Well I made some calls yesterday and I secured a meeting with a local pizza shop. We’re meeting today at 2pm to go over why they should let me (us) put our atm there.
My new broker, Vince, actually referred me to this place. I called him the other day as a buddy of mine was looking to talk to him and potentially join his company so I was just following up to see if he spoke to him. In the meantime, he asked if I ever got in touch with the folks he referred me too about the atm. I said that I spoke to one place and they told me they had an atm for a year now but just haven’t put it in. Then he said ok well what about this place. And he gave me the owners names and he told me he even told them about me already and that I’d be contacting them soon.
I like this guy lol Anyway, meeting is set for 2pm. Hopefully, they say yes because we’re paying monthly for a modem that has no machine attached to it! I mean it’s only 20 bucks, but it’s 20 bucks that should be profit!! Know what I mean? You live and you learn.
A couple lessons I learned about the ATM business so far:
1) Don’t buy a machine BEFORE you have a place to put it, yes even if the machines are on sale and it’s an awesome deal for them!
2) If you don’t listen to rule #1, then don’t get your modem activated until after you find a place to put the ATM.
The other places I followed up with were either a) not interested or b) they are still trying to speak to the owner about it. I get that a lot when visiting hotels, but usually I can get to the GM who can make a decision or get to the owner a lot faster.
P.S. If you’re wondering about how much we make from our atm’s I’ll tell you. Last month it was $802 on 4 machines. So they average about $200 / mo. Most machines only have about $1000 to $1500 cash in them and if you’re making $200 / month on that cash….who wants to figure out the return on that money in the machine? Btw, each machine doesn’t do $200 / mo. The chinese place does about $480 a month (that’s a 50/50 split deal tho) and the strip club does about $440 a month (no partnership splits there.) The other 2 places are anywhere from $80 to $120 per month each. So we figure the strip club and the chinese place are actually going to pay off ALL of our machines for us.