ATM Franchise Business: Any business you try your hand at will be difficult, complex and demanding to manage. But what if someone tells you that by making a small, lump sum, refundable investment of around Rs 5 lakh, you can actually earn Rs 60,000-70,000 per month? Let us walk you through the ATM franchise process and give you an idea of how to operate the business to generate a respectable monthly revenue.
Bank-branded ATMs, such as SBI, ICICI, HDFC, PNB and UBI to name a few, might give you the impression that banks are installing them. Although it is not so. ATM installing banks are actually those whom these banks appoint as contractors, and they complete the work of ATM installation at various sites.
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, you will have to apply to these companies through their official websites. As many scams dupe people by pretending to be an ATM franchise, exercise caution and submit an application only through the company’s official website.
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 every 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.)