Have you ever needed cash at a zoo, a nightclub, or an airport? You can’t get it without a huge hassle of leaving, driving to an ATM, and then getting back in again. If you’ve paid for entrance to an area you might sacrifice that if you leave — and leaving an airport and trying to get back in isn’t worth thinking about. As banks shut down their ATMs in more places, this situation is getting more common.
Banks are getting rid of their ATMs and forcing their customers either to go completely digital or to drive to an inconvenient branch location to do business with the bank—including getting cash. Although cash may be on its way out, with only 23 percent of all customer transactions in stores using cash in 2013, cash is still required for some things and preferred by some customers. In fact, cash is something people are willing to pay for when they need it.
Banks have been the major players in providing cash, but they’re stepping out of the cash provision space and leaving a real opportunity for private individuals who can provide ATM services. One franchise, ACFN, is helping entrepreneurs get up and running with their own ATMs placed in areas where consumers still want cash. When you’re in an area where there aren’t any convenient ATMs, you’re willing to pay a few extra dollars to be able to get your cash from a private ATM—and that’s exactly what ACFN knows customers will do.
ACFN franchisees work full or part-time on their ATM business and scheduling is flexible. ACFN franchisees don’t have to find and sell to locations; ACFN takes care of that side of the business and places ATMs for franchisees. Franchisees take care of the ATMs after the sales have been made, covering installation, maintenance, and management. It’s less about selling and more about optimizing performance, so franchisees can focus more on making money.
The overhead costs of running ATMs is lower than many people expect. As with many home-based businesses, you can do as much or as little as you like with ACFN. The franchise program is flexible to fit the needs of different types of franchisees. Franchisees can work other full-time jobs and manage their ATMs on the side for extra income or dedicate all their efforts and investments towards running a full-time operation with employees.
Net worth requirements are set at $75,000, which makes this franchise more accessible to people who are ready to get their hands dirty working with ATMs. If you’re ready to learn how to service ATMs and manage the accounting needed for ATMs, ACFN is ready to train you. Investment levels go up to $150,000, so those who want to approach the franchise in a managerial role can do so.
Franchisors like ACFN are more flexible because the needs of the business are more flexible. Since ATMs can be serviced whenever the venue is accessible, franchisees can choose their own hours.
