How Not To Get Cheated In The ATM Business
If you have been thinking about getting into the ATM business
or if you are already in the ATM business you may be wondering
how to prevent yourself from being cheated in the ATM business?
I’m going to give you a couple of pointers to look out for that
will help you from being cheated in the ATM business. Please
feel free to post questions or post more ideas below.
How Not To Get Cheated In The ATM Business – Tip #1
Educate yourself – In order to not get cheated
in the ATM business you should really educate yourself prior to
entering the ATM business.
This means getting all of the free information that you can on the
ATM business and it also means investing in your future and your
own education by purchasing a comprehensive ATM Business training
program like mine or someone else’s program.
How Not To Get Cheated In The ATM Business – Tip #2
Pick your partner(s) wisely – When I first got started in
the ATM business there wasn’t really a course that I knew of that could
teach me the ATM business. But I did know a gentleman in the ATM business.
He was someone that was “trusted” in another industry and I had no reason not
to trust him in the ATM business, besides he was going to teach me the business.
Turns out, he was a shady business man with zero integrity. I was definitely
cheating in the ATM business from my beginning days because I chose to work
with him. (This is the entire reason behind me putting together my ATM Business
Blueprint Success System…so no one ever feels they “need” a partner to teach
them the ATM business.)
Anyway, to prevent yourself from getting cheated in the ATM business by a partner
make sure that you first, get references from people that have worked with this
partner (good and bad references 🙂 and also make sure you have a contract
with this partner. BUTTTTTT and this is a very important BUTTTTT, do not under
any circumstances sign the contract without having YOUR local, competent attorney
review it for you. DO NOT SKIP THIS STEP. Yes, it will cost you money to have
an attorney review the contract, but I promise you that it will help alleviate a
lot of problems down the road. (Feel free to ask me how I know this!)
How Not To Get Cheated In The ATM Business – Tip #3
Protect yourself and your business – Of course there are
dishonest people out there, right? We all know this. I’m not telling you
anything you didn’t already know about the world. (At least I hope you’re
not just hearing this from me lol)
In order to not get cheated in the ATM business you need to protect yourself
and your business from dishonest people and maybe in disloyal people.
You do that in 2 ways:
A) Getting contracts signed with business owners – You always want to “lock”
up a potential location with a signed contract by you and the business owner.
This contract will have all of the terms of the deal spelled out in it and it
will make your relationship “official.”
B) Getting insurance for your ATM business – You are in a real business, so you should
have real business insurance on your ATM business. Always start with your local agent,
but it’s been my experience that you’re going to have to dig a little deeper to find
affordable insurance coverage for your ATM business.
Having these 2 things in check will help you to not get cheated in the ATM business. Remember,
when it comes to any type of contract you NEED to have a competent, local attorney in your
area help you with them. Do not just do the contract thing willy-nilly or think you don’t
need one.
How Not To Get Cheated In The ATM Business – Tip #4
Pick your team members wisely – There are different team members
that you will have within your ATM business. Now, these are not employees, but
rather other companies that you will be working with to effectively run your
ATM business.
To not get cheated in the ATM business when dealing with these people you need to
re-read #1 above and you also need to research different team members. Get references
(ask for good and bad ones.) Get referrals. Then you need to get on the phone and
talk to the companies or meet them in person if they are local.
Trust your gut. If you feel someone is just being a shady, slimy, salesperson and they
just want your money but you don’t feel they’d ever be there for you in case of a real
issue then move on.
If you feel like they’d put you in the back of their “support line” because you are a small ATM business
owner getting started and don’t have tons of ATMs yet then move on.
How Not To Get Cheated In The ATM Business – Tip #5
Don’t buy from ebay or sites like that – A mistake that I see a lot of
new folks in the ATM business making is going to a site like ebay, finding a cheap, used ATM,
buying it and then finding out that the ATM they just bought was an old, out-dated model that
they need to update in order to make it compliant with the current ATM rules and regulations.
That is, IF it’s more cost efficient to update it then to just buy an entirely new ATM machine.
So, when you are first getting started in the ATM business, in order to prevent yourself
from being cheated in the ATM business my advice is to stay away from ATM machines on ebay
or sites like that. Only buy ATMs from a trust ATM supplier.
Once you’ve educated yourself about the ATM business and your ATM supplier has educated
you and you’ve been in the business for a little bit, then perhaps you can proceed to
ebay and sites like that for ATM deals…….this way you’ll be a little more informed so
you won’t be so easily cheated in the ATM business.
I hope you found these tips useful about how not to get cheated in the ATM business. Please
do yourself a favor and learn from my mistakes 🙂
If you have any questions feel free to post them below. Also, if you’d like to get free information
on starting your own ATM business and to learn more about my ATM Business Blueprint Success System so you
can prevent yourself from being cheated in the ATM business then click here.
7 Responses
Hi, CareyI.m opening a small retail store this summer and we will have 1 ATM in there so i really enjoy the much needed info.
Thanks
Awesome Billy! I’m glad you got some good info from the blog! Good luck with your store!
Carey
Hi Carey!
Great information thank you so much for sharing your ATM business experiences.
I am a newbie looking to get started and have been doing some research. I have a few questions.
I found a company called ATMDepot.com who appears to be a supplier. Is this a good source?
You recommended getting insurance for your business…..do you mean insuring the actual ATM machine and its contents? How would I describe the type of insurance I would need for this business to an agent?
Did you create your own contract and have your attorney look over it? Is this something a supplier can provide or are you basically on your own?
I found a company that also leases the ATM machine to ATM owners. Would you recommend leasing if you don’t have the cash up front to buy the machine?
Thanks for your time and the response.
Marisol
Hey Marisol,
A lot of great questions! I’ll try to answer them the best I can here but I definitely recommend you try to set up an ATM Business Strategy Session with me when you get a chance. It’s free and it’ll help clear a ton of things up that you probably have on your mind but didn’t ask here.
Here goes. My answers are in bold below:
1) I found a company called ATMDepot.com who appears to be a supplier. Is this a good source?
I don’t recommend working with any company other than the ones that I refer to in my training program. Only because I don’t know how any of these other companies that you can find online operate. I know 100% without a doubt that the folks that I recommend will take good care of you and not screw you! (Btw, not saying that these folks you are talking about are like that, just telling you that I don’t know, so I can’t personally recommend them myself. Hope that makes sense.)
2) You recommended getting insurance for your business…..do you mean insuring the actual ATM machine and its contents? How would I describe the type of insurance I would need for this business to an agent?
Yep. You’re going to insure the ATM and the cash inside. And you would describe it just like that. Most likely your insurance carrier will not be use to dealing with this type of insurance and therefore it’ll probably be pricey. For a more affordable option, I definitely recommend a company that I give in my trainings.
3) Did you create your own contract and have your attorney look over it? Is this something a supplier can provide or are you basically on your own?
NO!!!! Please do not EVER, EVER create your own contract. Don’t even use a simple, basic contract that a potential supplier may give you. Find yourself a good attorney in your area, preferably one that knows the ATM business and/or vending business. Have them create a contract just for you. That will be your best bet and the safest way to protect you and your business.
I found a company that also leases the ATM machine to ATM owners. Would you recommend leasing if you don’t have the cash up front to buy the machine?
Hey Marisol,
A lot of great questions! I’ll try to answer them the best I can here but I definitely recommend you try to set up an ATM Business Strategy Session with me when you get a chance. It’s free and it’ll help clear a ton of things up that you probably have on your mind but didn’t ask here.
Here goes. My answers are in bold below:
1) I found a company called ATMDepot.com who appears to be a supplier. Is this a good source?
I don’t recommend working with any company other than the ones that I refer to in my training program. Only because I don’t know how any of these other companies that you can find online operate. I know 100% without a doubt that the folks that I recommend will take good care of you and not screw you! (Btw, not saying that these folks you are talking about are like that, just telling you that I don’t know, so I can’t personally recommend them myself. Hope that makes sense.)
2) You recommended getting insurance for your business…..do you mean insuring the actual ATM machine and its contents? How would I describe the type of insurance I would need for this business to an agent?
Yep. You’re going to insure the ATM and the cash inside. And you would describe it just like that. Most likely your insurance carrier will not be use to dealing with this type of insurance and therefore it’ll probably be pricey. For a more affordable option, I definitely recommend a company that I give in my trainings.
3) Did you create your own contract and have your attorney look over it? Is this something a supplier can provide or are you basically on your own?
NO!!!! Please do not EVER, EVER create your own contract. Don’t even use a simple, basic contract that a potential supplier may give you. Find yourself a good attorney in your area, preferably one that knows the ATM business and/or vending business. Have them create a contract just for you. That will be your best bet and the safest way to protect you and your business.
4) I found a company that also leases the ATM machine to ATM owners. Would you recommend leasing if you don’t have the cash up front to buy the machine?
Here’s the thing, most reputable companies won’t lease ATMs to folks that haven’t been in the business for at least a year. With that said, I am a fan of just buying it out right….even if it means saving a little extra, or even using OPM (other peoples money.) When I got started I used OPM. What I did was use cash advances on my credit card and a small business line of credit (from another business I had.) Both of those things, I then TREATED like it was a lease. So I paid them back religiously…just like if they were a real lease payment. Hope that makes sense.
Hope this all helped a little.
Carey
I am from the United States and my partner and I I own five ATM machines in Australia and my deployer is Maximum (was My ATM and Cash ATM before they went into dissolution in 2011) and Maximum has stopped paying us and are supposively going into dissolution and stopped paying us in January 2013.
I would greatly appreciate if you could provide me with any recommendations on how to resolve this and a the names and contact information for a few reputable deployers in the South Australia, Clarence Gardens area or would service that area or would you be interested in being our deployer?
Kindly, Jeff
Hi Jeff,
I’m really sorry about the situation that you are in, but unfortunately I can’t help you.
I know absolutely nothing about the Australian ATM market. I do have my first ever ATM
Business Blueprint member from Australian and when I get to know him more perhaps I’ll
learn more about the market, but for right now….I just can’t help you.
I would say to use google as best you can. It may take some searching and digging around
but perhaps you can find some information in the end.
Carey