18 Responses

  1. What kind of business license is required for to have an atm business? Would a “home based business licence” be sufficient? Would it require a “money broker license”? Is there a special kind of permit needed to own, and opperate an atm business? Are atm’s still “profitable” at this time, 2012? Thank you very much! I appreciate it!

    1. Shanon,
      I would direct you to your local and state offices to inquire about
      what business licenses may or may not be required in your area for
      an ATM business.

      As far as are ATMs still profitable in 2012. The answer in my bank
      account every month is YES! Have you been on one of my training
      webinars? I give you several examples of ATMs that I own and
      what they are making…..

      Hope this helps,

      Carey

  2. Hey carey, awesome info! I had a quick quesiton. How hard is it to find a great location for your ATMs? Are they all usually taken?

    1. Phillip,

      It really depends on YOU. You gotta get out there and look for some great locations. Are a lot taken? Of course they are!

      But if you look at those great locations that are taken and just give up…..well honestly, you’re giving up lots of potential income from some ok places, some good places and yes even some good and even awesome places! And you’re giving up that income to people like me 😉

      Also, I teach in the ATM Business Blueprint course to look at all of these taken locations as OPPORTUNITIES!

      Hope this helps!

  3. hi carey you are very smart and you dont come off as a sales person. i like you because you seem to be an average person who found a great buisness opporitunity and willing to share info.im a sceptic but im interested in this one. so im ready to get started

    1. Well thanks Kevin. I appreciate those very kind words. And I am an average person who stumbled across a great opportunity and jumped on it! Sure, I had the side of me that had questions too and maybe was a sceptic, but honestly in my mind, the potential good outweighed the potential bad and I’m very grateful that I took action instead of talking myself out of a potentially good thing.

      Good luck Kevin and let me know if there is anything I can help you with! Going to answer your other question now.

  4. hello carey i know theres a $15.00 modem fee but what about other cost like paying the owner of the location

    1. Kevin,

      99% of the time I don’t let me having to pay the owner of the location cut into MY profits.

      There are 3 main different profit sharing techniques with 1 of them being the one I use with the majority of my locations. So you don’t have to technically worry about this as being an added monthly cost. I show you how to account for it without cutting into your profits.

  5. Carey,
    Thanks for your great info; my question has to do with credit/debit card vs. cash. How do you see that playing out down the road. To use an ATM a person needs a debit card and with that same debit card they can purchase a Big Mac or whatever. Almost every business is taking credit/debit cards and more do so every day. What is the current and future impact on ATM machines as you see it – possibly you’ve seen studies that shed some light on this.

    My fear would be to purchase a bunch of machines and then find that they are becoming less and less used.
    Thanks again,
    Al

    1. Al,

      You have a very valid concern. But let me help you with it a little bit here 😉

      First, from 2003 to 2006 5.8 BILLION dollars was withdrawn from ATMs.

      Then from 2006 to 2009 6 BILLION dollars was withdrawn from ATMs.

      I’ve also found this article for you dated 4/10/2010 http://www.atmmarketplace.com/article/127627/ATM-cash-withdrawals-see-positive-growth

      People are starting to rely more on CASH then credit cards because of all of the pickles themselves and others got into.

      Also, what you will find is that not all stores take credit cards, especially small, local stores. Definitely a lot of stores in tourist areas don’t too.

      And you’ll also see too that a lot of stores that do take credit cards sometimes will say “oh I’m sorry we have a $10 or $15 credit card limit.” (We have 1 location like that and are working on another.)

      You’ll also find some locations like a hair salon that let’s you pay for your hair cut on a credit card, but you must pay for a tip in cash (we have an ATM in a location like this.)

      And you have to remember Al, that just because you have a credit card doesn’t mean everyone in the world has one. Some people don’t like them and refuse to use them and they just want to have cash in their pockets or take the money right from their accounts.

      And some people that do have them, don’t want to use them always to pay for everyday purchases because they don’t want to be tempted to not pay it in full and then have to pay interest on their purchases.

      Some people….well whether they have a debit card or credit card they just want CASH. (A lot of people think it’s easier to keep track of their spending or to even limit their spending that way.)

      In some places, like let’s say a bar in a college town area….well college kids will take out cash, instead of using a credit card. Why? Honestly, I have no idea. Maybe they don’t have a credit card, maybe they just want to have the cash in their hand and it helps curb their spending, I really don’t know.

      What I do know Al is that people use ATMs all of the time, including myself.

      And I’ve know that people like convenience. (yes, we are lazy and not very good planners at times.) And people have gotten sooo use to the convenience of an ATM when they forgot to withdraw money from their bank for whatever reason or they need money for whatever reason.

      People don’t mind paying that surcharge or “convenience” fee in order to borrow the ATM owners money for a short while until their bank account pays the ATM owners bank account back.

      Me, personally, I try to not pay any surcharges but hey, that’s just me. There are times when I pay the “convenience fee” too if I can’t help it lol

      Just like if you have heartburn or a headache and you didn’t feel like going to the grocery store or you forgot to….then you pass a convenience store and you go in and buy your heartburn or aspirin there. Well you will be paying a “convenience” fee there because you want your Tums or tylenol NOW.

      I was in line at Walmart once and I saw a lady withdraw about $800 from an ATM, it was I think like 3 or 4 transactions to get the $800. But I could have sworn I over heard her talking to her friend saying it was rent money. Why did she pay surcharge fees on 3 or 4 different transactions to get her rent money out? I have no idea Al and I’m sure the ATM owner doesn’t know either and I’m quite sure they don’t care either lol (I promise you will start to wonder “why?” too but you really won’t care.)

      So to end your fear of purchasing a bunch of machines and then find they are becoming less and less used….well I think that we as a “we want it now” culture are pretty much use to ATMs and like their convenience.

      I hope this helps a little Al. Let me know if you have any further questions.

  6. Hi Carey,

    Thanks for the great information. How often do the business owners want to share in your profits. I’m assuming that for a cash only establishment, they would want to have you there because it increases their customer service, but what about the other businesses that accept credit cards. What is the standard percentage of profits that they ask for?

    1. Marcelle, no problem. Glad to provide the information.

      Honestly, I’ve only had 3 business owners ask for a piece of the profit. But of all of our ATMs that we have placed, only 1 of the business owners profit sharing actually cuts into our personal profit.

      I teach 3 different profit sharing techniques and the main one that I recommend I show you how you can use it without cutting into YOUR monthly profits 😉 Pretty cool, eh?

  7. Carey, great info here. When you started out, did you pay off the first machine before you bought another? Bottom line expenses vs profit would be affected by the cost of the machine right? So, realistically, it may take awhile before you see profit depending on how much your expenses were to startup (including the machine). I was thinking about the tax end of it also. Income doesn’t always mean profit but it looks like it would definitely get there. Am I wrapping my brain around this correctly? Thanks so much for the info!!

    1. Thanks Cindy! And no, we didn’t pay off the first before we bought the second because when we first started we had 2 machines placed right from the jump.

      You’re definitely not going to recoup 100% of your start up costs overnight (just as you wouldn’t in any other business,) that’s for sure, but that doesn’t mean that you’re not going to have positive income every month.

      For instance, let’s just say it’s costing you $100 a month to pay back your start up costs, well your machine could be making you $200 or $400 or $900 a month. Know what I mean?

      Of course, it’s up to you and how you run your business whether you use that money to directly pay off your start up expenses or to put it into your business to grow it more. Make sense?

      As far as taxes goes, sure you can say that income doesn’t always mean profit, but from a tax stand point when you have a loss…..it doesn’t always mean you didn’t make any profit or income either 😉

      I did an awesome, awesome almost 2 hour interview with a tax strategist where we talked about the tax side of the ATM biz and how to keep more money in your pocket instead of giving it to Uncle Sam.

      We have had positive income every single month since we started. Of course, we were dumb as far as just recently we started dumping 100% of our profits back into our business.

      Because after all, for us; the goal is to accumulate as many ATMs and passive income as possible so we don’t have to “work.” And it’s going to take a heck of a lot longer to do that if you’re not putting 100% of your profits right back into your business in the beginning.

      Btw, most businesses show a loss on their taxes in the first year definitely…..and that’s a good thing. (as Bill the tax strategist pointed out, but again it doesn’t mean you didn’t make any profit or income.)

      Hope this all made sense. 🙂

  8. Hey Carey, I thought yesterday’s show-and-tell was great; today’s was equally great! I really like learning the specifics of the range of revenue for your different ATM machines; that’s awesome! My guess is your course covers the best placements for ATM machines and how they’re delivered to the locations, etc. Those are my next big questions. Can’t wait to learn more! This has the potential for powerful income and I’m very excited. Thanks!

    1. Hi Carolyn! Once again, thanks so much for the kind words.

      And yes you are correct the ATM Business Blueprint goes over different types of locations, which are better, which are so-so and which may be ok, etc. It even goes into detail about niche locations.

      Also, on my blog and on my youtube page I’ve talked about best locations and niche locations too!

      And yes, ma’am…..the delivery of the machines is covered as well in the ATM Business Blueprint.

      You are right when you said “This has the potential for powerful in come!” It sure as heck does and it just requires a little bit of ACTION on your part.

      Thanks again and please feel free to ask any other questions that may come to mind.

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