Hello guys, I am considering purchasing a few ATMs and installing them at nearby grocery stores and nightclubs. Does anyone here have any prior experience with such a thing? And given that cash is becoming less and less useful these days, do you think it is a good idea?
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Interestingly! I believe it would function similarly to a vending machine. However, you would have to keep it well-stocked with a large amount of cash, incur servicing costs to maintain it, and perhaps even pay security fees to keep yourself safe with so much cash.
I am assuming you would bite off the 3% charge?
I propose mounting one on a trailer frame and bringing it to fairs, parades, major sporting events, and farmer’s markets.
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It won’t be a wise investment, in my opinion, unless you have the ideal location. People would be tempted to pay your ATM charge at this location, therefore it would have to be a cash-only establishment. In response, I would say that I do not believe it to be a wise investment.
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I have never witnessed payment of an ATM fee outside of a casino. It won’t be a wise investment, in my opinion, unless you have working ideas.
To answer your question, I am a single individual with my own financial circumstances, but I don’t think it is a good investment.
I’m actively working on this; all hinges on where the ATM is located and locating a company owner that supports the concept. Above all, traffic is the lifeblood of this business, just like it is for any other.
With more and more mobile money transfer applications coming up, I would advice against investing in cash as more businesses and people globally are embracing cashless systems