Running your own ATM business can be very profitable. But with several big players, banks and many experienced competitors already in the game, success can be elusive to a new owner. Guest columnist Jeff Sosville, Founder of ATM Brokerage, provides his insights on the 7 most important things you must do when setting up your ATM business.
Despite what movies like Godzilla and Jurassic Park would have us believe, dinosaurs are dead. Once they dominated the Earth; now they're gone - never to live again. With the continued advance of technology and the rise of digital payments, many people predict a similar fate for physical money. Well... not so fast!
Over the past few years, industry experts have predicted the end of physical branches and that customers would progressively move away from cash transactions. However, in an article that was published in 2012, McKinsley & Co. showed that the share of cash in all American retail payments was still nearly one-third. This has forced financial institutions to re-think their models to better predict the amount of cash they’ll need to accommodate their account holders.
Location and ATM availability is still perceived as the primary driver for potential members selecting or switching financial institutions. However, mobile and online banking offerings are increasingly more important, especially among millennials.