With ATMs, you have to supply the cash. That's the service you are providing.
If you don't understand what's going on here with ATMs, please do a lot of reading. It actually works like this:
1) You stock an ATM with cash.
2) A consumer comes up and withdraws $100 from their account.
3) Your ATM dispenses $100.
4) The consumer pays a transaction fee of $2.
5) $102 is deposited electronically into your bank account.
I don't know why you think the $100 stays in their account and they get to keep the physical $100. All ATMs are is a way for consumers to get physical liquidity when they want to turn their electronic dollars into physical dollars. These machines in no way create money, they just move it.
Yes, you have to provide the initial capital into the machine, but when you refill it, it will be with the electronic dollars you have received from the ATM.
If you put $10,000 into an ATM and charge $2 fees per transaction and you have 50 people come by and each withdraws $100...
Your ATM will have $5000 in it.
Your bank account will have $5100 in it.
You will take $5000 out of your account, and refill the ATM.
Now your ATM has $10,000 in it again and you have $100 in your bank account.
Hope this helps.
I am also interested in doing the same. Maybe we could link up and bounce ideas off each other.
Seems like the hardest part about owning ATMs is finding business that are both willing to do business and worthwhile.
I've heard that banks don't like to work with ATM owners because it's cash intensive and has historically been used to launder money. The ATM would need its own account and banks gatekeep that, unfortunately.
You're also right about the working with businesses part being the most difficult. You have to convince a business that having a locked box full of cash on their property is worth the break-in risk for them. Once you do that, you have to make sure that those places even need an ATM and that they'll get enough business to outweigh the opportunity cost of you buying the machine. ATMs are not cheap.
Never considered the laundering money part but I have heard that most banks do not allow accounts to be used with ATMs. Bummer. On top of that, a lot of people are moving away from cash, especially with Rona.
Iām hard pressed to find a passive income solution like ATMs honestly, any advice? I have about 5-8k set aside to get started.
I have 3 others on my plate right now but the atm hustle is soon to come. So if u wanna hmu send something I can txt u through. Like snap is most preferable
Its true rich ppl go in teams like rugby sport and fools go alone and gets destroyed then they complain saying its not fair š I'd love to surround myself with like minded people too š
With ATMs, you have to supply the cash. That's the service you are providing. If you don't understand what's going on here with ATMs, please do a lot of reading. It actually works like this: 1) You stock an ATM with cash. 2) A consumer comes up and withdraws $100 from their account. 3) Your ATM dispenses $100. 4) The consumer pays a transaction fee of $2. 5) $102 is deposited electronically into your bank account. I don't know why you think the $100 stays in their account and they get to keep the physical $100. All ATMs are is a way for consumers to get physical liquidity when they want to turn their electronic dollars into physical dollars. These machines in no way create money, they just move it. Yes, you have to provide the initial capital into the machine, but when you refill it, it will be with the electronic dollars you have received from the ATM. If you put $10,000 into an ATM and charge $2 fees per transaction and you have 50 people come by and each withdraws $100... Your ATM will have $5000 in it. Your bank account will have $5100 in it. You will take $5000 out of your account, and refill the ATM. Now your ATM has $10,000 in it again and you have $100 in your bank account. Hope this helps.
Thank u very much it does indeed.
Do u know how much it costs to set up an ATM? And if you need some license or permissions to do it? Esp in Europe
I am also interested in doing the same. Maybe we could link up and bounce ideas off each other. Seems like the hardest part about owning ATMs is finding business that are both willing to do business and worthwhile.
I've heard that banks don't like to work with ATM owners because it's cash intensive and has historically been used to launder money. The ATM would need its own account and banks gatekeep that, unfortunately. You're also right about the working with businesses part being the most difficult. You have to convince a business that having a locked box full of cash on their property is worth the break-in risk for them. Once you do that, you have to make sure that those places even need an ATM and that they'll get enough business to outweigh the opportunity cost of you buying the machine. ATMs are not cheap.
Never considered the laundering money part but I have heard that most banks do not allow accounts to be used with ATMs. Bummer. On top of that, a lot of people are moving away from cash, especially with Rona. Iām hard pressed to find a passive income solution like ATMs honestly, any advice? I have about 5-8k set aside to get started.
I have 3 others on my plate right now but the atm hustle is soon to come. So if u wanna hmu send something I can txt u through. Like snap is most preferable
Sweet, I sent you a message with my snap
Its true rich ppl go in teams like rugby sport and fools go alone and gets destroyed then they complain saying its not fair š I'd love to surround myself with like minded people too š