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An ATM Business Can Save Your Marriage (It’s Not as Crazy as It Sounds)

The title statement may sound outlandish. But, consider these stats about gray divorce (divorce among couples over 50):

  1. Gray divorce has doubled since 1990.
  2. Gray divorce has increased by 700% since 1960.

Those are startling numbers. And, it probably seems unlikely that an ATM business is the solution. But, if you look at why the gray divorce rate has skyrocketed, it becomes clear how an ATM business can help.

Here’s a quick story to illustrate the most common cause of gray divorce:

A young couple meets, dates, and gets married early in life—shortly after college. For the next few decades, they spend most of their time building careers, raising children, and preparing for retirement. There’s a lot to do, and they’re both happy to be doing it together.

Then it comes time to retire. Suddenly, the shared goals are gone. And the man has dedicated the majority of his life working. He spent very little time building relationships or hobbies. Or maybe both of the people in this couple spent very little time pursuing things other than work.

The struggle is that retired people often find themselves with nothing to do. And, this can severely strain marriages. When all the work is done, it’s easy to feel that there’s no need for a team anymore.

But there’s more: having nothing to do is no fun. Retirement is supposed to be enjoyable—at least as enjoyable as a fulfilling career, if not more enjoyable. So, it’s easy to feel unhappy in retirement.

That’s what’s caused this spike in gray divorce: a lack of shared goals and things to do in retirement.

An ATM business solves that problem.

How an ATM business can save your marriage from gray divorce

Being an ATM owner is not a way to get rich quick. When you start an ATM business, you’re playing the long game. And, this long game affords people opportunities to build relationships and develop a routine that can sustain them throughout retirement.

Older Couple having CoffeeBuilding relationships

One of the most important aspects of owning an ATM business is building a successful route. An ATM route is just the common path you take to refill your ATM machines with cash and ensure they’re in good shape.

The benefit of this ATM route for older people is that it provides a place where you show up regularly and get to know people. Socially, it’s like a bar (but far more productive and profitable).

Additionally, each ATM machine will be located in or near a business, and maybe even a bar if that’s something you’d enjoy. And, you have to develop a relationship with that business owner, because your ATM is on their property. And, these business owners may want to be involved, to some small degree, in the operation of that ATM machine (coupons, promotions, lowered credit card fees for them, etc.).

Developing quality relationships with these landlords, business owners, and property owners is key if you want to have an ATM business that’s all about service. And, your ATM business should be all about service. That will make your business successful and will ensure you keep your customers happy so they’ll stay with you for a long, long, time.

But, more than being an important part of your ATM business, these relationships give you people to do things with once you’ve retired. Your ATM business creates a circle of friends that will last a lifetime.

Productive routines

An ATM business also solves the problem of idle time in retirement.

Once you’ve set up your ATM route, you’ll obviously need to run that route regularly to keep your ATM machines up and running. This creates a routine that helps retain a sense of purpose and offers shared goals for you and your partner.

But, the best thing about the routine of an ATM business is that your routine can be as busy or as minimal as you’d like. If you want, you could work nearly full time in your ATM business. Or, it can be as part-time as you like.

And, you’re not just keeping busy. Your ATM business gives you productive work. It’s even better than a hobby, in many ways.

Reaching retirementOlder Retired Couple Enjoying Retirement Early via the ATM Business

Although this focuses most on how an ATM business can protect you from a gray divorce, an ATM business can also help you stay married until retirement.

As we mentioned earlier, an ATM business is not a get rich quick scheme. It’s a long game.

But, running an ATM business can provide reliable income that doesn’t require you to grind it out day after day. And, it’s income that you can earn in addition to your professional income. So, an ATM business can certainly make it easier to retire when you want to.

And, the additional income of an ATM business gives you time to develop relationships outside of work and build a marriage that’s ready for the realities of retirement. It’s also a business that gets you out of the house which is a big plus for decreasing the chance of a grey divorce. Plus, you get to enjoy any neighborhood you wish to pursue, make connections, and have fun at the same time. 

So, your ATM business isn’t just a marriage failsafe for retirement. It’s also something that can sustain your marriage and life until you reach retirement.

And, what about those who are retired or near retirement right now? You can start an ATM business at any time. Yes, the ATM business is a long game. But, it’s a long game that you can start right now, regardless of where you are in your life. Besides, you can start and ATM business with less than $5,000 and the returns on that money will be much better than the bank and much safer than the stock market. You’re investing in yourself and in your retirement. 

If you’re ready to start now, learn more about starting an ATM business.

ATM Business Basics Part II: How to Start Up and Operate an ATM Business

Understanding how to start up and operate an ATM business might be one of the most overlooked parts of owning and operating ATM machines.

Yes, the ATM machines are important. But, most of the time investment actually goes into operating the business. After all, it only takes a few minutes to load cash into an ATM.

There are plenty of resources that explain how ATM owners make money. So, we’re going to focus on the process of starting and running your ATM business.

How to start up and operate an ATM business

Contrary to how it might seem, buying an ATM machine is not the first step. First, you need a place to put it (that isn’t your garage). These are the steps you need to follow:

  1. Identify potential ATM locations. There are plenty of options—gas stations, convenience stores, bars, and so on.
  2. Talk to the business owners and negotiate an agreement to provide an ATM for the business. You will need a contract for this agreement.
  3. Buy the ATM machine.
  4. Install the ATM machine, and secure it properly.
  5. Fill the ATM with cash.
  6. Tell people about your ATM.

Three of these steps actually have very little to do with the ATM machine itself. These three steps are major cornerstones of any business. And, these are the steps that most new business owners struggle with.

So, we’re going to break them down.

Identify ATM locationsGreat ATM Locations

In other businesses, this would be called “lead generation.” And, in many businesses, it’s a tricky process that some people never quite master.

But, in the ATM business, identifying leads can be as simple as visiting nearby businesses, choosing good candidates for an ATM placement, and asking if they have an ATM machine.

If the location already has an ATM machine, that doesn’t mean that you can’t place an ATM there. But, it’s an additional hurdle, since you’ll have to replace the current ATM provider. The business owner may or may not be willing to do that.

Either way, you can generate leads simply by visiting businesses and tracking which ones have ATMs and which ones don’t. Keep notes on locations, and remember locations that may be worth the extra effort to replace an existing ATM.

This list of businesses is essentially your leads database.

Negotiate with business owners

In traditional business terms, this would be the “sales” stage. This is where you actually sell your ATM services to the business owner. And, this can be the most challenging and time-consuming part of the process.

First, you have to convince the business owner to talk to you at all. Business owners are busy. And, people generally don’t like being sold to.

But, even though this is a sales process, it doesn’t have to be salesy.

Approach this as a relationship-building process. It’s important that people trust you and are willing to work with you. Focus on understanding what the business owner needs and helping them solve their problems. The agreement is beneficial to both you and the business owner. Be willing to make the arrangement lucrative for the business owner, and help them understand how it benefits them.

If you struggle with negotiation and sales, it’s wise to develop a script for starting the conversation. It’s impossible to predict how any interaction will play out. But, it’s easier to start the conversation if you at least know what you’re going to say first.

Using a script or some sort of plan also enables you to optimize your negotiation and sales process. If you’ve tried something several times, and it’s not working, try something else. Once you find the thing that works, put it in your plan and stick with it.

You’ll also need a contract for this step. A verbal agreement won’t cut it.

You can get a lawyer to draw up a contract for you. However, this will usually cost about a thousand dollars.

Or, you can use a contract template, which is much more affordable. We offer contract templates as part of our membership at ATMDepot.

You can probably find other templates on the internet. But, if you download a free contract template, make sure that it has all the necessary recitals and protections you need. Your contract is the only thing that protects you in a dispute.

ATM at a Gas Station via StockPromoting your ATM

This last step is otherwise known as “marketing.” You’re going to get some organic transactions simply by having the ATM placed.

But, more transactions are better. And, the more people that know about your ATM, the more transactions you’ll get.

You’ve probably seen the “ATM” signs in the windows at gas stations and convenience stores. Adding one of these signs will raise awareness about your ATM.

But, if there are nearby businesses that don’t have ATM machines, go tell them about the new ATM. That way, when people ask if they have an ATM, these other businesses can direct people to your ATM machine.

As a bonus, it’s a good reason to have a conversation with more business owners who don’t have an ATM of their own. It could lead to installing a new ATM.

The business cycle

These three steps will essentially be your ATM business. Yes, there will be accounting and service calls. But, the vast majority of growing your business will be going through these three steps over and over. If you master these steps, your business will boom.

Get leads.

Negotiate an agreement.

Support and promote your ATM.

The rest is just the manual labor of installing the ATM machines and filling them with cash.

It might seem daunting. But, the first step is the easiest: just go out and visit businesses and find out which ones have no ATM. It’s simple, and you’ll start building your book of leads.

After that, you just need to follow up with your leads. Then, go through the core business steps to start up and operate an ATM business.

Need more help mastering these core business cycle steps? Get contract templates, sales scripts, and tons of other resources for starting and scaling your ATM business from ATMDepot.

How to Choose an ATM Processor

Learn How to Choose an ATM Processor

Whether you’re just starting your ATM business or you’ve got machines already, your ATM processor has a big impact on the long term profitability and success of your business. So, knowing how to choose an ATM processor is vital information for new ATM owners and owners looking to switch ATM processors.

It’s not enough that your ATM processor just transfers money to the right account on time. You want an ATM processor that’s going to provide ongoing support and assistance beyond simply processing transactions.

If you call your ATM processor for help with ATM programming and setup, and your ATM processor says, “Hey, we just send the money where it needs to go. You’re on your own,” that’s not helpful. Your ATM processor should behave like a good business partner, not just a service provider.

So, what services should your ATM processor offer? Here’s what to look for as you evaluate ATM processors.

What Your ATM Processor Should Do for You

There are some obvious things that an ATM processor should do. But, there are nuances, even with the essentials.

ATM Sales

How to Choose an ATM Processor - ATM Sales

A company can certainly function solely as an ATM processor. However, there’s an upside to working with a processor that also sells ATM machines: you know the machines you get from your ATM processor can process using their service.

It wouldn’t make sense for an ATM processor to sell you an ATM that’s incompatible with their service. A processor that also sells machines is especially handy if they sell used or refurbished ATM machines. You get machines at a better price, without the headache of potential compatibility issues with your ATM processor.

Automated Payments

How to Choose an ATM Processor - Automated Payments

Obviously, your ATM processor needs to send your money to your bank account. But, it should actually be much easier than transferring money from your checking account to your savings account on your bank’s website.

Automated Payments

First, your ATM payments should be automated. Or, you should at least have the option to automated payments. The ATM business is all about building passive income. If you have to initiate transfers yourself, it makes your income less passive.

Automated payments might seem like small potatoes. But, it’s actually important in terms of choosing an ATM processor that provides service that aligns with your business goals.

Payment Splitting

If you need payments sent to multiple accounts for any reason—because you have a business partner with a separate account, because you have multiple accounts to deal with different expenses, or anything else—it’s easiest if your ATM processor can split your payments for you.

Yes, you can split those payments yourself using online banking. But, again, this makes your income system less passive.

So, look at the options for payment processing that your ATM processor offers, and make sure you’re working with a processor that’s going to help you build an ATM business that meets your goals.

ATM Vaulting

How to Choose an ATM Processor - ATM Vaulting

As you know, keeping your ATMs stocked with cash is vital to keeping your business humming.

Now, there are a few options for ATM vaulting:

  1. You can do it yourself. Just get the cash, and take it to your ATMs to restock all your machines. This is the most profitable way to vault your ATMs since it doesn’t add any overhead to your business.

    If you vault your ATMs yourself, it’s most convenient if your ATM processor provides monitoring services that alert you when one of your machines is low on funds.
  2. You can get the location owner to do it. This is a good option, since the business owner is there frequently, maybe every day. And, they have a vested interest in the security of the ATM because they’re stocking it with cash from their register. Additionally, this minimizes your workload.

Clearly, the business owner will want to be compensated for their efforts. But, it’s often a worthwhile expense.

  1. You can have your ATM processor vault your ATMs for you. This takes the responsibility of vaulting your ATMs off your plate completely.

Whether or not you use this service from your ATM processor, it’s a good option to have. You may have ATMs that are in locations which are difficult to refill yourself, or if you want an armored truck service to protect your cash, having your ATM processor vault your ATMs may be the best option.

Now, your ATM processor will charge you for this service. This is the crux of choosing whether or not to have your ATM processor vault your ATMs. The service shouldn’t be so expensive that it kills all your profit. Around $1.00 per transaction is reasonable and manageable. In any case, make sure that the cost works for your ATM business model.

In the end, you don’t need to use your ATM processor’s vaulting services. However, working with an ATM processor that offers ATM vaulting can help expand the potential locations for your ATMs and reduce the workload of keeping them full of cash.

ATM Installation and Setup Support

How to Choose an ATM Processor - ATM Installation

Getting ATM locations is largely a sales process. But, ATM setup and programming is a more technical process. It’s also the part where many ATM owners get hung up.

So, it’s important that you work with an ATM processor that provides instructions for setting up and programming your ATMs. And, it’s important that you can call your ATM processor for free if you get stuck and need help.

You lose money for every day that your ATM isn’t functioning. So, it’s important that your ATM processor is there to help you overcome challenges in the setup process and get your ATMs up and running.

Alternatively, a quality ATM processor will offer to send a technician to install an ATM in a new location for you. This isn’t free. But, it will save you a lot of time and headaches, especially when you’re new to the ATM business.

Just like the ATM vaulting service, you shouldn’t be required to use your ATM processor’s setup service. But, it can be a good way to get some ATMs going while you’re still learning the ropes of ATM setup and programming.

Service Agreement Templates

How to Choose an ATM Processor - Service Agreement Templates

Creating your own service agreement from scratch is a bad idea. You’ll most likely end up leaving something out. Then your service agreement won’t properly protect you if something goes wrong between you and the location owner. Obviously, this can be very bad.

A good way to avoid this problem, without hiring a lawyer, is to use templates. This way, you can create a service agreement that’s customized to the situation, without leaving anything out.

Service agreement templates will save you a lot of money in legal consulting fees and long-term losses from botched service agreements. So, an ATM processor that offers service agreement templates makes it easier and less expensive to get the paperwork done and get your ATM machines up and running.

Low Fees and Shorter Contracts

There are ATM processors that sell new ATMs at an impressively low price. It seems like a great deal at first.

However, most companies that discount their ATM machines wrap up a lot of fees in their service. You might save a few hundred upfront. But, the ATM processor gets that money back through fees over time.

Often, companies that make money on slightly higher fees will require 3 to 5-year contracts. Longer contract requirements ensure that the fees cover the cost of the discounted ATM machine. If you sign a 5-year contract, the fees could end up being more than the initial discount you got on the ATM machine.

ATM processors that charge slightly higher prices for their ATM machines usually have a lower fee structure. And, these ATM processors usually offer shorter contracts, in the range of 1 to 3 years. They can offer shorter contracts because they don’t need to make up for discounted ATM machines.

So, look at potential ATM processor fee structures and contract requirements, and consider how much those fees are going to cost you over the life of the contract.

Flexibility

How to Choose an ATM Processor - Support Flexibility

The last thing is flexibility and support. Your ATM processor should be responsive and easy to work with. If you can’t get the help you need, when you need it, your ATM processor isn’t helping you much.

It’s best if your ATM processor offers some sort of 24/7 support. You never know when you’ll need help with your machines. So, your ATM processor should offer anytime support for their services.

As we mentioned earlier, your ATM processor should be more like a business partner than a service provider. Availability and responsiveness are key to getting this sort of partnership from your ATM processor.

Last step: Choose an ATM Processor

Ultimately, the ATM processor you choose is one of the first major decisions in your ATM business. You’re already on the right track by reading about how to choose an ATM Processor. You’ll be working with that processor for a year or more. So, you want to work with an ATM processor that’s going to support you and your business, in addition to processing transactions.

If you’re ready to compare ATM processors, start by checking out ATM Depot. ATM Depot offers complete support and education for everything from ATM purchase to installation and everything in between.

Is the ATM Business a Bad Idea?

Is the ATM Business a Bad Idea?

Aspiring entrepreneurs who are looking to “get-rich-quick” always turn to ideas where they think they can put in the minimal amount of work, yet yield the maximum (and sometimes most ludicrous sounding) amount of money in a short amount of time. Sadly, they’re also the ones who are more likely to buy or invest in anything that “sounds” good without really researching and fully investigating the idea.

There is absolutely nothing wrong with buying or starting new businesses with the sole goal of making lots of money. But what IS wrong is when the idea of making large amount of money overshadows the amount of initial work and commitment that it will really take before any budding new business takes off the ground.

The ATM business is a very good entrepreneurial endeavor and does yield a lot of revenue for ATM owners. However, going into business as an ATM entrepreneur is just not right for some people and their mode of thinking, and can quickly turn into the worst thing they’ve ever done.

No Money

As an aspiring ATM entrepreneur, if you don’t have any reserved money to invest into this business, then it may be a bad idea for you. Although getting into the business only requires a nominal amount of money, you do have to and need to be prepared to spend something to get the business set up. This is not a cookie-cutter business or a “business-in-a-box” and you will see that you’re going to need to treat the investment as a serious endeavor and be prepared to spend a few thousand dollars. Whether you obtain a small business loan or borrow the money, you will need to have something to get started.

No Business Plan

If you don’t have a plan of action or a comprehensive business plan, it’s not a good idea to go full force into this business. However, without a business plan, it WILL be difficult for you to be successful in this business. Too often, new entrepreneurs think they can perhaps install a few ATM’s at random locations and just rake in the cash without planning or forecasting. A solid business plan will help guide you through setting up the business, establishing contacts, understanding and signing legal contracts, planning for business changes, including profitable times and when there’s a loss of revenue due to unforeseen circumstances. A good business plan will also guide you on how to effectively market your ATM business and even what type(s) of software products you’ll need to have for your ATM’s, depending on their locations.

No Legal Agreements

Speaking of legal issues, contracts that are properly signed and worded are of the utmost importance for this kind of business. Verbal agreements are certainly great to have, but in the ATM business, you need to have comprehensive agreement contracts that cover each area and responsibility of the business as well as ensuring that you are covered as a businessperson.

No Mentor

With those legal issues, marketing issues, finding good ATM locations and even locating ATM investors for your business can best be covered with the help of a business mentor. This would, of course, preferably be someone who has or is currently in the ATM business world. They can help guide you and offer suggestions on your ATM business journey. However, if you are planning to simply dive into the business without any mentoring or guidance, you may be taking on much more than you can handle. Yes, you can certainly have success without a mentor, but you’ll have that success much sooner and without as many hiccups if you secure a mentor to help you along the way.

So, Is the ATM Business a Bad Idea?

With the aid of a good mentor, solid business information and an acute awareness of what you can expect out of the ATM business, you certainly can find great success and form a profitable business. Regardless of the length of time it may take, which can be shorter or longer for each person, your goal should be to build a solid, profitable, sustaining ATM business that will reap monetary rewards and personal satisfaction.