I admit, one of my instant connotations to "ATM Machine", was a not-so-pure one. I'll blame my teenage adventures on that.
Be EXTREMELY careful who you buy them from. There have been all sorts of scams where people find that the machine they thought they bought (with serial number) was also sold to someone else.
$3.75 transaction fee??? I'd press "do no accept those terms" and leave your machine quickly. Nice scam though.
I know, just seeing a charge of $3.75 is ridiculous. I live in the inner loop/midtown and visit some pretty busy places with ATM's and have never seen such a high charge the few times I needed to use them. Hell, not sure why I'm even in this thread, lol. All I mostly use is my Debit card anyways. I rarely carry cash, pay off all balances every month...I'm a responsible US of American.
I think the most i paid was 4.00 i think for an atm fee. yes, i was desperate. I needed that lapdance.
I once paid 5 dollars for an ATM fee, I called Bank of America and pretend that the "no ATM fee" commercial was them... after 5 minutes of playing stupid, they waived it
Sounds like a good business idea. I'd consider doing a couple of things first, however. 1. Write up an actual business plan. I know this sounds like fluff work, but it can really put it all into perspective. How much are you initially investing? Where are you borrowing money from? How do you keep the machines filled (you or an employee)? How much to you expect to earn? What is your growth plan? What are the risks (think hard about these)? How do I insure? Where do I expand? IS THIS MY FULL TIME JOB/BUSINESS OR IS IT A SIDE BUSINESS? 2. People throw out the phrase "passive income" fairly often, yet it often takes much more time and effort to run these types of businesses than you think. Will you have other income, or is this your life now? 3. I would recommend against borrowing money from family/friends. If this business goes South, you don't want to be on the hook with family. Get an actualy business loan and put a bank on the hook if you fail. 4. If you DO finance with family/friends: PUT IT IN WRITING. Also, consider partnering with them rather than borrowing. If they are actively invested, you may get help from them and if the business goes South, then you won't actually owe them. Again, only do this if you don't care if you lose this family member or friend forever. 5. PUT EVERYTHING IN WRITING. Put all agreements with your Uncle for locations in writing. What if he decides its not worth the robbery risk and wants you out? What if he sells his business? Will your contracts be applied to the new owner if there is a change in ownership? You might think he'll NEVER sell, but often times there is an offer too good to pass up, he might get sick and need to retire, he might pass it along to his kids, etc. 6. Create a cost card in excel. List every possible cost that this business will incur. Machine cost, maintainance, fees, etc. Do you have to pay someone to install? Do you have to pay delivery? Every possible cost. Anyways, good luck!!!
I've used an ATM outside of my bank's twice in the last 5 years, and I typically use cash for spending. I don't think there is a lucrative market for them unless you strike gold by finding a spot where people can only use cash and have no other options. For instance, a pool hall/game room/arcade type place. Or a bowling alley that only takes cash. I've also seen movie theaters that only take cash. A lot of smaller places, especially in smaller towns, don't invest in a credit card reading service because they don't want to pay the fees. Then you would have to consider alternatives nearby -- are there banks within a mile? Grocery stores/drugstores nearby? People can go buy a stick of gum and get $50 or $60 cash back from retail stores on their debit card. If anything, start with ONE and see how it goes. I think it would be stupid to blow your entire savings account on this without testing it at one first for several months. Do you have the option to sell the ATM's back if they don't work out? Or are you going to be stuck with $20k worth of ATM's that make you $100 a month?
Do people use ATMs still? I have not used an ATM in like 6 years. Don't people use credit cards? you get rebates and other stuff, pay it off every month and even if you lose it, it won't kill you.
He means 8 liners, they are gambling machines. You can have a vendor bring them in for free and you split the money. The machines hand out tickets when someone wins, they give you tickets and you give them money. It is usually 5 bucks a ticket. When you run low on money the vendor takes the tickets and gives you the money for them. YOU DO NOT USE YOUR OWN MONEY! I use to have them at a bar I managed, H&H Icehouse. A State Controller will come in and make sure you are using the right company. It is illegal but the amusement company pays taxes on them. Some places get hit up by law enforcement, we never did in the 3 years I worked there.
Hell yes they do. The last time I saw one, the transaction fee was $10....and that was over a decade ago.
