ATM Franchise Business: No matter which business you try your hand at, running it successfully is both difficult, challenging and demanding. However, what if, someone tells you that you can actually earn up to Rs 60,000-70,000 per month, by investing a one time investment and a refundable investment of around Rs 5 lakh?
Let us tell you about the process of ATM Business Franchise and estimate the ways to earn good monthly income.
The ATMs of banks you see–SBI ATM, ICICI ATM, HDFC ATM, PNB ATM, UBI ATM to name a few– might give you the impression that they are being set up by the banks. However, this is not the case. The banks that have ATMs installed are actually hired by these banks as contractors, and then they complete the installation of ATMs at various locations.
Most of the banks have tied up with Tata Indicash, Muthoot ATM and India One ATM to set up ATMs in India. So, if you want to get an ATM franchise from SBI or any other bank then you need to submit an application to these businesses through their official websites. Be alert and submit the application only through the official website of the company as there are many frauds by misleading the consumers in the guise of ATM franchise.
Requirements for getting an ATM franchise
To set up the ATM cabin you must have an area which is between 50 to 80 square feet. It should be at least 100 meters away from other ATMs and should be placed at a place where people can easily see it. Power must be constantly available, and at least a 1kW power connection is also required. The cabin must be a permanent building with a solid roof and masonry walls. If you live in a society, you will need to obtain a no-objection certificate from the society or the authorities to install the V-SAT.
These documents will be required for ATM franchise
* ID Proof – Aadhar Card, Pan Card, Voter Card
* Address Proof – Ration Card, Electricity Bill
* Bank Account & Passbook
* Photograph, E-mail ID, Phone No.
* Other documents/forms required by the company
* GST Number
* Financial documents required by the company
Income from ATM Franchise
In most ATM franchise cases, when you apply and get permission for the ATM franchise, you will be asked to pay Rs 2 lakh as security deposit and Rs 3 lakh as operating capital. The overall investment, which varies from firm to company, is Rs 5 lakh. You will get Rs. After installation of ATM 8 more users start using it for each cash transaction, and Rs. 2 For non-cash transactions like balance check and fund transfer.
(Disclaimer: This article is for general understanding. It should not be taken as financial advice.)