Event planners are constantly under pressure to deliver amazing results while working with tight budgets. One way to maximize your profits as an event planner is to buy an ATM, or Automated Teller Machine, for your parties, annual events and festivals. The key to making a profit is ATM placement, and events are a great source of a large number of people all in one place who need quick and convenient access to their cash.
The general rule of thumb for those considering a purchase of an ATM is that about five percent of those who have access to the machine will use it. If you are planning events which have over a hundred and fifty people, you will see a good return on your investment. With surcharges at an all-time high and a competitive market for automated teller machines, the reward of buying outright certainly outweighs the risk. An event planner would stand to make a little more than your average machine owner as festivals and events are rarely set up to take credit cards, meaning event attendees will need access to their cash which increases the likelihood they will use your machine.
While renting a machine does have a lower upfront cost, the monthly rental fee, surcharges and other hidden costs can quickly eat away at your profits. Buying an ATM will cost more out of pocket, but will have a much greater profit margin. Also, leasing an ATM limits your control over the machine as far as where it is placed, how often you can place it in certain locations, how frequently the machine will receive service and any surcharges involved. Most ATM rental companies will require you to have the machine serviced on a regular basis whether it is needed, or not. This is one of the hidden charges of renting an ATM that place a drain on your profit margin.
When you buy your machine, you have full ownership. You get to determine exactly where you would like it placed which opens up the opportunity of moving it to different areas of the event. This will allow you to maximize your total profit and determine which placement is best for each event. You can also decide how much cash is placed in the machine, which is often times limited with a rental machine, and how much you would like to charge per transaction. The surcharge fee is where you will make your profit, but if your rental machine demands a surcharge higher than what your attendees are willing to pay, it will reduce the number of customers who use your machine and, in turn, reduce your profit. As an owner, you will have full autonomy in deciding how much your surcharge is and the ability to change the surcharge accordingly for each event.
Buying and operating your own machine is a smart investment, a great way to maximize on a passive income and will also benefit any merchants or vendors you contract with for your events. Most vendors prefer cash as there is no credit or debit card processing fee they have to pay. If merchants are making a good profit, more vendors will be interested in selling at your events which will increase both your foot traffic passing by your ATM and, if applicable, the price you can charge for any rental spaces to potential vendors in key locations.
With the increased demand for automated teller machines and the improvements in technology, owning your own machine has become an affordable option for many people. You will see excellent annual returns for a relatively low-risk investment. Just as with any business, the greatest risk is the loss of profit, however with buying an ATM that risk is significantly reduced. The biggest investment is the ATM hardware itself, which once bought, has low maintenance costs and any repairs needed are affordable. Another risk involved with owning your own ATM is theft or vandalism, but that risk can be mitigated with low-cost insurance. Overall, the risk of buying a machine pales in comparison to the return you will see on your investment.
There are several ATM companies you can purchase your machine from, and there are several sources for buying used machines which will reduce your out of pocket cost. While buying a used machine does increase your risk of something going wrong with it, if you are careful and do your due diligence you can find excellent deals. There are several different models that all offer different features, so it does help to familiarize yourself with the various machines and what you are looking for it to provide.
Owning your own ATM is an excellent way of maximizing your profit on a low-risk investment. If you cater to events with attendees needing cash, then it would be an extremely savvy business move to buy an ATM and increase your passive income.