- Acquiring an ATM machine is not a magical solution for starting an ATM business. There are a wealth of additional considerations to be made, ranging from location to setting up agreements with different businesses for placement and more. From business plan to execution, there are a number of significant factors to bear in mind when entering the ATM business.
- Initially, you are going to have to choose a working business method for your ATM machine. Deciding simply that you are going to run a business based around ATMs is not enough work before entering into the implementation period. A full-scale plan must be in place. For instance, will you choose a franchise? The franchise route will provide you with certain support, including training, but you will be fenced in to an extent due to any policies, obligations or requirements the franchise has in place that you will be expected to follow. Similarly, choosing not to franchise may provide more freedom, but the support system will be lacking. Irrespective, you will also have to bear in mind the age-old issue of "location, location, location." Where will you place your ATMs? If they aren't in highly frequented areas, you are not going to be receiving adequate business.
- While paying for ATM placement may be necessary, it is possible to achieve free ATM placement as well. These programs exist and are designated for ATM placement in high-traffic areas that are willing to promote placement, or, in other words, are in need of a machine's presence. However, in the long run this does entail some support from the ATM distributor, as that distributor must provide the people who own the location with some of the ATM surcharge revenue that occurs as a result of withdrawals. This is a popular method for ATM distributors to incorporate.
- Another top consideration that occurs before you even purchase any of your ATM machines is which manufacturer to go with. Sure, one kind of ATM may sell for less and allow for higher-volume purchases, but what kind of quality is provided by that ATM's manufacturer? Will constant maintenance fees on a poorly designed machine negate the initial cost benefits? Going with an ATM manufacturer with a strong track record is likely the best choice. Not only will you save on maintenance costs, but lack of income due to an ATM failure during a peak time for customers during the day can kill any chances of financial success in the long run.
- Whether or not a reliable ATM manufacturer is chosen, routine service to the machines will still be necessary. When starting an ATM business, a model must be in place to service these machines on a regular basis. This entails hiring technicians who know what they are doing and how to troubleshoot the machines. Thus, additional expenses must be accounted for each month for the servicing of the machines. A successful business model must take this into account.
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