How to Start an ATM Business – Beginner’s 5 Steps Guide

Have you been curious to start an ATM business? If that is the case for you, this step-by-step guide is here. According to statistics, the global ATM market reached USD 20.18 billion in 2024 with an expected compound annual growth rate (CAGR) of 4.9% within the next few years – now is an opportune time to take advantage of this moneymaking opportunity!

Starting an ATM business can be complex, so you must understand all the steps before diving in. We will cover everything you need to know in this guide on how to start an ATM business.

Advantages of starting an ATM Business

Before diving in too deep, let’s talk about why an ATM business could be beneficial. Here are a few advantages:

Predictable Income Stream

What could top having an income stream? Generating predictable revenue through ATM transactions. Your customers will always require cash, providing you with a consistent source of revenue from ATM transactions.

Low Maintenance

Once an ATM is in place, its ongoing costs become minimal compared to traditional machines. Furthermore, you don’t have to keep up with technology trends as your machines don’t require frequent updates.

Potential For Growth 

As previously noted, the ATM market is expanding quickly, and you can capitalize on this by adding more machines to your network and increasing income growth potential as your business expands.

Flexible Work Hours

An ATM business puts you in charge of your hours, allowing you to take a vacation when necessary or work fewer hours if that works better for your lifestyle.

Importance Of A Well-planned Strategy 

Now that we understand some advantages of starting an ATM business, let’s discuss the importance of developing an effective plan. A well-thought-out strategy will enable your ATM business to thrive by helping mitigate risks such as cash flow issues or customer complaints, giving you more time and energy to focus on expanding it.

An effective plan can also assist in pinpointing areas for improvement and prioritizing tasks for smoother running operations. A well-crafted strategy is key to the success of any business venture; not only will it help identify areas for enhancement, but it’ll help you stay organized so you can track progress easily to make sure things are going as expected.

5 Steps to Start an ATM Business

In this section, we’ll discuss how to start an ATM business in detail:

Conduct Market Research

Market research is essential when starting any business, including ATM businesses. This section serves as a guide for conducting market research for your ATM business.

Determine The Start-Up Costs And Profitability

Beginning an ATM business is costly, so you must understand how much money must be invested upfront. To do this, research the costs associated with purchasing or leasing ATMs, installation and maintenance fees, and consider potential profits and return on investment (ROI).

Identify The Target Market

As an ATM business startup, it’s essential to identify your target market. Consider who and where you would provide services; this will allow you to determine what types of ATMs to buy and install accordingly. An effective strategy would be conducting market research within your locality to see what types best serve that region.

Evaluate Competition 

Your competition plays an essential role in the success of your ATM business. Understanding who else operates ATMs nearby and the services they are offering will enable you to decide where best to place your ATMs and differentiate yourself from their offerings.

Find The Right Location

Ideal locations should have both plenty of customers and low competition – this could include places such as:

  • Convenience stores: Due to their frequent customer payments being smaller than larger stores, convenience store customers tend to make smaller transactions that strain credit card processing fees; as a result, many stores set minimum credit card transaction requirements and maintain ATM availability whenever feasible.
  • Gas Stations: ATMs can be found in gas stations for convenient cash access during gasoline purchases; it’s no surprise that customers want access to cash at this location.
  • Casinos: ATMs are integral to any successful gambling establishment, as customers need an easy way to convert cash to poker chips that they can use at slot machines. ATMs allow this exchange process.
  • Bars and Restaurants: Cash-only establishments require customers to bring the amount they plan on spending before entering, which can be inconvenient for some people; ATMs are often placed nearby to meet this need.
  • Retail Stores: ATMs can often be found near checkout lanes of larger retail stores, giving customers an option to withdraw cash for larger purchases if necessary. Another example could be gift shops like Hidden Gym, The Garden, Top Level, or No Kids Allowed, where an ATM may also be present.

Once you’ve identified an ideal location, it’s important to negotiate a good deal with your vendor or landlord. This will help ensure you get the best price and terms for your business.

Complete Legal and Financial Requirements

This section explains how to legally own an ATM and the requirements you must fulfill to become properly licensed:

Register The business

Registering your business is an essential and critical first step; it lays the groundwork for paying taxes, raising funds and opening bank accounts – crucial components of building a thriving enterprise. But first, you must decide on an appropriate structure for your needs. Here are the main options:

  • Sole Proprietorships are the go-to setup for small businesses. No legal separation exists between its owner and their company, meaning all revenue collected through it comes directly to them; any debts, losses, or liabilities related to business-related debts, etc, must also be assumed solely by them as they report their taxes for all income earned from this enterprise on an individual tax return form.
  • General Partnership A general partnership involves two or more individuals coming together to form a business venture, sharing in its profits and losses equally, with each partner taking responsibility for any debts that accrue during its operation.
  • Limited Liability Companies (LLCs) combine elements from corporations and sole proprietorships or partnerships, with the latter providing assurances against personal liability for debts incurred by its owners.

Obtain An ATM Business License And Other Necessary Permits

Launching an ATM business will require licenses and permits from local, state and federal governments at all levels of government. In particular, you will need a “Doing Business As” (DBA) name registered with them, health-related permits from OSHA, and trademark registration and copyrights/patents related to any intellectual properties associated with your new venture. Furthermore, industry-specific regulations may necessitate additional licenses or permits before beginning operations.

Your location could require that you acquire state and regional licenses or permits; their requirements vary greatly across regions. For specific information regarding how to acquire them, check with your state government and any city or county websites in that jurisdiction or reach out directly to a contact who can provide further details on gaining authorization.

Set Up A Business Bank Account

As part of launching your ATM venture, it is necessary to establish an exclusive business bank account to safeguard both personal funds and earnings generated by the enterprise. Doing this also provides a clear financial separation between both entities.

Have a separate bank account to easily monitor all income and expenses related to your business, set aside money for taxes or payments like rent or utilities, and save for taxes or bills. Before signing on with one, shop around to see which banks offer the most advantageous interest rates, fees and features before choosing one as your financial provider.

Please set up a secure payment processor account so customers can conveniently use their ATM cards when conducting transactions with you.

Protect Your Business With Insurance

Business insurance is essential when starting an ATM business, providing protection from potential liabilities and unexpected risks associated with operating a company. Common components of an ATM business insurance policy may include:

  • General Liability Insurance: General liability coverage protects your business against claims related to bodily injuries, property damages and any other losses that could occur during its normal operations.
  • Property Insurance: This coverage protects physical assets such as ATMs or their components from any damages and thefts that might occur to them, such as ATMs.
  • Product Liability Coverage: Product liability protection protects your business from claims related to product defects or malfunctions that could lead to customer injuries or financial losses.

Make sure your enterprise is appropriately protected against potential risks or liability claims with assistance from an experienced insurance representative.

Consult a knowledgeable insurance representative to assess what coverage you require for your particular enterprise to protect it from risks or liability claims in the future.

Choose the Right ATM Machine

Now that the basics are covered, you can explore different types of ATMs available and determine which will best meet your business needs. This section covers various ATM types available and how to choose one suitable for your company.

Determine The Type Of ATM Machine You Need 

Step one in selecting an ATM is identifying your requirements: this could involve selecting from machines accepting cash, debit/credit cards or both. When making this selection, you should also think carefully about the features provided by each machine – for instance, whether cash advances can be requested and what types of receipts can be printed out from each. Most modern ATMs feature advanced features, so it is wise to carefully investigate them to ensure they meet your needs before purchasing.

Compare ATM Machines And Suppliers 

If you’re thinking about incorporating an ATM into your business, you must familiarize yourself with all the different models and understand how each can support and bolster it. Here are three popular types of ATMs:

  1. Genmega Onyx: The Genmega Onyx ATM Machine is an impressive upgrade from its basic G2500 base model, boasting modernized aesthetics, larger display, responsive touch keys, and excellent functionality – ideal for any retail environment! Not only does the Onyx look fantastic – but it works flawlessly, too! This outstanding ATM offers features such as EMV compliance and EADM/ADA/PCI compliance to simplify customer transactions while still standing out. With an estimated cost of $2,445.00, this remarkable ATM will encourage customer transactions while encouraging customer transactions while still looking professional against other locations;
  2. Hyosung Halo II: The Hyosung HALO II ATM is the premier cash dispenser available today, providing unbeatable value compared to other cash dispensers. It features a UL 291 business hours safe and EMV card reader for additional security; with its PCI 3.0 compliant keypad and TLS (Transport Layer Security) transmission encryption technology, you can be certain your personal information remains private when using this device! Starting at only $2,295.00, it provides an affordable yet reliable solution with its sleek design and plentiful features to ensure customers enjoy an exceptional customer experience every time!
  3. Genmega GT3000: In-wall machines like this “through-the-wall” Automatic Teller Machine may be ideal for businesses seeking an efficient and secure method to provide ATM services. Perfect for outdoor access without requiring separate units, inbuilt ATMs require walls with a minimum wall thickness of at least 6.3 inches to protect them against theft – with this particular in-built ATM costing $3,445.00 as the most costly on this list.
  4. Install and Operate the ATM Machines

In this subsection, you will learn how to install and operate ATMs.

Install the ATMs 

Installation of an ATM involves several steps, with the first one being selecting an optimal spot. Safety-wise, selecting the ideal spot is crucial: your ATM should be situated away from any doors, windows, or external entrances to maximize security and coverage; for maximum visibility and customer convenience, if desired, place it nearer a rear wall as possible – otherwise, place closer to front areas so visitors can easily locate it.

Once you have selected your site, it is necessary to attach the ATM securely. To do this, begin by marking holes where your ATM will be installed on either a wall or floor and drilling holes for secure mounting brackets to be attached – attach them on outer and inner walls so your ATM remains stable!

After installing an ATM, connect it to an electrical outlet to supply power. Depending on its type, there may be different connection methods – some machines use 110-volt AC outlets, while others may require 12-volt DC wiring as their source of electricity. Use electrical tape or wire nuts to cover any exposed wires and ensure maximum protection from electrical shock or fire hazards.

Set Up And Manage The Software

Once your ATM has been securely installed, it is time to configure its settings. Begin by adding or updating customer accounts, transaction fees and service options through its software panel; select which services will be offered on your machine before creating a system for managing cash withdrawals/deposits and other transactions.

Whenever there are difficulties when installing an ATM, such as being unable to connect to the internet or not having power, ensure all wires are securely connected, plugged into their appropriate outlets, and no exposed wiring exists. If all these things check out but it still won’t work, seek help from someone knowledgeable in machines.

Maintain The ATMs 

Maintaining ATMs on an ongoing basis is also key to customer experience, including checking for signs of wear or damage, such as cracks in the external casing, broken buttons or keyboards, or anything that might compromise customer experience. Furthermore, I keep up with software updates and security patches for optimal machine performance. Finally, establish a regular cleaning schedule to remove dirt, dust, or debris that accumulates inside.

Market and Promote the ATM Business

Once your ATMs have been successfully installed and set up, it’s time to market and promote them as part of your business. Below, we have provided some key strategies you can use to market your ATM business effectively to customers.

Develop a Marketing Strategy 

Establishing an effective marketing plan for any business – ATM businesses included! Beginning by identifying your target customer profiles and setting clear objectives and plans on how you will reach them; this might involve developing websites, content such as blogs or videos for promotion of the ATM business, advertising in local newspapers or social media platforms, attending trade shows or setting up booths in public areas, among other tactics.

Offer Additional Services 

If you want to offer extra services like mobile banking, bill payments, and money transfers through your ATM, consider whether it is a good idea. Ask yourself whether this move would help strengthen your business; if so, figure out how to implement the idea – by purchasing more machines or updating their software – before marketing these additional services to your customers.

Create A Customer Loyalty Program

One effective strategy to increase customer engagement and loyalty is implementing a rewards-based loyalty program. This could involve offering discounts or cashback when customers use ATMs and promotional offers or special events specifically for them.

Challenges Faced In The ATM Business

One of the greatest challenges of running an ATM business is keeping up with the competition. Technological advances are constantly emerging, and new players are entering the market, which makes keeping up with customer demands increasingly challenging. Furthermore, as more innovative solutions such as mobile payments or online banking become available, ATMs may become obsolete in certain areas – to remain relevant in this ever-evolving landscape, you must continually adapt and innovate to stay ahead of the competition.

Another challenge for ATM operator’s businesses lies in dealing with security threats. ATMs are at particular risk from cyberattacks and skimmers due to their digital connections and access to customer financial data, so they must implement measures to safeguard them against these dangers, as this could compromise customer experience and loyalty.

ATM businesses face another unique challenge in meeting regulations from various countries or regions, as these may vary significantly between locations. Therefore, it is vitally important for these businesses to remain aware of all applicable rules and regulations to remain compliant and avoid penalties from authorities.

Frequently Asked Questions

How Much is An ATM?

The cost of ATMs will depend on their features and capabilities; basic machines typically range between $2,500-$6,000, while more complex ones can go as high as $10,000.

Is The ATM Business Dying?

Statistics demonstrate that ATM transactions are steadily rising, and mobile banking solutions continue to gain ground, suggesting the ATM industry remains viable and has plenty of opportunities for businesses and customers.

Is An ATM Business Profitable?

By processing 5-12 transactions a day, you could potentially generate $15-$25 of gross profit daily – that means one ATM could potentially bring in $450-$750 monthly!

How Much to Start an ATM Business?

The cost of starting an ATM business will depend on its size and scope. As a general guideline, budget for costs associated with the machine, installation, licensing fees, setup marketing costs, marketing maintenance support, customer support, and setup costs, which could range between $10,000-$50000 depending on operations undertaken.

What Are the Pros and Cons of An ATM Business?

Pros of an ATM business include its potential for high returns, customer convenience, and ability to build customer loyalty. On the downside, operating an ATM business comes with substantial upfront and ongoing maintenance costs, cyberattack threats or skimmers potentially harming it, and having to comply with regulations.

How To Start An ATM Business With No Money?

Starting an ATM business without money can be challenging but not impossible. Depending on local regulations, partnerships with banks or financial institutions that will provide free machines in exchange for a share of profits could work, as could raising capital through investments or crowdfunding platforms; family funds might also come through, or grants from governments or foundations may come into play as possible funding sources.


As with any business venture, success in starting an ATM business lies in preparation and research. Make sure you know what machines you require, how they should be installed properly, where they should be situated and how best to configure and manage software systems. Furthermore, regular maintenance must also be conducted, and your marketing strategy must include customer outreach efforts for maximum exposure. With proper preparation, you can successfully launch an ATM business that gives customers easy access to cash.

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