Anyone on here own ATM machines? My local barber is going to all cash and asked if I wanted to put an ATM machine in his shop.

Wondering if its worth the effort and how much they actually make monthly.



Any help is appreciated

You make your money on the fees on ATMs. It's not a hard system but you will make as much money as the ATM is used. I would guess that you would initially see a large use rate but then when the customers realize it's a cash business, you'll see a sharp decline.

Not meant to discourage because I think if you want to get into ATMs long term, this might be your best opportunity to learn with relatively low risk.

Is the software easy to use? I would think there's an app or something you can use to monitor how much cash is left in it?

How much does an AtM machine cost?

The software is the online bank account used by the ATM. You need to have a separate account that your ATM runs off of.

Then you can watch a few YouTube videos of whatever specific ATM machine you buy on how to reprogram the fees on it.

Machines run from $1500+ for a used one and can get over $3k for new.

Just looked a few up. These are the ones that aren't affiliated with banks that look a little sus that I've been seeing.

Only place I would put one is in a casino. Or maybe a Home Depot. Cash is dead.

They do really well in gas stations in rough areas of town here in DFW. I have a buddy who runs a 25+ location route here and all his machines are in places that are close to check cashing places.

makes sense. this barber shop is a high traffic area that does really well. lots of soccer moms that I would bet done carry alot of cash.

Just not sure how much it would get used once people figure out its cash only.

highvelocity said:

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makes sense. this barber shop is a high traffic area that does really well. lots of soccer moms that I would bet done carry alot of cash.

Just not sure how much it would get used once people figure out its cash only.

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Do soccer moms carry cash at all? I'm married to one and she never has cash on hand.

he knows im a business owner and just asked if I was interested in doing it. im doing a little homework to see if it would be worth the time / expense to doing it or not. he didnt want to worry about keeping it full

If your business isn't good enough to handle the credit card premium, then the free market is at work. Sorry not sorry.

Also keep in mind that you will have physical security concerns depending on where it's placed. You will be responsible for both the machine and whatever money is in it when someone rips it out of the store.

Off topic a bit, but a venue here in my town (a decent bbq place) holds a summer outdoor concert series. They have a pretty nice outdoor beer garden. For these events all drinks and concessions are cash only. There are all theses privately owned atms scattered about that get a lot of use these nights.

So the gig is, gets pretty big shows for a town our size. A lot of people go to these but inevitably forget to bring cash as it's not a thing you go to regularly. Charges a lot for drinks. All cash business and makes profit on the atms.

Smart/shady?

The one at Joe Ts needs new buttons every few months it gets so much use.

I doubt the barbershop has that kind of traffic or devoted customer base to switch to all cash. Half of my kids friends moms don't even carry credit cards, much less cash. If they can't venmo or Apple pay it doesn't get bought.

Your atm machine is limited to the hours of his shop? How long is his remaining lease? I would only do an atm in a place that's accessible 24/7.

On another note, I knew a guy that once had over 200 pay phones. I think atms are going that same direction.

would like to meet them to see if they're interested in renting one of my refrigerated trailers for the event

jagvocate said:

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If your business isn't good enough to handle the credit card premium, then the free market is at work. Sorry not sorry.

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Visible Changes has a credit card fee added to their price. Seeing that more and more often.

They'll be gone in 3 years.

Bitcoin machine. You're welcome

I work in a bingo hall. We have 3 machines that get 50-100 transactions each. We're open 7 days a week. The same ****ing guys own all the machines in all the bingo halls around Houston. These guys are making a killing, I know 10k plus a month alone on just our 3 machines. Other than an all cash (Legitimate) business, it would be hard to profit. I've been begging the owner to let me out my own in and we can split the profits after the machines are paid, but no go. Got a buddy that has them all over west coast in pot shops because they have to be all cash and he makes a killing.

A guy sets one up in a local gun show annually. It does well when the whole gun/ammo thing is hot but has slowed lately. It was always interesting to watch a potential buyer's face when they said " I would buy it but don't have enough cash."
" There is an ATM right behind you, sir."

My barber and my wife's manicure/pedicure person and the woman who gives her a facial are all cash.

I'm seeing all cash more and more.

Kenneth_2003 said:

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Y'all that think cash is completely going away probably need to take off your upper middle class blinders.

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sporting events in may area = cashless
concerts = cashless


off the top of my head.. those are two huge markets that no longer take cash.

with venmo/zelle becoming so common, why do you really need cash?

62strat said:

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Kenneth_2003 said:

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Y'all that think cash is completely going away probably need to take off your upper middle class blinders.

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sporting events in may area = cashless
concerts = cashless


off the top of my head.. those are two huge markets that no longer take cash.

with venmo/zelle becoming so common, why do you really need cash?

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As noted above this is a very middle class mindset. There's a massive portion of the population that doesn't have bank accounts. Go to poorer parts of town and notice all the check cashing places. 100% of their clientele uses cash for all of their transactions.

LOYAL AG said:

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62strat said:

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Kenneth_2003 said:

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Y'all that think cash is completely going away probably need to take off your upper middle class blinders.

---

sporting events in may area = cashless
concerts = cashless


off the top of my head.. those are two huge markets that no longer take cash.

with venmo/zelle becoming so common, why do you really need cash?

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As noted above this is a very middle class mindset. There's a massive portion of the population that doesn't have bank accounts. Go to poorer parts of town and notice all the check cashing places. 100% of their clientele uses cash for all of their transactions.

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I'm pretty sure all classes of people attend sprinting events and concerts.

62strat said:

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LOYAL AG said:

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62strat said:

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Kenneth_2003 said:

---

Y'all that think cash is completely going away probably need to take off your upper middle class blinders.

---

sporting events in may area = cashless
concerts = cashless


off the top of my head.. those are two huge markets that no longer take cash.

with venmo/zelle becoming so common, why do you really need cash?

---

As noted above this is a very middle class mindset. There's a massive portion of the population that doesn't have bank accounts. Go to poorer parts of town and notice all the check cashing places. 100% of their clientele uses cash for all of their transactions.

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I'm pretty sure all classes of people attend sprinting events and concerts.

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That's a supposition. I don't know if those people attend events in those venues or not and neither do you. I do know from first hand experience with subcontractors in the various construction industries I've worked in that they get their paper check on Friday and go to the check cashing place to cash it. I know that my staff has had to help adults in their 30's create a Chime account so my client could pay them by direct deposit because they wanted cash or a check and didn't have a bank account. Some of those folks were what you and I would consider staff at those cashless venues. To be clear this number isn't huge, about 6% of adults. Yes I will concede 6% probably isn't massive, that's subject to interpretation. But I know they are real because I've met countless numbers of them over the years. They live their lives entirely with cash.