Knowing how to start your own atm machine business can enable you to generate an almost passive source of income for a long period of time. Please note that it’s important to take your time and explore the question from all sides, to consider everything that will be involved during the business process.
How much you can earn in the atm investment business depends on where an atm is located and foot traffic at that place. An atm can be installed anywhere. Inside or outside any retail merchant location, such as convenience stores, fast food restaurants, bars, night clubs, gas stations, train stations, stadiums, hotels, etc. Anywhere people need to obtain cash, an atm investment can make you a passive income.
Also, when you are considering an opportunity of an atm investment, carefully investigate the issue of the regulation in your region. First of all you have to buy a license from your city government. If you plan to start your business under a business name, you will have to register it with your county clerk. Also, you can set up a business entity such as a limited liability company so that you can avoid any personal liability. For this purpose you have to file articles of organization with your state and pay the appropriate filing fee.
An equally important point to keep in mind when you deal with an atm investment is the relationship with your bank. It is extremely important part of this business, so we suggest you to check in advance whether your bank or a bank in the area where you plan to install an atm, provides suitable options for the atm business.
One of the most popular tendency in the atm industry of the last years is the installing of cryptocurrency atms (or bitcoin atms), which allow users to buy and sell bitcoin and other cryptocurrencies. These machines run like any other ATM, yet they are equipped with the specialized software that enables safe and easy transactions on the blockchain.
Return on your atm investment depends on the bitcoin atm fee that you are going to set up. According to the Coinatmradar Blog the average bitcoin atm fees are now at 5.5% for sell operations and 7.5% for buy operations. And the average normal monthly volume of a bitcoin atm is about $30K. Take it into account when preparing the business plan for your bitcoin atm business.
The next question is what type of a bitcoin atm to choose. Here you can find a quite wide range of bitcoin terminals with super reliable, fast and high quality software and hardware at reasonable prices - https://covaultbtm.com/bitcoin-atm-sale
Never miss a moment: make money on an actively growing trend.
BITCOIN ATM INVESTMENT
If you think about starting your own BTM business and making bitcoin ATM investment, what are the most important aspects you have to note?
As long as Bitcoin is gaining popularity, the business spheres related to cryptocurrency are becoming increasingly requested as well. We can observe this trend all over the world, especially in the USA. According to the information from the site www.coinatmradar.com most of the bitcoin ATMs installed are concentrated in North America - 75.71%. The second region in terms of the bitcoin ATMs’ number is Europe - 20.88%. Top-3 countries are the USA, Canada and Austria. In April, 2018 compared to the statistics of April, 2017, the amount of bitcoin ATMs has doubled. Thus, we can conclude that BTM business is developing very fast.
The process of purchasing is not complicated, you can check the stages here. But prior to make a decision whether to enter the bitcoin ATM business, we strongly recommend you to review the essential points that we highlighted below.
Business Plan. It is hard to imagine a successful business without this document. Preparation of business plan will help you to identify your goals and evaluate your perspectives based on the resources you possess. Absence of cost and revenue planning is one of the most often reasons for BTM business failures.
Compliance with regulations. This aspect is extremely important because requirements vary significantly depending on the location, for example, some jurisdictions may require ATM businesses to get a license. Also, you must register as a money services business (MSB), create your ‘Know your customer’/Anti-money laundering (KYC/AML) compliance, get special licenses, etc. If you are in the USA, for these purposes you can check a very helpful website with the online tracker of bitcoin regulation state by state. The easiest way to resolve legal issues is to collaborate with a bitcoin ATM operator, who will provide you with ready-to-use solution of BTM and software.
Bank account. If you are going to make bitcoin ATM investment, you have to open your bank account. Moreover, establishing a good relationship with a bank is important in order to minimize the risk of the BTM’s business bank account being closed unexpectedly.
Location. When you are planning where to place your BTM terminal, you need to find a good location, considering safety, traffic volume, easy-to-access factor, opening hours and type of business (cafe, pizzeria, shopping mall, grocery store etc.).
BTM type. There are one-way and two-way bitcoin ATMs. Using the 2-way terminal customers can sell bitcoin for cash as well as buy bitcoin. The 2-way bitcoin ATMs are more expensive than the one-way models, but in the meantime, they help not to lose opportunities on the harsh market. Also pay attention on the possibility to adjust the fee on your terminal, that will facilitate control of ROI.
We hope that our advices will be helpful on your way to invest in bitcoin ATM. Stay tuned for new articles!