The number of ATM machines in the UK is on a rapid increase. In 2017, there were .ore than 3 million ATM machines worldwide. Today, you are likely to find ATM machines at restaurants, grocery store, and gas stations than ever. If you own a small business, you can generate more revenue by providing your customers with this needed service. It is not such a huge investment when you consider the financial gain that you stand to get. That leaves you with the question – how profitable is an ATM machine?
Operating an ATM as a side business provides a great opportunity to supplement your revenue as well as increase traffic to your business. There is research that suggests that customers tend to spend up to 25% more at stores that operate an ATM machine. Sounds good, right? So, what this means is that you stand to benefit on two fronts – the first being an increase in revenue through service fees, and secondly an increase in traffic to your store, which converts to increase in sales and higher revenue.
ATM machines transaction fees vary from one provider to the other, but it usually ranges between 1% to 3%. Your profit depends on other variables including, rent (if you have to pay extra for installing an ATM machine) or the owner of the property owner, the ATM processor. Your earnings will be split between the parties involved. However, if you own the machine and the store, your profit margins will increase.
In addition, you will also have to factor in the number of transactions that your machine handles on a daily basis. If your business is located in a business area with a lot of foot traffic, you definitely can make more profit.
While your profit may be assured, operating an ATM machine may not be the best business option to focus on or choose as your primary business. If you consider the shift in the way payments are being made with careless options, such as paying through a mobile app, it is easy to see what the future looks like for an ATM machines business. But as far as a side business was or passive income is concerned, operating an ATM machine makes a good one.
Bitcoin ATM Machine
With new innovations come new opportunities and markets. This is the story of cryptocurrency. How an innovative idea has become a force to reckon with in the financial sector, and it is growing. The number of crypto investors and enthusiasts is growing at a steady rate, and we are beginning to witness more businesses incorporating it into their payment options.
The ability to easily convert your cryptocurrency to cash and vice versa has been one of the important discussion in the sector, and it seems to be getting a lot of attention. There are many solutions available to crypto investors, which allows them to pay for anything with their cryptocurrency. Bitcoin ATM machines play a key role in bringing crypto closer to the people. This will also create opportunities for small business that operate ATM machines.
If you are considering setting up an ATM machine at your business venue, you might want to consider SatoshiPoint Bitcoin ATM machines.
By: Susan Melony
Susan Melony is a writer and content marketer based in Kansas City. She writes about marketing, finance, business, and how to survive the solopreneur lifestyle. You can find her on Twitter.