated costs such as installation fees and maintenance fees. It's also important to take into account the potential profits and ROI (return on investment).

Identify The Target Market

When starting an ATM business, it's important to identify your target market. Think about who you want to provide services for and where they would be located. This will help determine the type of ATMs you need to buy and where you should install them. A good way to go about this is to research the local market and determine what types of ATMs would be most suitable for that specific area.

Evaluate Competition 

Your competition plays a major role in how successful your ATM business will be. It's important to understand who else is operating ATMs nearby and what services they are offering. This will help you determine where to position your ATMs and how to differentiate your services from their offerings. 

Find The Right Location

Ideally, you should find an area with a high number of potential customers and low competition. This could include locations such as:

Convenience stores: For lots of convenience store customers, smaller payments are commonplace compared to other larger stores. These miniature purchases can take a toll on credit card processing fees, which is why many stores set an established minimum for credit cards. With this in mind, it's no surprise that ATMs remain close at hand whenever feasible.

• Gas Stations: Gas stations are popular locations for ATMs. Customers typically need to purchase gas before leaving a gas station, so it makes sense that they'd want access to cash while they're there.
• Casinos: For a casino to thrive, it is essential for customers to be able to easily exchange their cash for poker chips and use those same funds at slot machines. As such, ATMs are an integral component of any successful gambling establishment.
• Bars and Restaurants: Cash-only establishments require customers to bring in the amount of money they plan on spending. This can be inconvenient for many people, so ATMs are often placed nearby for their convenience.
• Retail Stores: For larger retail stores, it's not uncommon to see ATMs situated near checkout lanes. This gives customers the opportunity to withdraw cash for larger purchases if needed. Another example could be gifting shops like Hidden Gym , The Garden , Top Level , or No Kids Allowed .

Once you've identified an ideal location, it's important to negotiate a good deal with your vendor or landlord. This will help ensure that you get the best price and terms for your business.

2. Complete Legal and Financial Requirements

This subsection discusses how to own an ATM legally and the requirements you must fulfill to become properly licensed:

Register The business

Registering your business is an imperative and essential step; it's the first step to paying taxes, raising funds, establishing a bank account, and other fundamental elements of starting a successful company. But before you register your business, you must first think of a business structure that fits your needs. Here are the main options:

• Sole Proprietorship is the most typical setup for small businesses. It has no legal separation between the company and its owner. All revenue is received by the proprietor, who also bears complete responsibility for any business-related debts, losses, or liabilities. Subsequently, taxes on all income earned through their enterprise are reported on a personal tax return form.
• General Partnership is a general partnership involves two or more individuals joining forces to create a business. They share the profits and losses of their enterprise, and each partner is responsible for any debts incurred by the partnership.
• Limited Liability Company (LLC) is a business structure that brings together the traits of corporations and sole proprietorships or partnerships while providing assurance that owners are not held personally responsible for any debts.

Obtain An ATM Business License And Other Necessary Permits

In order to launch your own ATM business, you will need an atm business license and permits from local, state, and federal governments. You must register a "Doing Business As" (DBA) name with the government as well as obtain health-related permits through OSHA in addition to trademarks, copyrights, and patents for all intellectual properties associated with the new venture. There may also be industry-specific requirements that necessitate additional licenses or permits before beginning operations.

Depending on your location, you may need to obtain state-level and regional licenses or permits. The individual requirements for obtaining these vary significantly across different areas of the country, so make sure to check with both your state government and any local city or county websites for specific details. Alternatively, reach out directly to an appropriate contact in those jurisdictions who can help provide more information about getting authorized.

Set Up A Business Bank Account

You will need to open an exclusive business bank account in order to start your new ATM venture. This is necessary for separating personal funds from the money generated by your enterprise and also helps draw a clear financial line between the two entities.

Having a dedicated bank account also allows you to easily track all of the income and expenses associated with your business. Moreover, it can be used for setting aside money for taxes and other payments like rent or utilities. It is recommended that you look around to find out which banks offer the best interest rates, fees, and features before signing up with one of them.

Finally, don't forget to set up a secure payment processor account to make it easier for customers to transact using their ATM cards.

Protect Your Business With Insurance

Business insurance is an important step in launching an ATM business, as it helps protect you from potential liabilities and other unforeseen risks associated with operating a company. Some of the typical components of an ATM business insurance policy include the following:

General Liability Insurance: This coverage protects your business from claims involving bodily injury, property damage, and other losses that may arise out of the ordinary course of business operations.

• Property Insurance: This type of insurance covers any damage to and theft of physical property, such as ATMs or their components.
• Product Liability: This coverage helps protect your business from claims related to product defects or malfunctions that could lead to customer injuries or other losses.
• You should speak with a qualified insurance representative who can help you understand the exact coverage needed for your particular enterprise. This will ensure that your business is adequately protected from any potential risks or liability claims in the future.

3. Choose the Right ATM Machine

Now that you have the basics covered, you can start looking into the types of ATMs available and decide which ones will best fit your needs. This section covers the different types of ATMs that are available and how to choose the right one for your business.

Determine The Type Of ATM Machine You Need 

The first step in choosing an ATM machine is to determine what type of machine you need. You can find ATMs that accept cash, debit/credit cards or both. You will also want to consider the features offered by each machine, such as whether it offers cash advances and the types of receipts that are printed out. Most ATMs these days come with a range of advanced features, so you should research them carefully to make sure they meet your needs before making a purchase decision.

Compare ATM Machines And Suppliers 

If you're considering incorporating an ATM into your business, it's essential to familiarize yourself with the different models available and how they can help bolster your small business. Here are three of the best-known types of ATMs:

• Genmega Onyx: The Genmega Onyx ATM Machine is a noteworthy upgrade from the rudimentary G2500 base model. With its modernized aesthetic, larger display, and responsive touch keys, the Onyx provides an ideal solution for any retail space. Not only does it look great, but it works flawlessly too! The Onyx ATM is an attractive, cutting-edge machine that offers unparalleled features such as EMV, ADA, and PCI compliance. Whether installed in a hotel or gas station, this remarkable ATM will encourage customer transactions with its modern design that looks professional yet stands out from other locations. The Onyx costs around $2,445.00. 
• Hyosung Halo II: The HALO II is the most popular ATM available, providing an unbeatable value compared to other cash dispensers. Not only does it offer a UL 291 business hours safe and EMV card reader for added security - but with its PCI 3.0 compliant keypad and TLS (Transport Layer Security) transmission encryption, you can rest assured your personal information will remain secure and private while using this device! Starting at just $2,295.00, the HALO II is an affordable, reliable solution with a sleek design and plenty of features to ensure your customers enjoy the experience.
• Genmega GT3000: If you are seeking a secure and efficient way to offer ATM services, consider an in-wall option such as this "through-the-wall" Automatic Teller Machine. Perfect for businesses wanting to provide outdoor access without having the bother of a separate unit, it provides convenience with unparalleled safety measures. One thing to note about in-built ATMs is that they require a minimum wall thickness of at least 6.3 inches to be built around them, providing extra protection and insulation against theft. The Genmega GT3000 is the most expensive ATM on this list, coming in at $3,445.00.

4. Install and Operate the ATM Machines

In this subsection, you will learn how to install and operate ATMs.

Install the ATMs 

Installing an ATM is a process that involves several steps to ensure the successful operation of the machine. The first step involves choosing the right spot for your ATM. Selecting the proper spot for your ATM is essential. For safety reasons, it should be situated away from any back door, wide window, or external entrance to guarantee maximum security. To maximize coverage of its location, position the machine near a rear wall as much as possible; yet if you need more visibility and convenience for customers, put it closer to the front area so that visitors can locate it easily.

Once you have selected a site, you must securely attach the ATM to the wall or floor. To do this, start by marking holes in the wall or floor where your ATM will be installed. Then, drill out a hole in each of the marked areas to allow for the securing of brackets that will hold the machine. Attach these brackets to the outer walls and inner walls to securely mount your ATM.

After mounting your ATM, connect it to an electrical outlet to provide power. Depending on the type of ATM you have, the connection method may vary. For example, some machines are powered by a 110-volt AC outlet while others require 12-volt DC wiring for power supply. Additionally, use electrical tape or wire nuts to cover any exposed wires and ensure safety from electric shock or fire hazards.

Set Up And Manage The Software

Once the ATM is securely installed, you will need to configure its settings. Start by adding or updating information such as customer accounts, transaction fees, and service options. You can do this through the ATM's software panel. Once done, select which services will be available on your machine and set up a system for managing cash withdrawals/deposits and other transactions.

If you have any problems when installing an ATM, like if it can't connect to the internet or doesn't have power, check if all the wires are connected correctly. Make sure that they are plugged into the right outlets and that there is no exposed wiring. If all of these things look okay, but it still isn't working, ask someone who knows about machines for help.

Maintain The ATMs 

Finally, it is important to maintain your ATM machines on a regular basis. This includes checking for any visible signs of wear and tear or damage, such as cracks in the external casing, faulty buttons or keyboards, and other issues that could affect customer experience. Additionally, keep up with software updates and security patches to ensure optimal performance of the machine. You should also set up a schedule to clean the ATMs, such as once every week or two weeks, in order to remove any dirt, dust, and debris.

5. Market and Promote the ATM Business

Now that you have successfully installed and set up your ATMs, it is time to start marketing and promoting your business. So how do you go about this? Below, we have outlined some key strategies that you can use to market your ATM business and increase its visibility among customers.

Develop a Marketing Strategy 

Developing a comprehensive marketing strategy is essential for any business, and this includes ATM businesses. Start by defining your target audience and customer profiles, then develop clear objectives and plans for how you will reach them. This could include things like creating a website, developing content such as blogs or videos to promote the business, advertising in local newspapers or on social media platforms, attending trade shows, or even setting up booths in public areas.

Offer Additional Services 

If you want to offer extra services like mobile banking, bill payment, and money transfers with your ATM, first think about if it is a good idea. Ask yourself if it will help make your business better. If yes, then figure out how to make it happen. For example, you may need to get more machines or change the software in them. Then, market these additional services to your customers.

Create A Customer Loyalty Program

One of the best ways to increase customer engagement and loyalty is through a rewards-based customer loyalty program. This could involve offering discounts or cashback when customers use your ATMs, as well as creating promotional offers or special events for them.

Challenges Faced In The ATM business

One of the biggest challenges faced by the ATM business is staying ahead of the competition. With technological advancements constantly occurring and new players entering the market, it can be difficult to keep up with customer demands. Additionally, as more innovative solutions become available, such as mobile payments and online banking, ATMs may become obsolete in some areas. To stay ahead of the competition, you must continually adapt and innovate to remain relevant.

Another challenge is dealing with security threats. ATMs are vulnerable to cyberattacks and skimmers due to their digital connections and access to customers' financial data. It is essential for ATM businesses to take measures to protect their machines from such threats, as this can affect customer experience and loyalty.

Finally, ATM businesses also face the challenge of complying with regulations from different countries or regions. Regulations vary from place to place, so it is important for ATM businesses to be aware of all applicable rules and regulations in order to remain compliant.

Frequently Asked Questions

How much is an atm.

The cost of an ATM will vary depending on the features and capabilities it offers. Generally, basic machines can range from $2,500 to $6,000, while more advanced machines can cost up to $10,000.

Is The ATM Business Dying?

With statistics showing that ATM transactions are steadily rising and mobile banking solutions continuing to gain traction, the ATM business is far from dying. In fact, it is a growing industry with many opportunities for businesses and customers alike.

Is An ATM Business Profitable?

By processing 5-12 transactions a day, you can bring in $15-$25 of gross profit each day. So if your retail business has just one ATM, it could yield an income potential of approximately $450 to $750 per month!

How Much to Start an ATM Business?

The cost of starting an ATM business will vary depending on the size and scope of your operations. Generally, you'll need to budget for the cost of the machines, installation, and licensing fees. Additionally, you'll need to factor in costs for setup, marketing, maintenance, and customer support. All in all, you can expect to invest anywhere from $10,000-$50,000, depending on the extent of your operations.

What Are the Pros and Cons of An ATM Business?

The pros of an ATM business include the potential for high returns, convenience for customers, and the ability to build customer loyalty. The cons of running an ATM business include hefty upfront costs and ongoing maintenance costs, threats from cyberattacks or skimmers, and having to comply with regulations.

How To Start An Atm Business With No Money?

Starting an ATM business with no money is possible, but it can be difficult. Depending on the regulations of your area, you may be able to partner with a bank or financial institution that will provide the machines for free in exchange for a percentage of profits. You could also try raising capital through investments or crowdfunding platforms. Your family is another potential source of funds, as well as grants from the government or private foundations.

In conclusion, the key to successfully launching an ATM business is preparation and research. Make sure you know what kind of machines you need, how to properly install them, where they should be located, and how to set up and manage the software. Additionally, it is important to keep up with regular maintenance and to promote your business through a well-developed marketing strategy. With the right preparation, you can successfully launch an ATM business that provides customers with convenient access to cash.

Elevate your entrepreneurial game with actionable advice and inspiring interviews from high-level entrepreneurs, business owners, and overall badasses in the game. Get more insight and inspiration on our blog posts , podcast episodes , or invite-only community . 

Alex Quin is a full-stack marketing expert and global keynote speaker. Founder and Chief Marketing Officer of UADV Marketing - a member of the Forbes Agency Council.

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A Sample ATM Business Plan Template

An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without direct interaction with bank staff.

ATMs were originally developed as cash dispensers, and have evolved to provide many other bank-related functions. Anyone can start an automated teller machine business as long as they have the financial capacity, license, network, and business exposure.

The global ATM market size reached USD 20.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9 percent from 2022 to 2028. The total number of ATMs in the United States is 425,000, Independently owned ATMs deployed 222,000 ATMs, and the Average ATM fee/Convenience fee is $2.77 (source-National ATM Council).

Steps on How to Write an ATM Business Plan

Executive summary.

Pickford Cash© ATM Services, Inc. is an American-based business that will operate independent automated teller machine services all across the United States. Although our business will be based in New Haven – Connecticut where we intend to position our automated teller machines (ATM) all across the city, we have plans to spread across major cities in the United States within record time.

Pickford Morgan is the founder and CEO of Pickford Cash© ATM Services, Inc.

Company Profile

A. our products and services.

• Cash withdrawals, deposits, transfer funds, or obtaining account information
• Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, income taxes, etc.)
• Printing or ordering bank statements
• Updating passbooks
• Cash advances
• Cheque Processing Module
• Paying (in full or partially) the credit balance on a card linked to a specific current account.
• Transferring money between linked accounts (such as transferring between accounts).

b. Nature of the Business

An ATM Services business is meant to operate the business-to-consumer model or transfer completely to a business-to-business approach.

c. The Industry

Pickford Cash© ATM Services, Inc. will operate in the Automated Teller Machine industry.

d. Mission Statement

Our mission is to make cash withdrawals, cash deposits and other financial services more accessible to all and sundry and the services will also include blockchain and cryptocurrency transactions.

e. Vision Statement

Our vision is to build an ATM services business that will have an active presence all over New Haven – Connecticut and other key cities in the United States of America.

f. Our Tagline (Slogan)

Pickford Cash© ATM Services, Inc. – Financial Services Any Time, Any Day, and Anywhere!

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Pickford Cash© ATM Services, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our assets by limiting the liability to the resources of the business itself. The LLC will protect our CEOs’ assets from claims against the business, including lawsuits.

h. Our Organizational Structure

• Chief Executive Officer (Owner)
• ATM Custodian/Manager
• Admin and Human Resources Manager
• Sales and Marketing Manager
• Information Technologist
• Call Center Executives.

i. Ownership/Shareholder Structure and Board Members

• Pickford Jude (Owner and Chairman / Chief Executive Officer) 51 Percent Shares
• Gordon Wisdom (Board Member) 14 Percent Shares
• Jude Soares (Board Member) 13 Percent Shares
• Paul Nelson (Board Member) 12 Percent Shares
• Zara Rodrick (Board Member and Sectary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Effective structures to help consumers enjoy a seamless digital experience when making use of our ATMs
• Highly experienced and qualified employees and management
• Active presence in key locations across cities
• Access to finance from business partners
• Water-tight strategies on how to expand beyond the major markets
• Good returns on investment for our investors.

b. Weakness

• Financial Constraints
• A new business that will be competing with well-established banks with ATMs and other independent ATM service companies and traditional banks
• Inability to retain our highly experienced and qualified employees longer than we want.

c. Opportunities

• Partnerships and mergers between established banks are becoming more frequent.
• Digital banking services are taking over
• 46 percent of people exclusively use digital channels for their financial needs
• Good support structure for independent ATM service companies in the United States of America.

i. How Big is the Industry?

It is safe to say that the Automated teller machine (ATM) industry is a massive industry. This is so because the total number of ATMs in the United States is 425,000 (source-National ATM Council), and Independently owned ATMs are 222,000 (source-National ATM Council).

ii. Is the Industry Growing or Declining?

The Automated teller machine (ATM) industry is growing rapidly and available data shows that the market surpassed USD 20 billion in 2020 and is anticipated to grow at a CAGR of 4 percent between 2022 and 2027.

iii. What are the Future Trends in the Industry?

New technologies, like machine learning/artificial intelligence, predictive behavioral analytics, and data-driven marketing, are what will determine the future trends in the Automated teller machine (ATM) industry.

iv. Are There Existing Niches in the Industry?

Yes, there are existing niche ideas when it comes to automated teller machine (ATM) business, and they are as follows;

• Cash Dispenser ATM
• White Label ATM.
• Yellow Label ATM
• Brown Label ATMs.
• Onsite ATMs.
• Offsite ATMs.
• Crypto Exchange Platform.

v. Can You Sell a Franchise of your Business in the Future?

Pickford Cash© ATM Services, Inc. has plans to sell franchises in the nearest future and we will have a strong physical presence in key financial hubs (cities all across the world).

• The arrival of a new ATM company within our market space
• Unfavorable government policy and regulations.
• Cyber security challenges
• Liability problems
• Continuously changing consumer demands especially as it relates to how they expect ATM service companies to serve them.

i. Who are the Major Competitors?

• Capital One
• Bank of America
• Wells Fargo
• BankMobile Vibe
• ATM Money Machine, Inc.
• Cardtronics
• ATM Marketplace of Florida, Inc.
• Phoenix Cash Systems A Division Of The World Is Mine Corp
• Micro Resources International
• Hyosung America | ATM Solutions
• Payroll Corporation (“Mr. Payroll”)
• Bitbox ATM machines

ii. Is There a Franchise for an Automated teller machine (ATM) business?

Yes, there are franchises for Automated teller machine (ATM) businesses are here are some of them;

• ACFN – Initial investment: $39,230 – $63,820
• Bitbox ATM machines – Initial investment: $38,590 – $157,980
• Payroll Corporation (“Mr. Payroll”) – Initial investment: $68,800 – $328,000
• ATM Money Machine, Inc. – Initial investment: from $2,100
• BitCash USA – Initial investment: $13,500 – $250,000

iii. Are There Policies, Regulations, or Zoning Laws Affecting Automated Teller Machine (ATM) Business?

In the United States of America, the automated teller machine (ATM) machine business, like all financial services is regulated at both the state and federal levels. Each of the 50 states and the federal government has passed its own body of laws that may apply to financial services providers.

Please note that because of the scope, scale, and dynamism of the automated teller machine (ATM) services industry, the sector is often regulated by multiple regulators, both within certain types (e.g., multiple government regulators) and across types (e.g., governmental, self-regulators, and market regulators).

Please check with your zoning or planning department to find out what options are available to you.

Marketing Plan

A. who is your target audience.

i. Age Range

Our target market comprises adults above 18 years old who have the finance to do business with us.

ii. Level of Educational

We don’t have any restrictions on the level of education of those who will make use of our automated teller machines.

iii. Income Level

There is no cap on the level of income of the people that can use our automated teller machines.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people that can make use of our automated teller machines.

v. Language

There is no restriction when it comes to the language spoken by the people that can make use of our automated teller machines. We have different language options in our ATM machines.

vi. Geographical Location

Anybody from any geographical location will be welcome to make use of our automated teller machines.

vii. Lifestyle

Pickford Cash© ATM Services, Inc. will not restrict people based on their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Host Themed Events That Catch Attention.
• Tap Into Text Marketing.
• Make Use of Bill Boards.
• Share our Events in Local Groups and Pages.
• Turn our Social Media Channels into a Resource
• Develop our Business Directory Profiles
• Build Relationships with players in the financial services industry.

i. Traditional Marketing Strategies

• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Broadcast Marketing -Television & Radio Channels.
• OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street shows, and Cabs.
• Leverage direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (coupon books, billboards), and referral (also known as word-of-mouth marketing).

ii. Digital Marketing Strategies

• Social Media Marketing Platforms.
• Influencer Marketing.
• Email Marketing.
• Content Marketing.
• Search Engine Optimization (SEO) Marketing.
• Affiliate Marketing
• Mobile Marketing.

iii. Social Media Marketing Plan

• Start using chatbots.
• Create a personalized experience for our customers.
• Create an efficient content marketing strategy.
• Create a community for our target market and potential target market.
• Gear up our profiles with a diverse content strategy.
• Use brand advocates.
• Create profiles on the relevant social media channels.
• Run cross-channel campaigns.

c. Pricing Strategy

When working out our pricing strategy, Pickford Cash© ATM Services, Inc. will make sure it covers profits, insurance, premium, license, and economy or value and full package for each transaction. All our pricing strategies will reflect;

• Cost-Based Pricing
• Value-Based Pricing
• Competition-Based Pricing.

Sales and Distribution Plan

A. sales channels.

Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, strategic alliances in the automated teller machine industry, the finance and banking industry, and freelancers to help refer clients to us.

Pickford Cash© ATM Services, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced and promoted to our customers.

b. Inventory Strategy

The fact that we will need cash supplies per time means that Pickford Cash© ATM Services, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, processing, and feeding cash in our ATMs. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.

c. Payment Options for Customers

Here are the payment options that Pickford Cash© ATM Services, Inc. will make available to her clients;

• Payment via automated teller machines

d. Return Policy, Incentives, and Guarantees

At Pickford Cash© ATM Services, Inc. we will refund our clients when the transaction does not pull through but the customer was charged. We will also guarantee our customers the safety of their card details and financial details.

e. Customer Support Strategy

Our customer support strategy will involve seeking customer feedback. This will help us provide an excellent return on investment (ROI) and customer service to all our clients and investors. We will work with effective CRM software to be able to achieve this.

Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.

Operational Plan

We plan to expand our revenue by 50 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting investors and strategic partners like banks et al that will enable the firm to boost our service offerings and support revenue growth.

a. What Happens During a Typical Day at an ATM Services Business?

• The office is open for the day
• ATMs are loaded with cash
• Documentation and other administrative works are conducted throughout the day
• Marketers go out in the field to market our services
• Transactions are facilitated and pending queries are resolved
• Maintenance of the server and all payment gateways are carried out as scheduled.
• Maintenance and servicing of ATM machines
• The report for the day is written and submitted to the required authority
• The office is closed for the day.

b. Production Process

There is no production process when it comes to the Automated teller machine (ATM) business.

c. Service Procedure

When it comes to the service procedure of ATM service providers, it is important to note that the internet service provider (ISP) plays an important role in ATMs. This provides communication between ATM and host processors. When the transaction is made, the details are input by the cardholder.

This information is passed on to the host processor by the ATM. The host processor checks these details with an authorized bank. If the details are matched, the host processor sends the approval code to the machine so that the cash can be transferred.

Please note that to use a cardless ATM, you need to open the app on your mobile device, choose the linked bank account you want to withdraw from, and tap your phone against the designated reader. To complete the transaction, the ATM will then prompt you to either type in your PIN (just as if you had inserted your physical card).

d. The Supply Chain

Pickford Cash© ATM Services, Inc. will rely on major banks to supply cash to us.

e. Sources of Income

Pickford Cash© ATM Services, Inc. makes money (commissions and charges) from offering the following services;

Financial Plan

A. amount needed to start your automated teller machine (atm) services company.

Pickford Cash© ATM Services, Inc. would need an estimate of $1.2 million to successfully set up our automated teller machine (ATM) company in the United States of America. Please note that this amount includes cash in our ATMs and the salaries of all our staff for the first month of operation.

b. What are the Costs Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $7,300.
• Marketing, Branding, and Promotions – $5,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $200,000.
• Internet Infrastructure and Software Development – $250,000
• Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $80,000
• Start-up Inventory – $15,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Furnishing, Equipping and ATM machines – $350,000
• Capitalization Base: $500,000
• Website: $600
• Opening party: $3,000
• Miscellaneous: $2,000

c. Do You Need to Build a Facility? If YES, How Much will it cost?

Pickford Cash© ATM Services, Inc. will not build a new facility for our ATM service company; we intend to start with a short–term lease for locations where we intend to install our ATMs.

d. What are the Ongoing Expenses for Running an ATM Services Company?

• Server maintenance
• Transaction fee to third-party providers
• Transport and logistics
• Utility bills (internet, phone bills, signage and sewage et al)
• Salaries of employees

e. What is the Average Salary of your Staff?

• Chief Executive Officer – $65,000 Per Year
• ATM Custodian / Manager – $42,000 Per Year
• Admin and Human Resources Manager – $39,000 Per Year
• Information Technologist – $38,000 Per Year
• Accountant – $35,000 Per Year
• Call Center Executive / Customer Service Executive – $30,000 Per Year.

f. How Do You Get Funding to Start an ATM Service Company?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and friends.

Financial Projection

A. how much should you charge for your service.

At Pickford Cash© ATM Services, Inc. our fee will be based on the volume of transactions on our payment platform. But averagely, we charge between $1.50 to $3.50.

b. Sales Forecast?

• First Fiscal Year (FY1): $500,000
• Second Fiscal Year (FY2): $750,000
• Third Fiscal Year (FY3): $1.2 million

c. Estimated Profit You Will Make a Year?

The ideal profit margin we hope to make at Pickford Cash© ATM Services, Inc. will be between 2 and 5 percent.

d. Profit Margin of an ATM Service Company 

The average net profit margin of Pickford Cash© ATM Services, Inc. is approximately 12%. The average net profit margin can be higher or lower depending on our additional service offerings and the number of our overhead expenses.

Growth Plan

A. how do you intend to grow and expand .

Pickford Cash© ATM Services, Inc. will grow our automated teller machine (ATM) services company by first installing our ATMs in key cities in the United States of America within the first five years of establishing the business and then will start selling franchises from the sixth year.

b. Where do you intend to expand to and why? (Geographical locations)

Pickford Cash© ATM Services, Inc. plan to expand first to Los Angeles – California, New York City – New York, Chicago – Illinois, Washington, D.C., Boston – Massachusetts, Miami – Florida, Seattle – Washington, Dallas – Texas, and Philadelphia – Pennsylvania.

We intend to expand to these locations because available statistics show that the cities listed above have the highest and most thriving financial markets in the United States.

The founder of Pickford Cash© ATM Services, Inc. plans to exit the business via merger and acquisition. We have placed structure and processes in place that will help us achieve our plan of successfully merging with one of the leading players in the finance and banking industry or even in the automated teller machine (ATM) services industry. With that, we can rest assured that the business will be under the care of a well-structured management team.

More on Financial Services

The Ultimate Blueprint for Starting an ATM Business & Earning Passive Income

May 20, 2024

John Reinesch

Since its invention in the late 1960s, the ATM (automated teller machine) has become a ubiquitous part of modern life. ATMs provide a convenient way for bank customers to access cash, check balances, and conduct other basic financial transactions 24/7.

For entrepreneurs, operating ATMs can be a profitable business venture. ATM operators make money by charging transaction fees to customers when they use the ATMs. Fees are typically $2-3 per transaction. Popular high-traffic locations can generate over $1000 per month in transaction fees for the operator.

Starting an ATM business involves first researching and choosing suitable locations, purchasing or leasing the machines, installing them properly, keeping them filled with cash, collecting fees, and providing maintenance. Building relationships with local businesses to host your ATMs is key. The ATM business has a relatively low overhead but requires proper planning and management.

With careful research and execution, operating a small fleet of ATMs can provide stable passive income. The business is scalable as well, allowing entrepreneurs to expand their number of ATMs steadily over time. While not without risks and challenges, the ATM business can be rewarding for those eager to build a profitable automated business with strong cash flow potential.

Table of Contents

Key insights.

• Profit Potential : ATM businesses can be profitable due to transaction fees, with high-traffic locations generating significant monthly income.
• Market Research : Thorough research on demographics, foot traffic, and existing ATMs is crucial for choosing profitable locations.
• Legal and Regulatory Compliance : Understanding and adhering to licensing, security standards (EMV, PCI, ADA), and local regulations is essential.
• Business Planning : A comprehensive business plan should cover mission, objectives, market analysis, financial projections, and operational strategies.
• Operational Setup : Proper installation, maintenance, cash management, security measures, and marketing efforts are key for operational success.

Market Research and Location Analysis

Choosing the right location is one of the most important factors in determining the success and profitability of an ATM business. Proper market research and location analysis should be conducted before finalizing a spot to install an ATM.

An ATM’s usage and revenue potential depend heavily on the surrounding demographics and foot traffic. Areas with high population density, lots of commercial activity, public transportation hubs, and a steady flow of people are ideal. Analyze the area to determine the number of residents, workers, and visitors. Estimate the average traffic each day and at peak times. Observe if there are existing ATMs and banks nearby.

Some of the best locations for ATMs include:

• Busy areas like malls, supermarkets, convenience stores
• Transportation hubs such as metro stations, bus stands, railway stations
• Recreational venues like movie theaters, stadiums, amusement parks
• Commercial business districts and markets
• Colleges, universities, and schools
• Hospitals, clinics, and medical centers
• Hotels and resorts
• Rest areas, gas stations, and travel plazas along highways

Avoid placing ATMs in isolated areas with low footfall. Try to secure locations that are convenient and easily accessible for people. Maximize visibility, lighting, and security. Consider proximity to power and network connectivity. Analyze area income levels and withdrawal habits to estimate potential transaction volumes.

Conducting thorough market research and analysis will help identify the optimal locations to install ATMs for higher usage and profits.

Understanding Legal and Regulatory Requirements of Starting an ATM Business

Operating ATMs requires adherence to various legal and regulatory requirements. Here are some key considerations:

Needed Licenses and Permits

• Business license: To operate a business legally, you’ll need a general business license in your state and/or municipality.
• ATM license: Some states require a specific license to own and operate ATMs. Research the licensing requirements in your state.
• Sales tax permit: If you’re selling goods or services via your ATMs, you may need a sales tax permit.

Compliance with EMV and Security Standards

• EMV compliance: EMV chip technology is the new standard for secure credit/debit transactions. Ensure any ATMs you get are EMV-compliant.
• PCI compliance: Follow PCI security standards for the safe handling of cardholder data. This includes data encryption, access controls, security monitoring, etc.
• CEN compliance: Adhere to the CEN security standards for PIN protection and other measures. These are set by the European Committee for Standardization.

ADA Compliance

Your ATMs must be accessible to those with disabilities per the Americans with Disabilities Act. This includes aspects like:

• Placing machines in easily accessible locations
• Installing audio guidance or Braille keypads
• Allowing for use by service animals

Local Laws and Regulations

Research the laws in your city/state regarding:

• Zoning restrictions on ATM placement
• Limitations on ATM fees that can be charged
• Any geographic restrictions on where you can operate
• Regulations for cash loading and transportation

Stay up-to-date on any changes to local laws and ordinances. Having the proper knowledge and permissions is crucial.

Creating a Business Plan

A comprehensive business plan is critical for starting a successful ATM business. This plan should clearly lay out your objectives, target market, operations, and financial projections.

Mission, Vision, and Objectives

• Define clear objectives, such as the number of ATMs, profit margins, geographic coverage, etc. These will guide your strategy.
• Outline how your business will stand out from competitors through factors like service, technology, locations, etc.

Analyzing the Target Market

• Research market demand for ATMs in your chosen geographic area. Assess the number, type, and usage of existing ATMs.
• Identify high foot traffic locations that are underserved by current ATM options. These may include convenience stores, restaurants, gas stations, etc.
• Consider demographics and psychographics to cater to your ATM services. For example, having multi-language options.

Financial Projections and Capital Requirements

• Create detailed financial projections, including income, operating expenses, and profit. Consider costs like permits, ATM purchases, cash handling, maintenance, etc.
• Estimate potential transaction volume and cash flow based on location demand analysis. Account for seasonality patterns.
• Determine upfront capital requirements for items like first ATM purchase, insurance, legal fees, marketing, etc. Have a plan to fund these costs.

Operations Plan

• Describe day-to-day processes like ATM maintenance, cash loading, dispute management, record keeping, security protocols, etc.
• Outline staffing plan with roles and responsibilities. Consider outsourcing options.
• Create an IT plan covering connectivity, security, EMV compliance, and integrations with processors.
• Have a contingency plan for events like ATM malfunctions, cash shortages, security breaches, etc.

Financial Considerations

Starting and operating an ATM business requires significant upfront and ongoing capital. Here are some key financial factors to consider:

Estimated Capital Required

You’ll need enough capital to cover the cost of purchasing ATM machines, any licensing and compliance fees, initial marketing efforts, and several months of operating expenses before your ATMs start generating revenue. Expect to spend $10,000-$15,000 per ATM location.

Potential Income Sources

There are two main ways ATMs generate revenue:

• Surcharges: Fees charged to ATM users for withdrawals, typically $2-3 per transaction. This provides immediate income.
• Interchange Fees: A percentage of each ATM transaction (average $0.50-$1.00) paid by the bank whose customer uses the ATM. These fees are paid monthly.

Additional income can come from advertising screens on the ATM.

Ongoing Expenses

Major ongoing costs include:

• Cash handling and replenishment
• ATM maintenance and repairs
• Transaction processing fees
• Rent for ATM locations
• Insurance, security, and compliance costs

Pricing Strategy

Carefully consider your surcharge fee pricing. You want to be competitive with other ATMs in the area, but not lose potential revenue. Be sure to account for interchange fees and other expenses when setting your surcharge price.

Choosing and Purchasing ATMs

When starting an ATM business, one of the most important decisions is choosing the right ATM machines to purchase and deploy. You have a few options to consider:

New vs. Used ATMs

New ATMs provide the latest technology and longest usable lifespan. However, they have a higher upfront cost. Used and refurbished machines are cheaper, but may require more maintenance and have a shorter remaining lifespan.

Pros of New ATMs:

• Latest features and technology (EMV)
• Longer expected lifespan of 7-10 years
• Full manufacturer warranty
• Less maintenance and servicing costs

Pros of Used/Refurbished ATMs:

• Significant cost savings over new units
• Still have 5+ years of lifespan remaining
• Can purchase well-maintained, off-lease units

Cons of New ATMs:

• High upfront purchase cost
• It may take longer to recoup your initial investment

Cons of Used/Refurbished ATMs:

• Shorter remaining lifespan
• No manufacturer warranty protections
• Higher long-term maintenance costs
• May lack the latest standards like EMV

Types of ATMs

There are a few main types of ATMs to choose from:

• Through-the-wall (TTW) – Mounted on exterior walls of buildings. Highest visibility and convenience.
• Drive-up – Outdoor, freestanding units with drive-through access. Good for high-traffic areas.
• Indoor/vestibule – Inside locations like banks, retail stores, etc. Lower access but added security.
• Mobile – Portable ATMs are to be temporarily deployed at events. Provides flexibility.

Evaluate your location needs and target usage levels when deciding on the type of machine. Outdoor units see more volume but have higher security risks. Indoor units have lower usage but added physical security.

EMV and Security Standards

It’s crucial to only purchase ATMs that meet the latest EMV standards for chip card transactions. EMV chips provide enhanced security and may soon be required for compliance. Avoid outdated units that only accept magnetic stripe cards. Always verify security features like anti-skimming technology, security cameras, and alarm systems.

Negotiating Pricing

When purchasing multiple machines, you have significant negotiating leverage with ATM vendors and resellers. Make sure to negotiate bulk purchase discounts and shop around between vendors. Consider bundling ancillary services like maintenance plans, cash loading, and armored transport to further reduce costs through economies of scale. Don’t be afraid to push vendors for the best possible deal.

Operational Setup

Once you have your ATMs purchased and locations secured, the next step is setting up operations. This involves several key tasks:

Installation and Maintenance

You’ll need to properly install each ATM and test it to ensure everything is functioning correctly. This includes connecting it to electricity, internet if applicable, and configuring the software. Schedule regular maintenance to service the ATM, update software, and perform cleaning, repairs, or replacement of parts as needed. You can handle this yourself or hire a technician.

Cash Management and Restocking

Managing cash flow is crucial for maximizing ATM uptime and profitability. Monitor cash levels remotely using ATM management software. When cash runs low, refill it promptly to avoid running out. Determine optimal cash amounts based on usage patterns. Restocking can be done yourself or outsourced to a cash delivery service.

Accounting and Cash Flow Management

Set up a system to track income, expenses, cash on hand, and other accounting metrics. Produce regular profit and loss statements. Careful accounting helps optimize your cash flow and highlights opportunities to improve profit margins.

Security Considerations

Because ATMs contain cash, security is paramount. Use high-quality vaults, locks, cameras, and alarms. Restrict physical and remote access. Follow best practices like varying cash pick-up times and routes. Work closely with your locations to ensure site security. Maintain insurance to cover theft or damage.

Marketing and Promotion

Marketing and promotion are crucial for the success of any ATM business. You need to focus on strategies that will increase the visibility and usage of your ATMs. Here are some key tactics to consider:

Signage and Branding for Visibility

• Invest in professional, high-quality signage and branding for your ATMs. This is the most direct way to make people aware of your ATM.
• Make signs brightly colored, well-lit, and noticeable from a distance. Include your business name/logo.
• If allowed, place signs above or around the ATM to grab attention. Indoor ATMs should have multiple signs.
• Branded decals with your business name and contact info should be displayed prominently on the ATM.

Partnerships with Local Businesses

• Partner with nearby businesses to cross-promote your ATM. Offer a small commission for referrals.
• Ask business owners to display signs or brochures promoting your ATM. Prioritize high-traffic locations.
• Set up indoor ATMs in establishments that attract your target demographic. Gyms, bars, malls etc.

Advertising and Digital Marketing

• Run local newspaper, radio or billboard ads to increase awareness about your ATM services.
• Create social media profiles for your business to attract followers. Post updates and promotions regularly.
• Claim and optimize online listings on Google, Facebook, Yelp etc. Respond to reviews and feedback.
• Use SEO best practices on your website to rank high for local ATM-related searches.

Importance of Customer Experience

• Ensure ATMs are conveniently located, well-lit, clean and have clear signage.
• Quickly fix any technical issues or faults to minimize customer inconvenience.
• Stock ATMs with sufficient cash to avoid running out. Check and replenish regularly.
• Provide a toll-free customer support number on the ATM to resolve any issues.

Partnerships and Networking

The ATM business relies heavily on partnerships and networking to be successful. Developing strong relationships with key stakeholders can make or break your business. Here are some of the most important partnerships to cultivate:

Location Partners

One of the most critical partnerships is with location owners where you plan to install your ATMs. These are often small business owners like convenience store operators, restaurants, gas stations, etc. Take the time to meet with them in person, explain your services, and negotiate a reasonable surcharge and rental fee for placing your machine on their premises. Highlight how having an ATM can bring in more foot traffic and revenue for them. Visit locations regularly to restock cash and maintain a positive ongoing relationship.

ATM Networks

Joining an ATM network allows you to tap into much wider usage beyond just your locations. Look for regional or national networks that offer competitive transaction fees and support. They will handle communications between your ATMs and the cardholder’s bank. Being part of a surcharge-free network can also make your machines more attractive to consumers.

ISO Partners

Independent sales organizations (ISOs) can provide many services to ATM operators including arranging for cash delivery and maintenance, monitoring, business analytics, and more. Partnering with an established ISO can greatly simplify operations and maximize uptime. Make sure to research options thoroughly for the best fit and pricing.

Bank Partners

Partnering with one or more banks to supply and replenish cash in your ATMs is essential. Meet with bank managers to explain your business model and projected cash needs. Negotiate for optimal cash ordering and delivery services. Banks may also be able to assist with first line maintenance through service contracts. Cultivating strong bank relationships ensures smooth cash flow.

The right partnerships enable ATM operators to focus on their core business while leveraging outside expertise and infrastructure. Take the time to develop win-win relationships with location owners, networks, ISOs, and banks in your area. These connections can set you up for long-term success.

Challenges and Solutions

Starting and running an ATM business comes with its fair share of challenges that need to be addressed. Being aware of potential issues and having plans to deal with them will help set your business up for success. Here are some of the most common challenges ATM business owners face, along with strategies to overcome them:

Cash Flow Management

One of the biggest challenges involves managing cash flow properly. ATMs need to be stocked with enough cash to meet customer demand. However, too much cash in the machines means you have capital tied up not earning interest. Setting up a process to forecast cash needs, schedule replenishment, and leverage tools like cash ordering can help optimize cash levels. Work closely with your cash provider as well.

Maintenance and Compliance

ATMs require regular maintenance like cleaning, restocking paper, and updating software/security patches. Issues like jammed notes or malfunctions need to be addressed quickly to minimize downtime. Stay on top of maintenance schedules and establish contracts with competent technicians to handle repairs. Keep machines compliant with standards like PCI and EMV chip card processing.

Security Concerns

The cash inside ATMs can attract theft and vandalism. Minimize risk by placing machines in well-trafficked indoor locations with security cameras. Invest in tamper-proofing features like steel cabinets, alarm systems, and anti-skimming technology. Consider offering cash-free withdrawals to limit cash on hand. Proper insurance is a must.

Finding the Right Locations

Your ATMs need to be sited in advantageous, high-traffic locations to attract sufficient transactions. However, prime spots come at a premium. Negotiate win-win rental terms with site hosts and focus on volume to cover costs. Have backup location options ready in case a site underperforms. Leverage site analytics to fine-tune your locations over time.

Overestimating Potential

It’s easy to be overly optimistic about potential earnings, especially as a new business owner. Conduct in-depth market research, create realistic projections, and be conservative with estimates. Start small and reinvest profits to grow rather than overextending with debt initially. Seek mentorship from experienced ATM business owners as well. With diligent planning, these challenges can be overcome.

Starting an ATM business offers a promising opportunity for entrepreneurs looking to generate passive income through transaction fees. By following these steps, you can establish a profitable ATM business.

About The Author

John has spent close to a decade working with businesses to improve their marketing and lead generation. Over that time, he developed a passion for building systems and processes that allow businesses to scale by building a lead generation system.

Interested in working together?

Contact us today to learn more about how we can work together. We'll schedule a 15 minute discovery call to discuss your biggest area of need.

© John Reinesch

Atm Business Plan Template & Guidebook

When it comes to starting an ATM business, one of the first steps is to have a solid business plan in place. If you're looking for an easy-to-use template that helps you get started quickly and efficiently, the #1 ATM Business Plan Template & Guidebook is your go-to solution. This comprehensive guide offers step-by-step instructions to help you plan, research, and organize your new business. From understanding industry trends to examining financial projections and more, this guide has everything you need to ensure a successful launch.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Atm Business [11 Steps]
• 10+ Best & Profitable Atm Business Ideas [2023]
• 25 Catchy Atm Business Names:
• List of the Best Marketing Ideas For Your Atm Business:

How to Write a Atm Business Plan in 7 Steps:

1. describe the purpose of your atm business..

The first step to writing your business plan is to describe the purpose of your atm business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a atm business:

Our mission at Atm is to provide our customers with a convenient, secure, and cost-effective way to manage their finances. We strive to provide the highest quality services while making sure our customers’ financial information is secure. We are committed to providing innovative ATM services that enable our customers to make informed decisions about their financial decisions. Our goal is to build relationships with our customers and expand our presence in the banking industry.

2. Products & Services Offered by Your Atm Business.

The next step is to outline your products and services for your atm business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your atm business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your atm business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your atm business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a atm business?

• ATM machine (or multiple machines)
• Commercial business insurance
• Merchant account or bank account for processing deposits and withdrawals
• Software to manage the ATM system
• Support staff for maintenance, technical support, and customer service
• Licenses, permits, and certifications required by the city or state to operate an ATM business
• Security measures such as CCTV cameras, alarm systems, and safe locks

5. Management & Organization of Your Atm Business.

The second part of your atm business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your atm business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Atm Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a atm business varies based on many different variables, but below are a few different types of startup costs for a atm business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your atm business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your atm business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your atm business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Atm Business Plans:

Why do you need a business plan for a atm business.

A business plan is essential for any business but especially for a new ATM business. A business plan will provide a roadmap to success, outlining your short-term and long-term goals, target market, financial projections and other important details that are necessary for running a successful business. Without a comprehensive business plan, it may be difficult to secure financing or make informed decisions on when and where to invest resources. Additionally, it provides an opportunity to identify any potential pitfalls and develop strategies to mitigate them. Ultimately, having a well-thought out business plan ensures that the ATM business has the best chances of success.

Who should you ask for help with your atm business plan?

You should ask a business consultant or accountant for help with your ATM business plan. They will be able to help you understand the financial side of the business and provide advice on how to best structure your operations. Additionally, you should consider seeking advice from a lawyer to ensure that all legal aspects of the business are correctly addressed.

Can you write a atm business plan yourself?

While it is possible to write a business plan for an ATM business yourself, it may be more advantageous to hire a professional to do the work for you. A professional can offer valuable insights into the industry, help you create an accurate and realistic plan, and may even be able to provide additional guidance and support as you move forward with your project.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

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ATM Business

Back to All Business Ideas

How to Start an ATM Business

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on November 4, 2021 Updated on May 15, 2024

Investment range

$3,550 - $11,100

Revenue potential

$36,000 - $220,000 p.a.

Time to build

0 - 3 months

Profit potential

$29,000 - $66,000 p.a.

Industry trend

One automated teller machine, or ATM, can provide its owner with a small stream of passive income. A collection of ATMs placed in heavily trafficked areas, on the other hand, can provide a small business owner with a tidy profit.

Even in today’s digitized world, people still need cash. At the same time, ATM machines have evolved with the addition of improved security measures, foreign currencies, and even cryptocurrencies.

Of course, starting any new business takes time, knowledge, and patience. Read on, move through the launch and development process step by step, and soon you’ll have your own successful business.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

The first step is to determine if starting an ATM business is viable for you. Think of it as a way to test the idea’s true potential.

At this point you’ll want to consider the following:

Pros and cons

What are the downsides and benefits of launching an ATM business? As a rule of thumb, any viable business idea has more advantages than disadvantages.

Below are some pros and cons of an ATM business:

• Passive, undemanding work – One of the most passive business models out there. Just put your machines in place, maintain them and collect your profits.
• Client and location choice – As an ATM operator you choose who you work with and where you place your machines.
• Steady income – Assuming steady foot traffic, ATM use is relatively steady and predictable, and available 24/7.
• Relatively recession-proof – No matter the economic climate, people need to get cash — perhaps even more so during a recession.
• High retention – Many customers regularly use ATMs, providing steady repeat business for you and the location owner.
• Repetitive work – Running an ATM business can be monotonous.
• No real strategy – Besides adding new machines and locations, there’s little strategy involved in the ATM business.
• High liability – Given the involvement of significant amounts of cash, insurance rates will be relatively high and there is always the risk of theft.

ATM industry trends

In many countries around the world, customers still choose cash as their favored payment option due to convenience. Technological advancements mean customers expect faster and more secure withdrawals.

Industry size and growth

• Industry size and past growth – Market analyst Grand View Research valued the global ATM market at about $20 billion in 2020.(( https://www.grandviewresearch.com/industry-analysis/atm-market ))  
• Growth forecast – The industry is expected to expand an additional 5% through 2028.
• Number of ATMs – There were more than 470,000 ATMs in the US in 2018, more than half of which were independent.(( https://www.akleg.gov/basis/get_documents.asp?session=31&docid=22687 )) 

Trends and challenges

Trends in the ATM industry include:

• Latest ATMs offer new features, such as facial recognition technology or flight booking capability
• Smart ATMs have improved security against fraud
• Digitalization of banking services is driving growth in ATM industry
• Mobile ATMs are increasingly used for major events, such as festivals and sports

Challenges in the ATM industry include:

• High risk of fraud hinders market growth
• Competition with bank-operated ATM terminals

Popular ATMs

What kind of people work in ATM terminals?

• Gender – 86% of ATM technicians are male, while 14% are female.(( https://www.zippia.com/atm-technician-jobs/demographics/#gender-statistics ))
• Average level of education – A third (34%) of ATM technicians hold an associate degree and 27% hold a bachelor’s degree.(( https://www.zippia.com/atm-technician-jobs/education/ ))
• Average age – The average age of an ATM technician is 43 years old.(( https://www.zippia.com/atm-technician-jobs/demographics/#age-statistics ))

How much does it cost to start an ATM business?

Startup costs for an ATM business range from $3,500 to $11,000. On average, an entrepreneur spends about $7,300 to get an ATM business up and running.

The majority of this initial capital will go towards purchasing your first ATM, which can range from $3,000 to $10,000 each, depending on functionality. Additional fees and marketing costs will also be in order to start your business entity and build your initial branding.

Outside of the ATM itself, you may need some tools and equipment to help you install and service them. Here is a list of items you may need to purchase to get started:

• ATM(s) – used or new
• Dolly / Furniture moving equipment

The table below shows a more detailed initial cost breakdown.

How much can you earn from an ATM business?

Most ATMs charge a user fee of $1 to $3 per transaction, which is the sole source of revenue for the business owner. 

Gaming industry veteran Lieberman Companies estimates that one-third of US consumers use an ATM at least once a week , and that ATMs average 6-10 transactions per day. At about $2.50 per transaction, that would mean $20 in daily revenue per ATM. This means that your first ATM machine, assuming it’s well placed and functional 24/7, should pay for itself in less than a year. 

In your first year, you could work from home as a solopreneur and install 5 ATMs in good locations, bringing in more than $36,000 in annual revenue if a machine averages 8 transactions a day. If you give the local business $0.50 per transaction, your annual profit would be around $29,000.

In your second year, the average number of daily transactions per ATM could increase to 10, bringing in more than $45,000 in annual revenue and $36,000 in annual profit.

As your brand gains recognition, you could increase your ATM terminals to 20 and raise  charges to $3 per transaction. At this stage, you’d rent an office and hire staff, reducing your profit margin to around 30%. With annual revenue of $220,000, you’d make a tidy profit of $66,000. 

What barriers to entry are there?

Barriers to entry for an ATM company are relatively low. Significant challenges for new entrants include:

• Competition – Many of the best locations already have ATMs, as the industry is already relatively mature, due to low barriers to entry.
• Tech complexity – The rise of biometrics, “Internet of Things”-functionality, and other high-tech capabilities mean a prospective business owner may need further IT education to learn how to best use the latest ATMs.
• Security and compliance – Storing and transporting large amounts of cash always poses a risk, and the ATM industry is heavily regulated , with new bills introduced all the time.
• Rise of digital – Increased use of credit cards and smartphone payments may curb ATM usage in the coming years.

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Step 2: hone your idea.

Now that you know what’s involved in starting an ATM business, it’s a good idea to hone your concept in preparation to enter a competitive market.

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

A prospective ATM business owner should observe their local area and retail outlets to record where ATMs tend to be located and how often people use them.

You should consider possible untapped markets in your area. Maybe there are a few big box stores that have no in-house ATMs? Also, maybe your town is dominated by older ATMs and would respond to an influx of newer, more advanced models with broader functions?

If you plan on placing your ATMs throughout the city, it’s a good idea to map out in advance the route you will take to service them and estimate the frequency of your maintenance.

Additionally, you should consider the security measures you plan to include on your ATMs’ digital interface and on the lockbox you’ll use to transport the cash to your bank. Most ATMs require a minimum weekly balance of around $2,000, which is refilled as needed. A new business owner should perform thorough research on cash requirements and likely demand at the machine’s location.

Finally, think about why you are entering the ATM business. Your main objective should be based on the value of a good ATM: ease of use, efficiency, and security.

What? Decide on your ATM offerings

There are many different types of ATMs to consider: online or offline, white-label or brown, onsite or offsite, standalone or networked. Industry advisor Greenstar ATM provides a summary , with a short description of each:

• Online ATMs – Always connected to internet; real-time transactions and monitoring
• Offline ATMs – Connected only to bank’s database, fewer functions
• White Label ATMs – Operated by non-bank entities
• Brown Label ATMs – Owned by ATM providers but managed by the bank whose brand is on the machine
• Onsite ATMs – ATMs in a bank or retail outlet and operated by that business
• Offsite ATMs – ATMs operated by a third party but placed in malls, hospitals
• Standalone ATMs – ATMs unconnected to a bank network, with limited services
• Networked ATMs – ATMs connected to the network of the ATM provider

Industry advisor ATM Depot outlines the convenience and flexibility of another type of ATM , mobile ATMs, which can be installed almost anywhere. Your ATM business model could include taking several mobile ATMs to local fairs, festivals, sporting events, and other major gatherings to take advantage of temporary intense demand.

Lieberman Companies provides this short guide of ATM types , including a list of the top brands and how to buy your machines. A new ATM business owner would do well to look into the latest in biometric technology and cloud-based functionality concerning ATMs. For your ATM business, you could also consider a leasing or rental operation. ATM businesses like ATM Money Machine and Goldstar ATM , among others, provide ATMs for purchase or lease.

How much should you charge for ATM transactions?

In general, ATM fees are not really a strategic choice for the business owner to make. Their fee levels, as detailed here by market analyst Value Penguin, are determined and restricted to a small range of options by federal laws and regulations. The standard fee is $2-3 per domestic transaction, or $5 plus 3% of the transaction value for international activity.

Who? Identify your target market

As a new ATM business owner, consider where cash is the most needed in modern business and entertainment spaces. Beyond banks, consumers need cash at casinos, festivals, concerts, traditional bars, sporting events, hobby shops, and other older retail spaces.

These are some of the most lucrative locations for an ATM, but you might research specific opportunities and markets in your area.

Where? Choose an ATM location

Here are the points to consider while selecting an ATM location:

• Customer Base: Identify the demographic you want to cater to, whether it’s residents, students, or working professionals.
• Foot Traffic: The location should have high foot traffic for maximum visibility and use. Busy commercial areas or shopping complexes are ideal.
• Accessibility: Ensure the location is easily accessible 24/7 and is not obstructed by physical barriers.
• Safety: Select a location that’s well-lit and visible to provide a sense of security to users. Avoid secluded or hidden spots.
• Parking: If the location allows for nearby parking, it can increase accessibility.
• Nearby Businesses: Locations near banks, retail stores, or restaurants can increase the usage of the ATM due to increased cash transactions.
• Competition: Avoid locations with many existing ATMs to reduce competition and increase profitability.
• Rent and Maintenance Costs: Consider the cost of renting the location and any maintenance costs.
• Legal Regulations: Ensure the location meets all zoning laws and banking regulations for ATM installations.
• Security Infrastructure: Opt for a location where security measures like CCTV cameras can be easily installed.
• Internet Connectivity: ATMs require strong, reliable internet connections to function, so ensure the location can support this.
• Space and Power Supply: The location should have enough space for the ATM and a reliable power supply.
• Climate Control: Consider the potential need for climate control equipment (like heating or cooling) for extreme weather conditions.
• Customer Convenience: The location should be in a place where it’s easy and convenient for potential users to stop and withdraw cash.
• Visibility: An ATM should be visible from a distance to draw in potential users. Signage can be used to increase visibility.
• Future Growth: Consider future development plans in the area.

Step 3: Brainstorm an ATM Business Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “ATM” or “cash”, boosts SEO
• Name should allow for expansion, for ex: “NextGen ATM Services” over “Airport ATM Services”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create an ATM Business Plan

Here are the key components of a business plan:

• Executive Summary: Present a concise overview of your ATM business, highlighting its focus on installing and operating ATMs in strategic locations to offer convenient cash access.
• Business Overview: Describe your business’s operation of placing and managing ATMs, focusing on high-traffic areas like shopping centers, entertainment venues, or transportation hubs.
• Product and Services: Detail the service of providing ATMs, including installation, maintenance, cash replenishment, and transaction processing.
• Market Analysis: Assess the demand for ATMs in your target areas, considering factors like foot traffic, availability of nearby banking services, and consumer cash needs.
• Competitive Analysis: Compare your ATM services to other providers, focusing on advantages such as strategic location placement, lower transaction fees, or superior machine uptime.
• Sales and Marketing: Outline your strategy for securing ATM locations, including negotiations with property owners and marketing to potential site hosts.
• Management Team: Highlight the experience and skills of your team, particularly in areas like financial services, machine maintenance, and business negotiations.
• Operations Plan: Describe the operational process, including site selection, ATM installation, cash management, and technical support.
• Financial Plan: Provide an overview of financial aspects, covering startup costs, revenue streams from transaction fees, and operational expenses.
• Appendix: Include supplementary documents such as contracts with site owners, ATM service agreements, or market research data to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to ATMs. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your ATM business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just needs to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

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Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding an ATM business. You might also try crowdfunding if you have an innovative concept.

Step 8: Apply for ATM Business Licenses and Permits

Starting an ATM business requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your ATM business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur means taking on a lot of different roles and functions, from marketing to accounting. It can get overwhelming and difficult to manage so many diverse activities! Luckily there are a lot of excellent software programs and tools to help you with specific business tasks. 

You may want to use industry-specific software, such as MorphisCM , ATM Boss , and STANDER , to manage cash inventory, analyze transaction data, forecast currency usage, and more. 

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

• Strategic Placement: Identify high-traffic locations with limited ATM access, such as malls, gas stations, or entertainment venues, to maximize visibility and usage.
• Fee Transparency: Clearly communicate any fees associated with your ATMs to build trust with customers, as transparency can positively impact user experience and retention.
• Branding and Signage: Develop a distinct and recognizable brand for your ATMs, and invest in clear signage to enhance visibility and brand recall at each location.
• Partnerships with Businesses: Forge partnerships with local businesses, offering them a commission for hosting your ATMs, creating a mutually beneficial arrangement that expands your network.
• Promotional Offers: Run occasional promotions, such as fee discounts or cashback incentives, to attract new users and encourage existing customers to continue using your ATMs.
• Mobile App Integration: Explore partnerships with banking apps or develop your own mobile app to help users locate your ATMs easily and provide added convenience, increasing customer satisfaction.
• Social Media Engagement: Leverage social media platforms to share updates, promotions, and user testimonials, creating an online community that fosters trust and brand loyalty.
• Customer Feedback: Actively seek and respond to customer feedback to address concerns and enhance the overall user experience, demonstrating a commitment to customer satisfaction.
• Local Advertising: Utilize local advertising channels, such as community newsletters, radio spots, and local events, to reach a broader audience and reinforce your presence in the community.
• Security Assurance: Emphasize the security features of your ATMs in your marketing materials to reassure users about the safety of their transactions, helping build confidence in your brand.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your ATM business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your ATM business could be:

• Hi-tech ATM service provider – biometric security, “smart” or cloud-based functionality
• Ease-of-use, responsive touch screen functionality
• Lively or colorful branding
• Mobile ATM specialist

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an  ATM business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in banking for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in ATM. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an ATM business include:

• Installation Specialist
• Repair Specialist
• Maintenance Staff

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.

Step 13: Run an ATM Business – Start Making Money!

Your earnings depend on the number of machines you can deploy. How many ATMs will you be able to purchase and operate? The location of these machines is also important. 

Ideally, these machines should be located in areas with high foot traffic, such as retail outlets. But consider installing your machines in areas where there are many unbanked or underbanked consumers, and areas that are not served by the big banks. That way, you’ll also be helping the community by providing the people with convenient access to cash.

Now that you have the knowledge you need to start a business, it’s time to get out there and put your plans into action!

• ATM Business FAQs

ATM owners make money off the transaction fees added to each ATM withdrawal from the machine. Each time a customer makes a withdrawal from the ATM, the customer agrees to a predetermined fee for the service. The fees vary based on the bank and ATM network, and are charged either at the time or as an item on the customer’s bank statement.

The average ATM processes approximately 300 transactions monthly. At about $2.50 per transaction, the owner would stand to make approximately $750 per month per machine.

The owner / operator of the ATM is responsible for filling the machine with cash on a periodic basis, either through their own team or by hiring a 3rd party provider. The typically minimum weekly balance is around $2,000.

To monitor and maintain the functionality of your ATMs, regularly use remote monitoring systems to track their status. Establish a maintenance schedule for cleaning, inspecting for damage, and performing software updates. Monitor cash levels and implement efficient cash management practices. Have a reliable technical support system in place to address any issues promptly.

The amount of money an ATM holds can vary based on factors like ATM model, location, and cash replenishment frequency. ATMs typically hold a range of cash denominations to accommodate various withdrawal amounts.

The profitability of ATMs can vary depending on location and transaction volume. Areas with high foot traffic and limited access to bank branches or ATMs, such as busy shopping centers, airports, train stations, and tourist areas, tend to be more profitable.

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm an ATM Business Name
• Create an ATM Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for ATM Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run an ATM Business - Start Making Money!

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How to Start an ATM Business in 5 Steps

If you’d like to make a little extra money on the side or want to transition out of your 9-5 job, you might want to know how to start an ATM business. In just 5 steps, you can own and operate an ATM machine that brings in passive income almost immediately.

You don’t need a business license or any specific entrepreneurial training or experience to start an ATM business. Just complete the required documentation, select your ATM machine type, find a location, set a surcharge, and start making a profit. Here, we’ll tell you how to start an ATM business today!

Step 1: Get Compliant with Paperwork

When starting an ATM business, you have to complete the required documentation . The following forms and documentation are necessary in order to even get your machine. This proves that you are qualified to operate an ATM machine and helps set you up for success. This process is designed to make purchasing and operating an ATM machine seamless.

Required Documentation

Your ATM processor will require an equipment order form. This is where you choose the equipment you want and indicate whether you or someone else will handle installation. You will also need to document what your surcharge will be (see below) and what denominations your ATM will dispense.

Next is the ACH form so that your revenue can be deposited into your bank account! Your driver’s license is required to prove your identity and pass a background check. You cannot run an ATM business if you have been found guilty of a felony or financial crime.

A voided business check verifies the legitimacy of your linked bank account. For the purposes of running an ATM business, the account must be a checking account, not a savings account.

The ATM Operator Agreement and application tells banking partners who they are working with and ensures all federal regulations are met. You will need to complete and submit a W-9 form as well. Since you will be making money from your ATM machine, you’ll need to document your earnings for tax purposes.

Finally is the ATM processing agreement. This document lists your rights and obligations as the ATM owner as well as the rights and obligations of the ATM processor. It’s the legal contract between you and the ATM processor that runs your ATM machine program. This agreement also ensures you receive your payment as agreed upon.

Other Applicable Documentation

You may or may not need to complete these forms. They don’t apply in all situations. For example, a business license and permit might only be necessary if your local government requires it. Otherwise, you can register as a sole proprietor under a “doing business as” business name.

A placement agreement, or site location agreement (SLA), would only be necessary if you are planning to install your ATM machine in a location that was owned by someone else. This document serves as a contract between you and that third party and outlines each party’s responsibilities and share of the revenue.

Like all insurance, ATM insurance is completely optional. You can opt to purchase it and account for the cost when calculating your potential profit after operation costs. Or you can test your luck without it. Kind of a gamble here, but if you work with an insurance company that is associated with the ATM Industry Association (ATMIA), they can guide you toward a policy that meets your specific needs.

Last is the wireless agreement. This allows the ATM processor to send you a wireless modem which converts your signal from Internet to cellular and speeds up your connection. Again, this is optional and can be done on your own timeline.

Step 2: Select ATM Type

When choosing ATM equipment, there are three necessary decisions you have to make: ATM type, manufacturer and model, and new or refurbished. 

You have a lot of options when it comes to choosing ATM equipment . First you must decide the ATM type. There are free-standing, through-the-wall (TTW), and wall mount ATM machines.

Free-standing ATMs offer the most flexibility when it comes to placement. They can be installed anywhere there is a power source. They have a small footprint which is helpful when planning around available floor space in a store.

TTW ATMs are bulkier but more secure because the interface, the back of the machine, is secured within the wall extending into the next room. This can make accessing the machine to replace currency a little safer.

Wall mount ATMs can be mounted to a wall, table, or countertop. This can be convenient if your location doesn’t have a lot of extra space available. This is also a more practical choice for small businesses and low-traffic locations.

Manufacturers and Equipment Options

Two of the most popular ATM manufacturers are Hyosung and Genmega. Both produce high-quality, reliable equipment. ATM Depot also offers the full lines of Triton and Hantle (Tranax) machines.

Each of these market-leading manufacturers produces sturdy ATM equipment that lasts upwards of ten years. Just remember that pricing will vary based on the manufacturing company, machine type, and features. You can get more information about manufacturer and equipment options in our ATM Buyers Guide .

New vs. Refurbished

You also have the option of purchasing your ATM machine new or refurbished. New machines are recommended for first-time independent ATM deployers (IADs) who are just starting an ATM business. The new technology informed by feedback from IADs and users makes new ATM machines easier to use.

However, purchasing a refurbished machine could save you some money and therefore speed up your ROI and increase your profit. It’s also better for the environment to reuse electronic equipment rather than having it sent to the landfill.

Step 3: Find a Location

Choosing the right location is very important when it comes to making a profit from your ATM business. You have to find a location where there’s a great need for an ATM machine. Where do people go where they need cash to pay for goods and services? Where is there a large gap between one ATM machine and the next? What are the areas of your city with the most foot traffic? And who might you have to partner with in order to place your machine in a strategic spot?

Who Will Own the Space?

Before you should even think about ordering an ATM machine, you need to know where you’re going to put it. Choosing the perfect ATM location is a very strategic process. You have to consider factors such as visibility, ease of access, and competition. 

The first decision you have to make when choosing a location is whether you want to rent your own space, supply a space you already own, or coordinate with a site location owner. If you rent or purchase your own space, you have to factor that into your operating costs and adjust your business model accordingly to still make enough of a profit for it to be worth it.

The same is true of partnering with a site location owner. Depending on the agreement you set up, you could end up splitting your profits with the owner of the location where you choose to install your ATM. Keep this in mind when calculating your potential profit.

What Are the Best ATM Locations?

When it comes to choosing the right location for your ATM machine, you really have to consider what’s best for you and your business specifically. And you have to work with the locations available to you. Generally speaking, the best ATM locations typically share the same characteristics: cash only, high traffic, good reviews, liquor license, distance from other machines, and convenience for you.

Locations that are cash only or that encourage cash transactions create the demand that your ATM supplies. If people need cash, they need an ATM. This is good for business. So is high traffic. 

The more people who pass by and see your ATM on a regular basis, the more business you’re likely to get. High traffic areas also provide a certain level of security and comfort among users. Isolated machines away from security cameras or the public eye present an increased risk of vandalism and theft.

If you partner with a store owner, you want your ATM to be placed in a store or business that has good reviews. The more customers that store gets, the more business your ATM is likely to get. 

Locations with liquor licenses are good options, too. They are open late, so that extends the hours of operation of your ATM machine and offers more opportunities for transactions. Plus, it’s reasonable to have an increased surcharge at these locations, too (more on surcharge later).Finally, you have to consider the proximity of your machine to you as well as to other machines. The closer your ATM is to other machines, the more competition you have to get customers. But you also want the machine to be convenient for you to access. The more time and money you spend getting to your machine for maintenance and surveillance, the less profit you make.

What Are the Most Profitable ATM Locations?

There are some specific business types that tend to be more profitable due to increased surcharges, high demand, and large volume of patrons. These include casinos, gentlemen’s clubs, hotels, nightclubs and bars, convenience stores and gas stations, restaurants, barbershops and salons, microbreweries, and parking lots.

Keep in mind that profits will vary based on each individual business’s success. When looking for an optimal location for your ATM, choose a business that is busy, regularly brings in customers, and has good potential for staying in business for a while.

Step 4: Set Your Surcharge

The surcharge is the fee customers or users pay for the service your ATM machine offers. For each transaction made on your ATM machine, you make the surcharge amount in return. Setting your surcharge is a very strategic process. You want to offer a competitive surcharge while also setting yourself up to make as much profit as possible. 

The average ATM surcharge fee is about $2.50. Depending on the competition in your area, you can raise or lower that fee amount. And you can change it at any time. 

You might want to start with a low surcharge to encourage people to use your machine as you are just getting started. Or, alternatively, you might want to set a higher surcharge to meet your ROI quicker and start profiting sooner. The choice is up to you.

You also want to consider whether or not you’ll be sharing any portion of the revenue with a third party like a site location owner. If you are, you might opt to set a higher surcharge so that you make more after the site location owner’s share.

Step 5: Start Making Money

It is possible to make a good amount of money from an ATM business. When you’re just starting out, you will want to undergo a modicum of trial and error to get your business model just right. But with an ATM business, you have a low overhead and many opportunities for growth.

As long as people use your machine, you will make money. Getting people to use your machine is the hard work that you have to do once everything is set up. But once you do, you should expect to be making at least $450 monthly gross revenue. That’s 180 transactions a month at $2.50 each.

You can expect 40%-70% annual ROI from any location that warrants 80-100 transactions monthly. To make $1,500-$2,000 monthly in profit, you would need to own and operate 5-10 ATM machines. This is certainly possible if you can establish an efficient routine with your first machine and find optimal locations for subsequent machines. 

How to Start an ATM Business

If you want to know how to start an ATM business, it’s actually very easy. In just a few steps you can start making money. It will require a little bit of work to develop a routine with your machine and test different surcharge amounts and marketing strategies. But there are very few steps involved between completing the required paperwork and beginning to make money.

The best part about running an ATM business is that most of the factors that determine your success are in your control. You decide how much to invest in equipment, where you want your machine, who to work with, and how much you’d like to make per transaction. If you still have questions regarding how to start an ATM business, you can speak with an ATM Depot representative. Contact us today!

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ATM Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » ATM

Are you about starting an ATM business ? If YES, here is a complete sample ATM business plan template & feasibility report you can use for FREE .

An automated teller machine is an electronic device that enables customers of financial institutions to perform financial transactions such as cash withdrawals, deposits, transfer of funds, or obtaining account information at any time and without the need for direct interaction with bank staff.

ATMs were originally developed as cash dispensers, but have evolved to provide many other bank-related functions. Anyone can start an automated teller machine business as long as they have the financial capacity, license, network and business exposure. Below is a sample ATM business plan template that will help you to successfully write yours within record time.

A Sample ATM Business Plan Template

1. industry overview.

Independent ATM business operators are not banks but they install their ATM machines, fill them with cash and earn money every time a customer withdraws money from their ATM machines.

Once the money is taken out of your ATM, it is re-deposited into a bank account of your choice on a daily basis along with the surcharge fees. A portion of the surcharge fee is typically paid to the merchant in the form of a commission or split.

Additional revenue can be made on each ATM transaction in the form of interchange. All your machines can be monitored online through a portal where you can see real time information about how much cash is in each machine and how many transactions and fees have occurred.

The total cost of ownership of ATM network services is high, wherein buyers can expect to pay more than 100 percent of the benchmark purchase price per year in additional fees. Besides annual membership fees, buyers must pay transaction fees every time their cardholders use ATMs in the network. These fees include per-transaction switch fees paid to the ATM network provider, usually about two to ten.

The Automated Teller Machine industry is a thriving sector of the economy of the united states and statistics shows that the total number of ATMs in the United States is 425,000 (source-National ATM Council), Independently owned ATMs deployed- 222,000 (source-National ATM Council) and Average ATM fee/Convenience fee- $2.77 (source-National ATM Council).

Average commission payment-$.50-$1.00 (based on my analysis of 100+ portfolios and 10,000+ locations), and Average interchange net income-$.10-.20 (based on my analysis of 100+ portfolios and 10,000+ locations).

The costs for new machine, is between $2000 – $2500 and higher end machine with multiple cassettes and dispensers can run anywhere from $3000 and $6000. Fiserv Inc., CU Cooperative Systems Inc., Vantiv Inc., First Data Corporation and US Bancorp, ATM Network Services are the leaders in this industry.

A recent report published by IBISWorld shows that the ATM industry is highly concentrated, with the two largest companies controlling an estimated 66.7 percent of revenue in 2018. Major players have been extremely aggressive in acquiring smaller payment software companies and expanding their operations over the past five years, and IBISWorld expects further concentration as these trends continue.

Currently, NCR Corporation and Diebold are the largest US-based ATM manufacturers. Competition from abroad has tightened profit margins and prices on ATM systems. Consequently, most of the industry’s largest players operate in related industries to diversify their revenue sources.

There is a particular emphasis on self-service kiosk stations, payment, cash handling software and maintenance services. The ATM machine industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business.

2. Executive Summary

Fin Tech® ATM Services, Inc. is a US licensed and incorporated business that will operate independent automated teller machine services all across the United States.

Although our business will be based in Santa Fe – New Mexico where we intend positioning our automated teller machines (ATM) all across the city, but we have the plans to spread across major cities in the United States within record time.

We are in the business to perform financial transactions such as cash withdrawals, deposits, transfer funds, obtaining account information and other sundry services, at any time and without the need for direct interaction with bank staff. We are aware that there are several independent ATM service operators with ATM outlets all around Santa Fe – New Mexico, which is why we spent time and resources to conduct our feasibility studies and market survey.

Our customer care is going to be second to none in the whole of Santa Fe – New Mexico. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they make use of any of our automated teller machines.

Fin Tech® ATM Services, Inc. will ensure that all our customers are given first class treatment whenever they use our ATM machines. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they are.

We have put plans in place to operate a mini but standard call center/customer complaint center that will operate on a 24 hours basis for the sole purpose of resolving customer’s complaints. Fin Tech® ATM Services, Inc. is a family business that is owned by Lawrence Mullen and his immediate family members.

The business will be managed by his son Johnson Lawrence, a graduate of Business Administration who has extensive experience working with one of the leading ATM machine services companies in the United States of America. He will bring his wealth of experience and expertise to help build and grow Fin Tech® ATM Services, Inc.

3. Our Products and Services

Fin Tech® ATM Services, Inc. is in the industry for the purpose of making profits and we will ensure that we go all the way to make available a wide range of services as it relates to the industry in the United States of America. Here are some of the services that will be available in our ATM machines;

• Cash withdrawals, deposits, transfer funds, or obtaining account information
• Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, income taxes, etc.)
• Printing or ordering bank statements
• Updating passbooks
• Cash advances
• Cheque Processing Module
• Paying (in full or partially) the credit balance on a card linked to a specific current account.
• Transferring money between linked accounts (such as transferring between accounts)

4. Our Mission and Vision Statement

• Our vision is to build an ATM machine service that will have active presence all over Santa Fe – New Mexico and other key cities in the United States of America
• Our mission is to establish an ATM machine business that will make available a wide range of services at affordable charges to residents of Santa Fe – New Mexico and other key cities in the United States of America where we intend installing our ATM machines.

Our Business Structure

Our intention of starting an automated teller machine (ATM) services business is to build a standard business that has ATM machines in strategic positions in key cities around Santa Fe – New Mexico and of course other key cities across the United States.

We will ensure that we put the right structures in place that will support the kind of growth we have in mind while setting up the business. In putting in place a good business structure, we will ensure that we hire only people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• ATM Custodian/Manager
• Admin and Human Resources Manager

Sales and Marketing Manager

Information Technologist

• Client Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, appraising job results and developing incentives
• Creates, communicates and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Accountable for fixing prices and signing business deals
• Responsible for providing direction for the business
• In charge of signing checks and documents on behalf of the company
• Evaluates the success of the organization

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Defines job positions for recruitment and managing interviewing process
• Carries out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Answerable for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

ATM Custodian/Manager:

• Ensures that proper records of transactions are kept and our ATM machines does not run out of cash
• Ensures that all our automated teller machines are in tip top state and function efficiently at all times
• Interfaces with third – party suppliers (vendors) and our banks
• Controls cash distribution and supply inventory all across our ATM machine locations
• Models demographic information and analyze the volumes of transactional data generated by customers
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Manages and monitors the organizations ATM machine network and website
• Responsible for installing and maintenance of ATM machines, computer software and hardware for the organization
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner

6. SWOT Analysis

Our intention of starting our automated teller machine (ATM) business with a dozen machines installed in strategic locations around Santa Fe – New Mexico is to test run the business for a period of 3 to 6 months to know if we will invest more money, expand the business and then install more machines.

We are aware that there are several ATM machines in Santa Fe – New Mexico and even in the same locations where we intend installing ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.

Fin Tech® ATM Services, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Fin Tech® ATM Services, Inc.;

The strategic locations we intend installing our ATM machines, the business model we will be operating on, wide range of functions in our ATM machines, competent team members and our excellent customer service culture will definitely count as a strong strength for Fin Tech® ATM Services, Inc.

A major weakness that may count against us is the fact that we are a new automated teller machine (ATM) business and we don’t have the financial capacity to compete with older independent ATM companies when it comes to spread.

• Opportunities:

The fact that we are going to install our ATM machines in some of the busiest streets in Santa Fe – New Mexico, provides us with unlimited opportunities to reach out to a large number of people who are likely going to make use of our ATM machines.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our ATM locations; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing power which will ultimately affect ATM transactions. Some other threats that may likely confront us is the arrival of a new ATM machine in same location where ours is located and also down time due to technical problems from our technical partners.

7. MARKET ANALYSIS

• Market Trends

The recent trend in this line of business shows that the price of ATM network services has been increasing at an estimated annualized rate of 1.0 percent in the three years to 2017. Greater demand for services and a lack of competition have facilitated this upturn in service prices.

Still, a decline in some of vendors’ input costs has tempered the magnitude of growth in rates for services. Meanwhile, price volatility has been low in recent time. External factors such as demand from commercial banking and consumer spending will impact industry performance.

It is now a common phenomenon for ATM machines companies to leverage on technology to effectively predict consumer demand patterns and to strategically position their ATM machines to meet their needs; in essence, the use of technology helps ATM machine businesses to maximize supply chain efficiencies.

No doubt data collected from customers goes a long way to help automated teller machine businesses serve their customers better.

8. Our Target Market

Perhaps the ATM machines business has the widest range of customers; everybody who owns a bank account has one or more things that they would need in an ATM machine. It is difficult to find people who own bank account and ATM cards who don’t make use of ATM machines.

Our competitive advantage

The competition that exists in the automated teller machine line of business is stiff because anyone can start the business despite the fact that it can be financial demanding. The automated teller machine (ATM) business requires expertise and any serious minded entrepreneur is likely to make good profit out of it.

One thing is certain, we will ensure that we have a wide range of services available in our ATM machines at all times. It will be difficult for customers to visit our ATM machines and not see the product that they are looking for. One of our business goal is to make Fin Tech® ATM Services, Inc. a one stop ATM machine.

We can boast of our ability to quickly adopt new technology, effective cost controls and proximity to key markets. So also, our excellent customer service culture, highly competitive services, reliable and easy to use automated teller machines and the visibility of our ATM machines and competent team members will serve as a competitive advantage for us.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Fin Tech® ATM Services, Inc. is established with the aim of maximizing profits in the automated teller machine line of business and we are going to go all the way to ensure that we do all it takes to sell our services to a wide range of customers.

Fin Tech® ATM Services, Inc. will generate income by offering the following services via our automated teller machines (ATM);

10. Sales Forecast

One thing is certain when it comes to automated teller machine (ATM) business, if your machines can perform a wide variety of services and are centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Santa Fe – New Mexico and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.

We have been able to critically examine the automated teller machine industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Santa Fe – New Mexico.

Below are the sales projections for Fin Tech® ATM Services, Inc., it is based on the location of our business and other factors as it relates to automated teller machine (ATM) services startups in the United States;

• First Year: $240,000
• Second Year: $550,000
• Third Year: $950,000

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and or major competitors positioning their ATM machines in same locations where ours are. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing locations to install our ATM machines, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Santa Fe – New Mexico.

We hired experts who have good understanding of the industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Santa Fe – New Mexico and every other city we intend installing our ATM machines.

In summary, Fin Tech® ATM Services, Inc. will adopt the following sales and marketing approach to win customers over;

• Give our ATM machines a unique look, by painting them with bright colors or putting a large neon sign on it, so that it is easily recognizable to customers.
• Creates a basic website for our business, so as to give our business an online presence (list the locations of our ATM machines)
• Joins local independent automated teller machine associations for industry trends and tips

11. Publicity and Advertising Strategy

Despite the fact that our ATM machines will be well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our automated teller machine (ATM) business.

Fin Tech® ATM Services, Inc. has a long term plan of installing our ATM machines in various locations in major cities in the United States of America which is why we will deliberately build our brand to be well accepted in Santa Fe – New Mexico before venturing out.

Here are the platforms we intend leveraging on to promote and advertise Fin Tech® ATM Services, Inc.;

• Sponsor relevant community programs
• Distribute our fliers and handbills in target areas
• Position our Flexi Banners at strategic positions in the location where our ATM machines are located.

12. Our Pricing Strategy

We will ensure that we conform to the price model as established by the regulatory body in the United States of America.

• Payment Options

Due to the nature of ATM machines, there are no options when it comes to payment for services other than to insert your ATM card in the ATM machine and then the machine will dispense cash or provide the information or services you requested for. We will make money from the service charge per transaction.

13. Startup Expenditure (Budget)

When it comes to starting an automated teller machine (ATM) business, the major areas you would spend the bulk of your cash is in the purchase of ATM machines, loading the ATM machines with cash and of course renting or leasing warehouse facility.

Aside from that, you are not expected to spend much except for paying of your employees, and the purchase of vans. These are the key areas where we will spend our startup capital;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
• Marketing promotion expenses for flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring Business Consultant – $2,500.
• Insurance ( general liability , workers’ compensation and property casualty) coverage at a total premium – $2,400.
• Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
• Cost for Warehouse remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits – ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for the purchase of ATM machines – $25,000
• The cost for the purchase of 2 fairly used delivery vans- $20,000
• Cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of furniture and gadgets for the office (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $50,000.
• The cost of launching a website: $600
• Miscellaneous: $10,000

We would need an estimate of five hundred thousand dollars ($500,000) excluding the working capital to successfully set up our automated teller machine (ATM) business in Santa Fe – New Mexico. Our target working capital is five hundred thousand dollars ( 500,000 ) and that is what we intend loading in our various ATM machines.

Generating Startup Capital for Fin Tech® ATM Services, Inc.

Fin Tech® ATM Services, Inc. is a family registered business that is owned and financed by Lawrence Mullen and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $200,000 ( Personal savings $150,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $800,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

It is an established fact that the future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our most important goals of starting Fin Tech® ATM Services, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our services (services charges) a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Fin Tech® ATM Services, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing ATM machines: In Progress
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility for warehouse and remodeling: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Establishing business relationship with banks and vendors – suppliers of all our needed products and ATM machines: In Progress

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How to Start an ATM Business With a Business Plan

Published Jan.26, 2024

Updated Apr.23, 2024

By: Noor Muhammad

Average rating 5 / 5. Vote count: 6

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Table of Content

An ATM business is a type of business that operates and owns automated teller machines that dispense cash and offer other banking services to customers. Customers find ATMs easy and dependable to get cash from, and business owners can earn extra money from transaction fees and ads. But to start an ATM business, you need to plan, research, and invest in how to run an ATM if you’re an ATM business beginner. This ATM business plan sample will provide an idea for writing a successful ATM plan.

How to Write a Business Plan For an ATM Business

A business plan is a roadmap that explains how to start an ATM business step by step. A business plan like a microfinance business plan lays out what you want to achieve, how to set up an ATM, and the strategies. So, whether you are looking to secure funding or keep tabs on your progress, a solid business plan is the key.

Your ATM machine business plan should explain how to start an ATM business with no money and cover the following sections:

• Executive Summary – A brief overview of your entire business plan, highlighting the key points and the primary purpose of your ATM business. Should make the reader curious, and tell your business idea, market chance, edge over others, money highlights, and pros and cons of the ATM business.
• Company Overview – A full explanation of starting an ATM business, with its past, mission, vision, values, goals, and objectives. Should also have information about your ATM business license, legal form, owners, managers, and place, as explained in our collection agency business plan .
• Market Analysis – A complete study of the market you work in, with the industry changes, size, growth, and future. Should study the customer groups, needs, likes, and actions, as well as the competition, strengths, weaknesses, chances, and risks.
• Business Strategy – A clear explanation of how you will operate your ATM business, including your business model, your value proposition, your revenue streams, your cost structure, your pricing strategy, your distribution strategy, your customer service strategy, and your risk management strategy.
• Financial Plan – A projection of your business’s financial performance, including your income statement, balance sheet, cash flow statement, break-even analysis, and financial ratios. It should also include your funding requirements, your sources of funding, and your assumptions and estimates. For example, refer to our credit repair business plan .
• Marketing Plan – A detailed plan of how you will promote and market your business, including your marketing objectives, your marketing strategy, your marketing mix, your marketing budget, and your marketing metrics.

What is the Growth Potential for an ATM Business?

According to a report by Grand View Research, the global ATM market size reached USD 22.80 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030.

Image Source – Grand View Research

Here’s some more intriguing insight that shows the growing ATM market:

• There are around 3.5 million ATMs installed worldwide. 
• The total number of active ATMs in the US is between 520,000 and 540,000.
• The average withdrawal at an ATM amounts to around $80. (Source – Astute Analytica )

More and more people want automation, convenience, and security in the banking sector, especially in countries like China and India. This makes the industry grow. Also, new technologies, such as biometric authentication, smart ATMs, and mobile ATMs, can create more chances for the industry.

How much an ATM business can grow depends on many things, such as the place, the customers, the competitors, the number of transactions, the transaction fee, and the costs of running the business. Usually, an ATM business can profit 15% to 40% based on the number of machines, the number of transactions, and the bank business plan . But an ATM business also has problems, such as security risks, rules to follow, and costs of keeping and filling them.

Composition of an ATM Business Plan

To illustrate the composition of a business plan for ATM machines, we will use a sample ATM business plan for a fictional ATM business start-up called CashZone. CashZone is an independent ATM deployer (IAD) that operates and owns a network of ATMs in Florida. CashZone offers cash withdrawal, fund transfer, bill payment, and mobile top-up services. CashZone generates revenue from surcharge fees, interchange fees, and advertising fees.

Here is the company overview section of CashZone’s business plan that will explain how to start an ATM business in Florida:

Company Overview

CashZone is a start-up company that operates and owns ATMs in Florida. CashZone was founded in 2023 by Alex Right and Lucie Haynes, two entrepreneurs with experience and expertise in the ATM and banking industry. CashZone is registered as a limited liability company (LLC) in Florida and operates under the trade name CashZone Services.

CashZone wants to give customers easy, dependable, and safe cash access and make extra money for the business owners. CashZone wants to be the best ATM owner and operator in Florida, with top-quality machines having new features and functions and good advertising chances for local businesses.

CashZone’s goals and objectives are to:

• Start its ATM business in 2024, starting with 10 machines in strategic locations in Florida.
• Expand its ATM network to 50 machines by 2026, covering more areas and customer segments in Florida.
• Achieve a market share of 10% in the industry in Florida by 2026.
• Generate USD 500,000 in revenue and USD 100,000 in net profit by 2026. Refer to our financial advisor business plan to learn more.
• Establish strategic partnerships and alliances with local businesses and financial institutions to increase its customer base and market share.

CashZone’s management team and staff consist of:

• Alex Right, Co-Founder, and CEO, oversees strategy and vision with 10+ years in banking. Has an MBA and bachelor’s in business.
• Lucie Haynes, Co-Founder and COO, manages daily operations and supervision with 8+ years in banking. Has a bachelor’s in engineering and ATM certification.
• Chang Lee, CFO, handles financial planning, analysis, and reporting with 6+ years in accounting and finance. Has a bachelor’s in accounting and is a licensed CPA.
• Lisa Kirk, CMO, leads marketing and sales with 5+ years in marketing and advertising. Has a bachelor’s in marketing and digital marketing certificate.
• Tom Smith, CTO, oversees technology and innovation with 4+ years in IT and software. Has a bachelor’s in computer science and a software/security certificate.
• 5 ATM operators and technicians maintain and repair machines, load cash, and reconcile. Have ATM operations experience and training.

Keys to Success

The keys to success for CashZone are:

• Providing high-quality ATM machines that are secure, reliable, and user-friendly.
• Choosing strategic locations with high traffic, visibility, and demand for ATM services.
• Offering competitive surcharge fees that are affordable for customers and profitable for the business.
• Building a strong relationship with customers.
• Leveraging technology and innovation to enhance the functionality and efficiency of the ATMs.
• Marketing and branding the business effectively to attract and retain customers.

Industry Analysis

The ATM industry is a large and growing industry. ATMs provide cash and convenience services to millions of customers worldwide. According to Market Research Community, ATM Market size was worth USD 21.41 Billion in 2022, accounting for a CAGR of 4.8% during the forecast period (2023-2030), and is projected to be worth USD 32.65 Billion by 2030.

Image Source – Market Research Community

ATMs are very popular and widely used in the US. But the US ATM market also has some problems, like less people using cash, more people using digital payments, too many ATMs in some places, and higher costs and risks of running ATMs.

CashZone ATM wants to serve the people of Florida, who are about 22 million in 2024. Florida is a big and diverse state in the US, where many people need cash and convenient services. Florida is an appropriate place to do business because of:

• Flexible rules
• Affordable expenses
• Strong economy
• Great infrastructure
• Booming tourism industry.

CashZone ATM’s target market segments are:

• Tourists – Florida is a popular tourist destination. Florida received approximately 137.6 million visitors in 2022 (Source – Visit Florida). Cash is helpful for tourists who want to give tips, go street shopping, try local food, and have fun. They also like ATMs that are easy to use, trustworthy, and safe and have options for different languages, money types, and cash amounts.
• Retirees – Florida is a retirement haven, hosting over 4.2 million seniors (20.1%) aged 65 and above (Source – Consumer Affairs). Retirees need cash for paying day-to-day bills, meeting medical expenses, shopping for groceries, etc. Retirees also prefer ATMs that are accessible, easy to use, and safe, as well as offer features such as big fonts, voice guidance, and fraud prevention.
• Immigrants – Florida is a melting pot of cultures, with over 4.6 million foreign immigrants (21.2%) living in Florida (Source – Migration Policy Institute). Immigrants spend cash on things like sending money home, buying what they need, and more. Immigrants also prefer ATMs that are multilingual, multicultural, and affordable, as well as offer features such as currency conversion, money transfer, and low fees.
• Low-income households – Florida is a state with high poverty and income inequality. According to U.S. Census Bureau data, over 2.87 million (12.7%) people are living in poverty in Florida. Low-income households need cash for various purposes, such as paying rent, utilities, transportation, etc. Low-income households also prefer ATMs that are convenient, reliable, and economical, as well as offer features such as no minimum balance, no surcharge, and no overdraft.

Your ATM Marketing Strategy

The marketing strategy section of CashZone’s business plan should include the following information:

• The marketing objectives, such as increasing brand awareness, customer acquisition, customer retention, and revenue growth.
• The marketing mix, such as the product, price, place, and promotion strategies for the ATM business.
• The marketing budget, such as the allocation of funds for each marketing channel, method, and tool.
• The marketing metrics, such as the key performance indicators (KPIs) and targets for measuring the effectiveness and efficiency of the marketing strategy.

For example, CashZone’s marketing strategy can be summarized as follows:

Marketing Objective

CashZone aims to increase the number of customers and transactions by 20% in the first year of operation.

Marketing Mix

• Product – ATMs with cash withdrawal, fund transfer, bill payment, and mobile top-up. ATMs have biometric authentication, mobile integration, and smart features.
• Price – $2.50 surcharge fee per transaction. Interchange fees from banks and advertising fees from merchants and advertisers.
• Place – 50 ATMs in Florida at gas stations, convenience stores, shopping malls, and hotels. High traffic, visibility, and demand.
• Promotion – Online advertising, social media, flyers, referrals, and word-of-mouth. Discounts, coupons, and loyalty programs for customers and merchants.

Marketing Budget

$10,000 for the first year of operation, which is allocated as follows:

• Online advertising – $4,000 for Google Ads, Facebook Ads, and Instagram Ads, targeting customers by location, demographics, interests, and behaviors.
• Social media – $2,000 for Facebook and Instagram, posting content and engaging with followers and customers.
• Flyers – $1,000 for printing and distributing 10,000 flyers, featuring CashZone’s logo, slogan, services, locations, and contact information.
• Referrals – $1,000 for a referral program, where customers and merchants earn $10 for each referral.
• Word-of-mouth – $2,000 for building a positive reputation and image by providing excellent service, quality ATMs, and competitive prices.

Marketing Metrics

• Brand awareness – The percentage of potential customers and merchants aware of CashZone and its services, measured by online impressions, social media followers, and flyer distribution.
• Customer acquisition – The number of new customers who use CashZone’s ATMs, measured by the number of transactions, surcharge fees, and interchange fees.
• Customer retention – The number of repeat customers who use CashZone’s ATMs, measured by the frequency of transactions, loyalty program enrollment, and referral program participation.
• Revenue growth – The increase in the total revenue of CashZone, measured by the sum of surcharge fees, interchange fees, and advertising fees.

OGSCapital for Your ATM Business Plan

If you are confused about how to make an ATM business plan and looking for a professional and reliable business plan service, you have come to the right place. At OGSCapital, we have a team of experienced and qualified business plan consultants who can help you understand how to start an ATM machine business with our ATM business plan and related consultation services. We have been experts in making business plans for more than 17 years, and we have helped over 5,000 clients from 42+ industries get over $2.7 billion in money with our top-notch and tailored business plans.

We understand it’s a challenge of how to open an ATM business. We can help you create a strong and strategic business plan highlighting your benefits, market size, edge over competitors, and financial goals. We will also offer helpful tips and support on how to start and run an ATM business. No matter what your purpose is for having a business plan, we can make one that suits your requirements and expectations.

We have reasonable and flexible prices based on how challenging and urgent your project is. We ensure timely delivery, confidentiality, and quality of our work. Contact us today to get started!

Frequently Asked Questions

How much does it cost to start an ATM business? 

Starting an ATM machine in the US costs between $1,200 for a used model to $3,000 for a new, freestanding machine. But that’s not all. Setting it up and maintaining it costs extra. Hence, expect to budget $2,000-$5,000 or more to start an ATM business when accounting for all costs.

Is it worth it to start an ATM business? 

Are you confused about how to own an ATM machine for profit? ATM business profit in the US can be significant, with estimates of $450-$750 per month per machine. Starting ATMs in high-traffic areas can process over 800 transactions monthly, with potential gross profits of $6,624+ annually per machine. However, profitability depends on location, surcharge fees, and transaction volume.

Download ATM Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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ATM Business Plan Template [Updated 2024]

ATM Business Plan Template

If you want to start a successful ATM business or expand your current ATM machine business, you need a business plan.

Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of ATM business plans.

The following ATM business plan template and example gives you the key elements you must include in your plan. In our experience speaking with lenders and investors, the template is organized in the precise format they want.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.  

Example Business Plan For ATM Businesses

Below are links to each of the key sections of a sample business plan for a successful ATM business.

I. Executive Summary – The Executive Summary provides an overview of your business opportunity, key objectives, business goals and unique value proposition. It also summarizes all other section of the business plan.

II. Company Overview – The company analysis includes information about your business concept, business model, ATM locations and services and legal structure.

III. Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the ATM industry, including key players, trends, and target market size.

IV. Customer Analysis – The market analysis provides an overview of your target market and customer segments.

You can download our business plan template (including a full, customizable financial model) to your computer here.

V. Competitive Analysis – The competitive analysis should identify your direct and indirect competitors and highlight your competitive advantage.

VI. Marketing Plan – The marketing plan includes your marketing strategy, pricing strategy and search engine optimization plan.

VII. Operations Plan – The Operations Plan includes information on your company’s day to day ATM operations and processes.

VIII. Management Team – The management team section includes a profile of the business owner, key personnel and business management, their experience and company responsibilities.

IX. Financial Plan – The financial plan includes financial projections, a cash flow statement, profit and loss statement and balance sheet. It should also include an overview of your operational costs and startup expenses.

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ATM Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan