I'm in a small 9 story office building. There are several law offices in there, many with volume. What I've noticed:
The criminal law firm does not accept credit cards. They will occasionally take checks, but most want cash. The clients have to go to an ATM a block away to get cash. I'm thinking an ATM would help them get cash, and get cash advances on credit cards.
The personal injury firm issues checks to clients, many of whom do not have bank accounts. The clients could probably make use of an ATM that would allow them to cash settlement checks and/or transfer to a prepaid debit card of some sort. Otherwise, the clients use a check cashing store about a block and a half away (they charge BIG fees.)
The immigration firm requires their clients to obtain cashier's checks or money orders. The clients have to go to a bank or convenience store about three blocks away. I'm thinking an ATM that could print money orders would be useful.
Some of the firms asked about international transfers and Bitcoin, but I'm not familiar with them. This would be a secondary objective.
The building has a vending machine room on one of the floors with some foot traffic. I'd likely put the machine in there, as I believe the building leases that space out to several different vendors.
Questions:
Has anyone supplemented their small business with an ATM/kiosk?
Is there a recommended guide for noobs?
Is there a recommendation as to renting or purchasing a unit? Has anyone had experiences with vendors of used equipment?
Is there a recommended unit for what I want to accomplish? (They're listed in order from most important to least.)
@seth504 I can't give very much advice on this matter but it seems like the ATM could get a lot of business from this building you are in. Maybe go to each "office" or law firm and see if they would be willing to offer their clients use of the ATM or let their clients know it is a more convenient place and it is available in the building. That way if you are all working together you are guaranteed some traffic from within the building.
@seth504 I actually financed my friend who has over 20 ATM's. You are better off buying a unit (used on craigslist is the way to go). You are going to get ripped off if you rent. I can ask my friend any sites he recommends. Just make sure you get an ATM that is EMV compliant as I think it will be mandatory for ATM's to have them. It is actually a great idea. An ATM is a great way to supplement income. Some stores make 100 to 200 a month whereas other stores that get a lot of foot traffic can make 500 to 1000 a month. Generally the ATM owner splits fees with the store owner and they each get 50%. What's your position? Do you have a store or an office there? You may have to talk to the building owner about it depending on where you put it. Ideally if you can put it in a space that is "your" and don't have to talk to the building owner, that would be the best. Your place is perfect for an ATM though. Places that only accept cash have a lot of people going to the ATM.
Just realize that you have to supply the cash. The more cash you put in the less trips you make. However that is more money tied up. You have to figure out the balance that works for you. A lot of banks do not like ATM operators. One ATM should be okay but check with your bank. How many transaction do you expect to get a month? Small deli typically get like 60 to 100 transaction a month whereas places like yours may get 300-500. I can give you an estimate to how much money you can expect the ATM to go through if you give me more info.
My friend typically charges $2.50 for every hundred. He usually caps the withdrawals at $300. The best for him is when people take out $20-$40 and pay the $2.50. You can PM me if you have more questions. I can get back to you with more specific information once I talk to my friend as he knows the model numbers and everything.
@mtnrnr3 Do you know of any units that also do money orders? I have my own office in the building, but I'm thinking of renting an additional spot where the building has leases for vending machines. It would be less awkward for the other lawyers in the building to send clients to the machine.
@seth504 I had no idea ATM's could do money orders so I don't have an answer to that. Renting an additional spot would be better. You can also offer to put the ATM inside the law firm (and try to negotiate where you get 100% because it is easier for their clients). You can probably figure out what would be optimal.
@seth504 Yea, percentages from ATM fees sure add up. But, while running an art gallery/venue in Miami I serendipitously found that retail sales increased drastically with the addition of an ATM.
@seth504 ATM operator / owner here. And I have done this in my city.
Because your ATM is probably in the lobby, you need a heavy-ass machine that can take a beating. I suggest a triton ARGO because it is EMV compliant and triton make damn good products. Tech support is great. Now if you are on the cheap side but need a heavy ass machine - Hyosung 1500 or 1700. Their support sucks a bunch of donkey dicks, but that machine was made to survive a bomb. You can find used Hyosungs but not used Argos. When you bolt the machine, make sure it's away from the front door and use 3/4 to 1" bolts that are longer than 6". You will need an internet connection so you need to take that into consideration. Are you US based? I can get you in contact with a processor.
@nicolalalala Thanks! I'm in Dallas, Texas, if that makes a difference. I was thinking about placing the machine in a second story room (by my office) where the building keeps the vending machines. It's by an electrical panel, and the panel with the building's fiber optic.
@seth504 That's perfect! I can refer you to my processor whenever you get started. Just avoid cardtronics since they charge you $13 a month. I am stuck in that contract for another 3 years. Can't wait to get rid of them and move one of my atms to my current processor.
