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What If You Have No Money or Time To Put Into Your ATM Business?

Happy New Year everyone! This year is going to rrrrrrrrrrrrock for sure!

I had a reader, James, ask an awesome question this new year. James wrote:

“Carey I have the money to buy an atm. But i dont have a way to put the money in it
monthly i dont have access to a private lender what do you suggest.”

Here was my response to James:

“Hi James!

Happy New Year! OK so you have money for an ATM and you have a location
too, right? You just don’t have the money to put in the machine or to
load the machine monthly or weekly, etc. Is that correct?

If that all seems about accurate then what you are going to need James is
a partner. You are going to need a partner who is willing to fill the ATM
when it gets low om cash and who has about 1k to 1.5k to start off with to
put in the machine. Of course this person should keep in mind that the
less the put in the machine upfront the more they will have to fill it
every month.

When you find this person you just agree to split the surcharge fees 50/50
or whatever you both agree to. You can even ask the business owner of the
location where you want to put this machine if they want to be this
partner.

Hope this helps. Kudos to you for wanting to take action!”

So you see folks there’s always a way to make things happen. Partnering with the business owner of the site location where you want to place your ATM is a really great idea. Of course, you can’t pitch them 100% hands off! But that’s ok, if you know going in that you need them at a partner you obviously are going to pitch the partner 50% partner angle instead of the 100% hands off angle, right?

Here’s to you creating some extra passive income from the ATM business and other areas in 2011!!

P.S. I think the potential partnership with the gentleman from Canada may be able to be worked out. My ISO (this will be an ATM Video Vocab episode lol) and my attorney don’t think it will be a problem. Waiting to get the final OK from both parties.

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10 replies on “What If You Have No Money or Time To Put Into Your ATM Business?”

Steve,

ATMs can hold a whole lot more than $1,000 to $1,500. The ATMs that I purchase mostly, Hantle 1700, can hold 1000 bills (or more if you buy a different cash dispenser.)

So 1000 20 dollar bills is $20,000 🙂 But I teach people how you can get started with very little money in the ATM business.

I start most of my ATMs with $1500 to see how they do. Now, the farther away you are located from the machine the more money you are going to want to stock them with because that will cut down on the number of times you will have to refill them a month.

In the scenario I describe in the post above, if the business owner were to be the partner then they could get away with putting $1k in the machine easy because they are there every day to re-fill the machine if need be.

I hope this makes sense. Most of my machine currently have $1500 in them. However, I have machines that have $2k to 4k in them. As I built up my cash reserves I started putting more cash in the ATMs that were further away from me and in the ones that got used a lot!

I don’t foresee myself ever leaving 20k of my money in the ATM. Now, if I get to the point where I use a Brinks or some kind of armored service and I borrow the money from the bank, then I could see it, but not my own money. There’s too much more that I could be doing with that money.

Remember, that $1500 in the machine gets recycled through every time someone uses the machine. You never have to put another dollar in your ATM if you don’t want to. You can just throw $1500 in it and that’s the end of it……..overtime you will decide how you want to run your business, including stocking your ATM.

Hope this long winded answer helped 😉

Thanks everyone! And yes, Shae you know we’ll do a lil something something together! February sounds perfect!

Rachel..no problemo. Btw…I’m still digging my ATM Video Vocabs thanks to your inspiration!

Thanks Steph…..your ipod will be streaming with me and Shae talking about ATMs baby! lol

I giggle just thinking about someone listening to me on their iPod lol

Hi iam planning to start the ATM business with a friend i will use my money , i will have to fill up 15 machines, how much cash would i be needing say if i need 60,000/- every week to fill the machines would my bank give me 20$ bills in cash , that would be 30 packets of 20$ bills, plz answer

Hi there,

First, thanks for visiting and thanks for the comment. As far as if your bank will give you a lot of cash. Sure, but that’s a lot of cash so you will probably have to set it up with them ahead of time.
I know it sounds crazy but sometimes we’ll go in to get $10k in cash and they will tell us that we wiped them out of their 20’s. So they will have to plan for you ahead of time.

And just so folks aren’t confused…using SHB’s scenario, he/she wouldn’t really have to get a NEW $60,000 every week. You get the $60,000 one time and then original money is just constantly recycled through the machines.

Hope this helps SHB.

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