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[Infographic] Bitcoin Business vs. ATM Business: Fees Explained Simply

Bitcoin. Who hasn’t heard of it? News of this new form of digital currency is sweeping the nation. Everyday it seems we hear of someone else making lots of money from blockchain. Needless to say, it keeps us interested. But, there’s been a pretty big downfall to investing in the currency lately. Transaction fees are becoming quite a problem. In December 2017, a man moving $25 of Bitcoin paid a $16 fee to do so. According to CNBC, people are paying $28 on average to make Bitcoin transactions. The average transaction fee at an ATM machine is currently around $4. Both fees have been increasing, but Bitcoin’s transaction fee is doing so at a significantly higher rate.

What is Bitcoin?

In its most simplest terms, Bitcoin is a digital currency. A cryptocurrency. Created in 2009 by anonymous user Satoshi Nakamoto, the goal was to create a decentralized electronic cash system. Decentralization is one of Bitcoin’s most important characteristics. This means that no single institution controls the bitcoin network. This puts people that don’t like institutions to have control of their money at ease. Another defining difference between common currencies and Bitcoin is pseudonymity. The system does not need to know the identity of any parties involved when Bitcoin is transacted. This anonymity attracts illegal activity which takes up almost half of Bitcoin transactions at the moment.

What is Bitcoin Infographic

Source: http://mompreneurasia.com/wp-content/uploads/2017/06/btc-1024×690.jpg

Bitcoin Transaction Fees

With so many success stories in the media, people are rushing to enter the cryptocurrency business. Transaction fees are usually the first and most visible cost that everyone in the network will experience. With more users joining in, fees are increasing. According to the graph below, transaction fees for Bitcoin in October 2017 total over 22 million dollars. The average transaction fee around that time: around $60.00. The biggest pain point most people in the network have is how much the fees are fluctuating. If you enter the Bitcoin business, it is in your best interest to check www.cryptofees.net daily, or a similar site, to find out the current average transaction fee. The constant variations and shifts keep Bitcoin miners on their toes.

Bitcoin Transaction Fees - Graphic

source: https://cryptovoices.com/network-transaction-fees/

ATM Transaction Fees

One of the most common fees we encounter everyday has been rising as well. ATM surcharges have reached an all-time high. CNBC reports Pittsburgh has the highest current average at $5.19 while San Francisco has one of the lowest at $3.90. The slowly increasing fee ensures Independent ATM Deployers continue to make a good amount of passive income. As averages continue to rise, remember to update your ATM surcharges to ensure you make more money.

Interested in learning more about the ATM Business? You’re in the right place. Don’t leave this page without getting the information you need. Download our FREE ATM Business Guide by clicking the link below.

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ATM Fees Increasing Over Time

source: http://time.com/money/4966816/atm-fees-all-time-high/

TX Fees vs. Surcharge

Although ATM surcharges have been increasing, the fee doesn’t fluctuate as fast as Bitcoin transaction fees. The average annual increase, according to Bankrate 2017, has been 4.7% over the past 19 years. Bitcoin transaction fees are different for each transaction. On this day, the minimum Bitcoin transaction fee charged is recorded at 0.0963%, however, the largest fee recorded is 29.3309%. That’s right. Someone paid $43.00 to send $103.61. Good thing we don’t have to pay a percentage to withdraw money from an ATM.

The average ATM surcharge has been increasing lately, but it’ll be a while before it’s equal to that of Bitcoin. Most people are wondering whether getting into the Bitcoin business would be beneficial. The answer is … probably. If you’re wondering whether getting into the ATM business is profitable, the answer is yes. IADs are racking up on these surcharges that happen to increase each year. You may have to check daily what you’ll pay to transfer Bitcoin, but surcharges don’t usually change on a daily basis. The ATM business is a lot more secure and reliable, however, the Bitcoin businesses is definitely booming. We’ve created this infographic to help illustrate the difference between bitcoin fees and ATM surcharges.

Bitcoin Business vs ATM Business Fees

[Infographic] The Bitcoin Business vs The ATM Business Fees

How to Profit from the ATM Business - Free Guide

9 Tips to Planning Your ATM Purchase

Planning Your ATM Purchase

Planning your ATM purchase

Many business owners find themselves wondering if they should purchase an ATM. If you have a lot of foot traffic in your establishment, have people asking, often, if you have an older machine, or you know there isn’t another machine close, are all good reasons to consider the purchase.

Once the decision has been made to purchase an ATM, the decision maker needs to research and plan out the path they want to take. Some things to consider when planning an ATM purchase are the machine options, costs, and profitability. Knowing exactly what you are getting into and what to expect can alleviate stress throughout the purchase. Read more

How Can an ATM Machine Attract Business?

We have all been in the situation where we have run out of money and need to fill our wallets or purse with cash. Credit and debit cards are almost accepted everywhere but nothing is better than having physical cash. Install an ATM machine to attract business and you can help provide people with easy access to cash.

Did you know that there are a variety of ways to attract business and make more money when you install an ATM machine into your business? Businesses owners are unaware of the benefits of owning an ATM machine.

 What are the Benefits of having an ATM?

How Can an ATM Machine Attract Business?

ATM machines are great additions to a business because they can naturally attract customers inside. When a sign is posted outside indicating that an establishment has an ATM machine you draw in more people to visit your store.

People will casually walk in just to get some cash and often will make a small purchase. This can help increase business since a lot of people will visit in a given day just to withdraw some cash.

Psychologically, immediately after someone withdraws funds and has cash in their pocket, they are more likely to spend it right away. Spontaneous shopping happens more often after a person adds more money to their wallet.

It is very common that once people get out cash using your ATM they feel the urge to spend some of the money they just withdrew, this often leads to impulse buying which would be spent in your store..

One cleaver trick that works well is to place the ATM machine in an area of the store where you often display specials or bargains you’re promoting, this encourages spontaneous shopping.  Small businesses find that after an ATM machine is installed they make hundreds of dollars in profits every week as a result.

Large businesses and certain types of businesses notice profits often increase dramatically from having an ATM machine available. Most of the time when people withdraw cash they like to break it down into smaller bills. When receiving a few twenties that an ATM typically dispenses customers like to have smaller increments and are likely to make a purchase to facilitate making change.  Customer that withdraw money are therefor more likely to buy something from your store if they need to break down a large bill.

Convenience stores, small markets, and similar businesses can profit considerably from many small transactions a day. A customer is more likely to purchase additional items when they need to break down larger bills so the potential to earn increases.

As the owner or operator of an ATM you also profit from the commission you receive on every ATM transaction that takes place on your machine. So even if people do not spend any money inside your business you are still generating a profit from the small space an ATM uses.

Customers opt for an ATM machine as opposed to using credit cards more often to avoid credit card charges and interest payments. Between 40% – 70% of credit card charges performed are done with a bank debit card and merchants are paying a high percentage to accept this type of payment. Offsetting Credit Card Fees alone is another way to convert fees paid into money made.

An ATM machine is a profitable investment for a business in many ways. If a community or shopping area lacks ATM machines and you install one, other businesses will send people into your store when their customers ask where the closest ATM machine is. You’ll be the business that has the solution to everyone’s need for cash.

Consider installing an ATM machine to help your business attract more customers and produce more profits daily, weekly, and monthly. You’ll be surprised at the amount of additional income once you add a new machine to your business, just remember to make people aware of its presence.

How to Increase Security for an ATM

Increase Security for an ATM

How Can You Increase Security for an ATM and Safeguard Against Theft?

We all know ATM’s are like candy to would-be thieves. However, that doesn’t mean your ATM has to be a target. People target these machines because they are small and they think they store a lot of money.

In reality, most merchant-owned free standing ATM’s (the ones in stores) don’t contain much cash. Many store owners remove the cash each evening like a cash register.

As a store owner or ATM operator, there are certain precautions you can take to limit the chance that an ATM is stolen or broken into and increase security for an ATM.

It’s easy to add a camera monitor for your ATM machine to ensure that it puts a person at risk if they try and steal money from it. The more measures you take to secure your machine the less likely someone will attempt to steal money out of it.

  • Install surveillance cameras around your ATM. No one wants to be spotted on camera. Put one directly on top of the machine and another in a location that has a good view of the ATM. These camera systems are inexpensive and work great.
  • Hang a sign up in the area to let people know that it is under constant surveillance. Thieves will think twice before making an attempt to steal from the ATM when cameras are around. Several higher-end machines come with cameras installed inside to help lower the chance of theft.  The some of the new Genmega series ATMs have surveillance deterrents pre-installed at the factory.
  • Put your ATM near a brightly lit area. The more lit the area where the ATM is located, the less chance someone is going to try and break into it. Make sure that the area directly above the machine and surrounding area has the proper lighting. This will also help customers feel more at ease when completing a transaction. No one wants to withdraw cash from an ATM in an area that is dark. Added security to a machine can help protect the money inside and help draw in customers.
  • Place the machine inside your store. Properly secure windows and doors to prevent people from trying to break in and remove cash each evening like a cash register.
  • Install an alarm in your store so if someone tries to get inside they will trigger it. Your machine should be more secure if it is inside your business. An alarm usually makes criminals move to the next target where they don’t have alarms. Alarms are inexpensive these days and go a long way to make would be criminals think twice about breaking into your business to steal your ATM or any other valuables inside for that matter.

Protecting your investment is just good business. You do not need someone stealing from your ATM. Make sure your installer properly secures your machine to the floor or wall. Make sure the area surrounding your establishment is well-lit, and if you own and operate your ATM machines, simply remove the cash when you close and leave the safe door open is the best security measure. If the ATM in your store is operated by someone else, most of the suggestions above deter criminal activity. A few small protective measures is all it takes to increase security for an ATM and protect your valuables.

The Future of ATMs

The Future of ATMsWill ATMs Become Obsolete?

ATMs are far from becoming obsolete, we know this to be true. These machines are evolving into devices that can complete the same type of transactions as tellers. ATMs are also turning into machines that can help a person get cash in a matter of seconds as opposed to minutes. New machines will start popping up in the next few years that will change the way you think of automated banking. Get an idea of what’s to come in the future for ATMs.

Banks are adopting ATMs that resemble tablet devices. These machines take the place of a teller and can receive your check, dispense cash, and complete most transactions a teller would handle. This allows banks to provide superior customer service by providing tellers on the bank floor to greet customers and answer any questions present. Tablet ATMs do not threaten a teller’s job; they simply allow banks to create a more welcoming atmosphere for customers.

How will these New ATMs be More Convenient?

Gaming consoles have used motion sensor technology for years and now ATMs will too. A new motion sensor machine is currently being developed. People that are wary about germs on a keypad do not have to worry any longer. These ATMs allow users to use their hands to pass motions. A number of transaction options are available at these ATMs. The current design has a woman sitting to produce a calm mood for the person using this type of ATM.

We have all experienced waiting in line to withdraw quick cash while the person in front is completing a series of transactions. The Tower is an ATM that is designed specifically to dispense cash. This machine will speed up the lines so that people do not have to wait to get cash. A user sets up a withdrawal from their cell phone and then taps the machine to get cash. These machines can help people in need of quick cash move quickly while others complete longer transactions at traditional ATMs.

Another machine designed to get you money in seconds is the cash barrel dispenser. All that is required is your debit or credit card and thumbprint. There is a selection of withdrawal options available and within seconds a user can take cash. A machine like this takes the worry out of being cautious about inputting your pin number while at an ATM. No one can learn your personalized pin with an ATM that only requires your thumbprint.

Businesses can benefit from having multiple machines available for people to complete simple or complicated transactions. The different machines allow banks to provide customers with a variety of options to choose from to complete a transaction to their liking. The ATM machines of the future have unique designs and offer solutions to make lines move faster. An investment into one of the machines of the future can prove to help make customers pleased with the selection of ATMs available.