This account belongs to a virtual assistant expert who has a VA contracting service and hopes to answer questions entrepreneurs have on how to find, train, interview and manage with VA's.

The AMA will be anonymous but mods have verified he has run a VA related organization. Only text posts are allowed, this is to encourage discussion. If you have links to share, please describe them in the text and lead the discussion. If you post about your business or startup, but don't give any information, ask any specific feedback questions, or provide a guide for discussion, your post will be deleted. Use the guidelines on the submission page for ideas on how to guide the discussion.

Text posts require 10 comment karma. If you don't have enough karma to post a text post, comment and provide useful content on others links. It is VERY EASY to attain 10 karma; please don't message the mods asking for a waiver.

Marketplace Tuesday - Post jobs or internships you're looking to fill or about services you can offer. Wantrepreneur Wednesday - Looking to ask a question a bit beyond the super basic but don't need a whole thread? Consolidate such offers here! Accomplishments and Lessons Learned Friday - Tell us what you have accomplished or alternatively what you will hope to never do again. Anything relevant to Entrepreneurship is welcome. If you need help in validating a concept, Don't be afraid to share your idea, there are some very knowledgeable people on this sub who can help.

Provide as much information as you can. Everything depends on context. The more information you provide, the better the feedback you'll get and the more focused the conversation will be. Try to answer simple questions yourself before starting a thread. Check the FAQ's,use Google search and the Reddit search bar.

Help and encourage each other, it's hard enough out there! Strive for a professional but relaxed atmosphere. Be polite and contribute to discussions in a constructive manner, everyone benefits from this. Don't spam, it won't go down well. Please don't post asking users if they would be interested in a guide to something - just post the guide!

Post it in series Part 1, Part 2, etc. I own an ATM business. Anybody interested in how it works? I've seen some curiosity about this style of business on here but no one was really providing any insight on it. I've been in this business for a little over two years now.

I've learned a lot and would be more than happy to share what I know. I have to go but I will be back later tonight and will be more than happy to continue the conversation. Anymore questions are welcome. Thanks for answering the questions - this has been very interesting. I have a few that I don't think have been asked yet:.

Have you ever had anyone break an ATM, steal one, crack one open and steal money, or had it simply misfire and give out too much cash? There are the occasional shorter and longer days. I am usually at a networking lunch about 3 to 4 times a week for growing my business. I like this much more than just cold visits and what not. I don't draw any attention and in my locations I know everybody there so security isn't an issue with me.

The ATMs that I use can store up to notes. I think that there would have to be some major market disruptions for cash to become entirely obsolete. I don't see us becoming a cashless society in the near future at all. There are to many older people that like to use cash. At most my locations people could pay with their cards but they would rather pay a fee and use cash than their card. Weekends are busiest and also the most difficult because the banks close. I usually fill them twice a week sometimes more depending on what is going on around town.

I have basic liability insurance hedging me against any damage to the machines and the locations where they are. I usually pay locations anywhere from. I suck at selling, even though it is something that does not cost the location any money. I decided to join my local chamber of commerce about a year ago and that has helped me tremendously. When people know who you are they are much more willing to do business with you.

Average about per machine. Some locations are awesome and some suck. If the location sucks then I just move the machine. Below he says it's his full time venture. He has 55 of them, so my guess is it's a month which is some damn good money, but requires a lot of startup capital.

How much capital including insurance etc would it take for a newbie to get 10 machines going? I saw your other reply where you said the machines are apiece. So my question is how much does insurance cost? Does it vary a lot by location?

Are there any other non-negligible startup costs? I have a blanket liability insurance policy that protects my business from any damage that may occur to a location should something go wrong. It depends on your insurer but mine is not very high. For ten machines it may be as little as 50 to dollars a month. That depends on your insurer though.

Talk to an insurance company, they could give you a much better answer than me. Thanks for answering my questions.

Money in Greece

I have one more though. I can check on the status of each machine from my computer. If the machine is below a ceartain threshold I get an email and a text message letting me know. It really is pretty cool. Do you pay out the locations their cut of the fee or is it automatically sent to them from the processor? Yes, but it is very miniscule. I've never had a location mention it. Plus they are getting a cut of the surcharge fee so they are happy. I like the "vending money" term.

Its efficient and cool. People pay to get their money. You just shuffle bills from bank to machine. I would be interested in hearing more about this type of business. How did you get into it? How do you find locations? What kind of start up capital is required? Is this your full time or part time venture? Before this business I owned a vending business snacks and sodas.

One of my accounts wanted an ATM and that led me to looking into providing it as a service too. I kept getting more accounts and since have sold my vending business.

ATMs are essentially vending machines with the exception that you are only vending one item and you don't have to worry about its expiration date. A machine costs about You can find them cheaper and even used, but I have always gotten the same machine. I like it and understand how it works so I have just stuck with it. This is my full time venture. I own 55 machines right now. I locate about two to three each month. A lot more than I expected.

How do you find the most lucrative locations to place the machines? Can you just find a spot and say hey, I think I'll put an ATM here. There have to be some regulations, right? I am in CA if that matters. I have been looking for something like this to do on the side as I work full time and am a student. Is there a limit on the fee amount you can charge? No limit on the fee. I generally charge 3.

To be honest I have placed machines in some shity locations. I had one in an ice rink that is super busy and I thought it would crush it. Turns out the best month ever it did like 25 transactions or so.

That was one of my early locations. Now what I do is I will do a trial period for about 3 months. I'm very upfront with business owners and let them know ahead of time that it is a trial. If at the end of 3 months the machine is not being used I will remove it and place it somewhere else. Thanks for the response. And that had to be split 3 ways that month right? So, if you dont mind me asking, on average what does a typical machine in a decent location make in fees per month.

If I tried my hand at this I could probably only afford one MAYBE two machines to start. Is it even worth it at that point, or do you need a substantial number of machines 55 to make a decent profit?

If you are interested in this business the best thing to do is find locations first and then look into getting set up with a processor and they can get you the machine. I would not buy a machine until you have a location for it to go in. Most bars do really well but there is always a location that is not going to perform. I would recomend that you do a 3 month trial period for newer locations. I give my bars one dollar per transaction and I get the other two.

What is your transaction cost? Or just a flat fee? Thanks again for the insight. I will keep my eyes peeled for good locations. When you say 3 month trial period, is that just a verbal agreement between you and the location? I don't make people sign contracts that lock them into a time period say 3 or 5 years. I do set in a contract stating the general terms and service agreement so that everyone involved knows what to expect.

PM me and I will send you a copy of what my contract looks like. You're going to need way more than the price of the machine. You'll need a business loan unless you have like 20 grand to spare. Because on top of the price of the machines you also have to fill them with cash.

About how much can be made on each machine per month on average? Or to ask it more politely, what would someone in your position in a similar city make per machine per month on average? I do that myself mostly, but they very seldom have any problems. At least that has been my experience with the machines I use. Honestly they are all pretty much the same from what I have heard. That is just the machine that I started with and I have kept using it. I could get the machine for less money but I do have the factory upgrade the lock on the vault to an electric lock instead of dial lock because it makes getting in and out faster.

And I upgrade the cassette that you load the cash into to a removable cassette so I can take it out of the machine and handle the money in a more secure fashion, rather than being hunched down under the machine. I had a look into this a while ago, one of the issues people were having was all the regulations in having intact inspection or regulation stickers, patrons were mindlessly or maliciously picking them off, rendering the machine illegal for use, and drawing fines for the owners.

What is the barrier to entry into this business? I've never had that happen to me but yes you need to have a fee notice sticker on your machines. Even though the machine tells you it is going to charge you before you complete the transaction. The barrier is that you need capital. About for a machine and about to put in it.

I'm in the ATM buisness myself. What do you view as the barrier to entry? Is finding appropriate locations difficult? I have used the same processing company since I first started, Payment Alliance, and they have been great. It is always good to look around and see what else is out there though. The person who helped me get started used them and so that is who i have used. Great company to work with. As with all processing companies you should do your due diligence.

If you invest in a more expensive, trustworthy looking machine, does it yield more profit on avg? Ive used the same machine since i started. A genmega and it works really well. You're looking for locations that are busy mostly. It is trial and error though. I have had my fair share of junky locations in which case you move the machine out and find it a new home. Also, I am new to reddit so please excuse me for the delay.

You teased us then kinda ran off. Had us all worried you were Buzzfeeding us. Thank you for giving us a heads up. Buzzfeed articles are typically worded to be clickbait. This may shock you! So you posted an interested title, then when people clicked We just wanna know about your ATM business! I was at a bar a couple of months ago when a guy got up to use the ATM, fumbled around with the buttons for a few seconds, then punched a hole in the screen before stumbling out of the bar.

He was pretty drunk at the time.

In cases like this, who is responsible for replacing the machine? You, the bar owner or the drunkard? I would be responsible for something like that since I own the machine. If that ever happened to me I would probably file charges against the drunkard.

Say the drunkard breaks your car window instead of your ATM. Who pays for it? It sounds cheesy but one ATM at a time. I already had a pretty profitable vending business and when I sold that I used that money to grow this business.

It would not be unrealistic for you to have this as a side venture and scale it to ten or fifteen machines. If you really want to get started, find a location that would agree to letting you place one and get some experience. You may find out after one that you don't like the business at all. Sounds like you are personally traveling with a lot of cash. Do you have any security measures in place?

I'm never travelling with a lot of cash on me. I divide my work throughout the week to prevent this from happening. I've never reached out to any outside security companies. I'm a sir and thank you. Originally I started with one location.

The machine I use is called a genmega , and it cost me right around I started by filling it with now I try to fill each machine with - This keeps me from having to run around all the time.

I had a vending business and some of my customers asked me if I could provide an ATM. That led me into investigating and getting into providing this service. I like it a lot more than vending.

The machines don't break down and 20's don't have an expiration date. It just keeps circulating through that machine. Hey, I have a few questions for you. Do you have insurance to cover theft of the money? Does it cover things like you getting robbed while filling it?

Does refilling them ever feel dangerous to you? Are there companies you can hire to take care of restocking? And how frequent and expensive is the maintenance? I am full insured on each machine.

The money is not insured though. That is my favorite part. I can get on my phone or my computer and see the entire network of machines.

I know everything that is going on and can see the transactions in real time. I had a customer when I worked at the bank, he would take out k at a time. As far as I knew, he had multiple atms. How many do you have and how busy are you with maintaining them? I have 55 machines. I do withdraw quite a bit, but I also have partners that oversee accounts and help me manage my business. Basically with those accounts I own the machine and they service it.

In those cases there is a three way fee split. I receive a portion for the ownership of the machine my partner receives a portion and the location receives a portion. The best one did just over in revenue and the worst just under However in november and december the hotels are slow and I'm lucky if they break You have to be connected to a merchant service company that will handle all of your transactions.

If you google ATM processing company you will find a lot of scammy looking businesses that will try and get you to sign a 5 year contract and they will want to take a portion of the surcharge fee.

The company who I use does none of that. Their name is Payment Alliance and they have been great. They run a background check on you before you are set up and you do have to submit a good deal of paperwork but there are no special permits for where I live. It may be different depending on where you live. I'm curious if I wanted to get into the business, what would I do?

How much money and work would it take from me? How long until it becomes profitable? Depending on the location 6 months to a year and a half is the ammount of time it has taken my machines to become profitable. Some locations are better than others. Basically I am at the bank every morning getting cash and then I run a route to each machine and put the cash inside.

There is not a lot to servicing the machines. Installing the machine and getting it programmed is a little bit of a learning curve, but whoever handles your processing should be more than able to walk you through it over the phone. Anything special required from the locations i. I drill four holes with a masonry bit where the machine has the slots and then I hammer the bolts in. If through a phone line you may need extra phone line and a phone jack splitter. Lastly you do have the option to make the machine wireless in which case you will order a wireless box from your processing company.

This method actually costs you about 20 or so dollars each month. After that what you do is program the machine so that it is conected to the terminal that your processor gets you.

This sounds more complex than it really is. Once you do it once you'll remember it. Thank you for doing this AMA, I have found it very interesting.

How Much Does It Cost To Develop an App | iPhone App Development Costs

Can you please explain what you do once you need to move a machine that's been bolted into the ground? Thanks so much for the quick response!

Also, how much time per month would you say you put into it?

How Much Can You Make with an ATM. Passive Income in the ATM Business

Is the 'labor' on your part worth it to you? What made you decide to get into the business to begin with? What's the ideal setting to get started in this business? I'd assume big cities are already flooded with ATM vendors. What is the connection from the machine to the processing network; ISDN BRI, POTS, other?

I try to run all of mine through the internet at the location. Phone lines are slow and they are really expensive to run a new one. If neither of those options are available than you can make the machine wireless in which case its a monthly fee of about 20 dollars. I find this pretty interesting. So, you mentioned that you have a 3 way split: Yourself, Your partner, and the location owner. Are the profits dividend automatically each month directly to their bank accounts?

Also, Doesn't the processing company take a cut as well? Let's say that an ATM does transactions in 1 month. Is this a correct scenario? I'm not sure how all processing companies handle this but the way that my processor makes money is off of interchange.

If you have ever used an ATM that is not owned by your bank you will notice that that machine will charge you and your bank will also charge you a fee. The reason your bank is charging you a fee is because they are being charged by the processing company.

I used to think that my bank was just being greedy and charging me for no reason. Come to find out they are being charged everytime you use a machine that is not within your banks network. I am also interested. What are the ideal locations for them? How do you approach a business? What kind of cuts does the business take? There are some locations that are better than others but there really isn't a guaranteed spot that will produce big numbers.

When the hotels are full they do really well. I like places that are more stable though.

People in call centers aren't spending money like they are at a bar but it is a convenience so they use it. Most of my new accounts come from referrals. If I were brand new to this the first thing I would do would be to join a networking group of some sort, or maybe you have a friend who owns a location that would benefit from it.

You own the machine, you take care of the service, and you give them a kick back each month. It's beneficial for both parties.

And how do you secure the machine from leaving? Are they heavy as hell? Have you change operating or security procedures in anticipation of its proliferation? Are your machines tied into a central network for monitoring? I pretty much look like everyone else.

I am very aware of what is going on when running around for work. Do you buy the ATMs from Payment Alliance as well? How expensive is it to get the machines serviced? How often do they need to be serviced? What is your return per day from different venues? How much cash do you put in each machine? I do buy them from payment alliance. It is just easier to deal with one company than try to get everything from seperate people. Payment Alliance has been really great to work with. I remember my girlfriend's mom looked into it a couple of years back.

I'm assuming that aside from capital, the most important part of running an ATM business is location. Foot traffic is the biggest factor. I have a machine in an office building that emplys like people or something crazy like that. I don't know why they need cash but they use that machine all the time. Have you ever been robbed while servicing a machine? Do you take any preventive measures to protect yourself? Has one of your machines ever been robbed or stolen? I also don't place machines in really shady places though.

How easy is it to place machines? Big chain gas stations will have contracts with banks and credit unions so the chances of you getting any of those locations is about 0. I would focus on smaller businesses. Not all of them are going to own their own and most have never even considered an ATM. I have never had anyones identity stolen, but that doesn't mean it cant happen. I have a very good relationship with the owners and staff of my locations so if they see in suspicious people lurking around the ATM they will call me and I will come physically inspect it.

That does not happen often but it is possible. Most often people will place skimmers on gas pumps or bank ATMs because they are used a lot more. When you test your locations for 3 months what is the minimum that you will accept making before deciding its not worth it?

If it is within range of other machines I would be ok with a machine doing 50 to 75 transactions a month. If it is out of my way than I want it to do a lot better.

For example, has a machine ever malfunctioned and not dispensed money but still charged the customer for the withdrawal? This is something you see with people paying for candy and the product gets stuck in the machine. Doesn't have to be super specific, but it would be helpful for us to analyze other variables. For example, if you are in a smaller city as opposed to NYC, LA, Chicago, etc.

Sure, I am located in central Florida. We get a lot of tourists here which is great for my business. This has happened three times since I started and all at the same location. Someone goes to use the machine, it charges their account and they don't get the cash. Each time it was because the phone line connection got busy or lost connection during the transaction. In this case the individual has to call their bank and dispute the charge and in each case they have been refunded immediately.

Sometimes there are really crummy bills that will jam the machine, every once in a while, this is an easy fix. Coming from a vending business I can't tell you haw many times I had to drive halfway accros town because someone didn't get their chips and soda.

This business runs much smoother. What kind of business license s do you need and what is this type of business technically classified as? If I lived somewhere that had a lot of international travelers I would definitely consider it.

Lamassu: Bitcoin ATM Owners Earning Up to $36, Per Year

I know guys in Miami that do and they say that they do quite well. The only thing that I have opted into with my locations is a dynamic currency conversion.

Basically if anyone from another country wants to use my ATM they can see what how their currency would convert to dollars. Are there any specific online communities or websites that you would suggest looking up to get more of an idea of the business? Also any websites to look for ATM route buying opportunities?

Or just your standard business broker websites? I've never seen any online communities. I have seen some broker sites but they looked kind of shady. The processing company that I use does have a online forum but it sucks really. Once the machine is paid for you don't have a monthly cost. Basically, the wireless box sends out a cell signal for the machine to communicate through and you have to pay for that. What sort of infrastructure do you require at each location?

How do you negotiate these sorts of things with the owner? Do you require just a phone line? Do you have that installed? What about power drops, etc. The machines do not use a lot of power probably about as much as a computer so that usually is not an issue. Most locations have wifi these days so I will conect the machine to the router box with an ethernet cable.

What kind of risks are there to reloading the machine with money? How do you do this without getting robbed? How much security do you use? Basically I try to load my machines in the morning hours. I don't feel unsafe at all. I know most everyone at all my locations and I don't place machines in locations that feel shady. Thank you for this, I'm finding it very interesting!

Have you ever had to deal with fraud or theft? How about card skimmers? No I have not, but it could happen. What's to stop someone from telling their friends and family to use their ATM machine for the transaction count to increase?

The trick here would be asking friends and family that are fully reimbursed for their transaction fees like ally and charles schwab? I saw that you said you do multiple trips throughout the week to avoid having x amount of cash on you without a security team. Do you carry anything on you? I would assume getting a permit, if needed, would be pretty easy in that line of work. I do have a taser. I can see each machine from anywhere that I have an internet connection. You mentioned that you print out a report of the transactions at the end of each month.

Do you get it from PAI? What kind of information is in this report? Would you be able to show us an example of one? Of course you can black out sensitive information for privacy. I'm curious to know exactly what's in a report -- does it show the name of the customer, last 4 digits of card ID, amount withdrawn, etc.? It shows the ammount of total transactions and the ammount of withdraw transactions.

You can get a copy of the EJ. It shows requested amount, dispensed amount, any reversals, last 4 of card. No names or pin numbers. Its just for records and to ensure you balance. Hey, hope I'm not too late to the party. I have seen a lot of machines popping up around my area providing cash without charging a fee, pretty much putting the fee charging ones out of business. Any idea how the fee-less ones generate revenue if they do?

And I'm not talking about bank or premises owned ones. Unfortunately the truth is I was helping a friend move. Reality is not so much fun. So apart from getting a location, machine from a processing company, fill it with cash, what kind of setup is there?

Do you need to have a guy come set it up initially, or any legal stuff? Insurance I suppose but anything else? Do you have a bank account for each ATM machine? Are you registered as a Sole Prop or LLC? Do you have any direct employees What is your workload like? How is your day spent? Could you take a vacation? I don't have any direct employees. I set a route for the day, bank opens at 9: I am working on getting more comfortable with delegating this business so I can take more time off.

At this point I can't really up and leave. Use of this site constitutes acceptance of our User Agreement and Privacy Policy.

By signing up, you agree to our Terms and that you have read our Privacy Policy and Content Policy. Log in or sign up in seconds. Entrepreneur subscribe unsubscribe , readers users here now To schedule an AMA, please contact the Mod group via P.

June 16, 12pm ET Only text posts are allowed, this is to encourage discussion. Now Featuring Weekly Sticky Posts NooB Monday - For the most basic of questions Marketplace Tuesday - Post jobs or internships you're looking to fill or about services you can offer Wantrepreneur Wednesday - Looking to ask a question a bit beyond the super basic but don't need a whole thread?

Anything relevant to Entrepreneurship is welcome Do you have specialist knowledge on patents? Share the knowledge Tips on cash flow management? Let us know Experience in raising funds? Help those who have none know of an app that helps you create or stay productive? People may have never heard of it! What has been successful? What are some valuable lessons learned? Ask questions, share thoughts and gain insight from the community If you need help in validating a concept, Don't be afraid to share your idea, there are some very knowledgeable people on this sub who can help.

Finally completed and launched our free app Whatsinit? Have any of you tried influencer marketing on Instagram to sell your product? If so, how did it go? This is an archived post. You won't be able to vote or comment. I have a few that I don't think have been asked yet: How much cash could they store? Never had any of those problems.

Thanks for the questions, sorry it took me so long to reply. How often do you have to fill it? What is insurance like on this business? What's the biggest problem you've had with the business, and how did you overcome it?

How much do you make off a machine, average? That's a lot of green. It's been very informative. Pretty good for them. Always wondered why they were down with it. It's like a vending machine. You're just vending money. Sometimes simplicity brings the best success. At least not yet: And I pay myself a salary. A lot of the money is reinvested. If not which machine do you prefer? Sorry I see you mentioned the capital required barrier to entry, any others?

Hopefully, insurance; otherwise, you. I really don't have an answer for you. Are there any services that security companies may provide for people in your line of work? How much was your initial startup investment? Is that part of your capital? Or are you just against the idea?

Thanks for sharing this info! How does that equate to a percentage of gross? I have never had this problem. Are you exposed to any fraud or liability?

Or is it all on banks? And if so, does your insurance cover it? I have a few questions: Buy an existing route? Start with one machine.

What is your overhead per machine and for maintenance? Does your processor have a fee per machine per month for processing or is a flat rate? Also do you have something that tells you how much each machine has in it remotely? I have to go The stoner is strong in you. Posts are automatically archived after 6 months.