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Given the rise of mobile payment methods and other cash alternatives, it would be easy to overlook the potential value of an ATM franchise in the modern landscape. However, ATMs are still widely used, so this is still a business model to consider thoroughly, and the points below highlight some of the reasons to keep this option on your list.
When starting most businesses, you have to drop everything you are doing and commit yourself to the new venture. That's not necessarily the case here. Due to the nature of the ATM franchise business, you may be able to start on a part-time basis while continuing to work a job or run another business. Also, this type of franchise will often require a lesser upfront investment than other industries, making it easier to test the waters without a full-time commitment.
Despite what you may have heard or read, plenty of people continue to use cash each day. More than $1 trillion in cash continues to circulate in the U.S., and much of that cash is changing hands regularly. That means there is still plenty of demand for consumers and businesses to access cash, and ATMs are a primary location for withdrawals.
Since the challenge in the ATM business comes down to finding suitable locations to place your machines, having knowledge of a local area is a significant advantage. Knowing appropriate locations is an advantage for a small business owner. For example, it might be challenging for a larger corporation to pick out just the right spots without local knowledge. If you have an in-depth understanding of how certain places in your city or community operate, you may be able to leverage that insight to find perfect spots for ATMs to live.
