Business of ATM Franchises: The management of any business you start will be challenging, complicated, and time-consuming. But what if someone told you that you could earn as much as Rs 60,000–70,000 per month by investing just Rs 5 lakh once and getting your money back?
Let us walk you through the process of becoming an ATM franchisee and show you how to run the business to bring in a respectable amount of money every month.
You might get the impression that the banks are installing bank-branded ATMs, such as those from SBI, ICICI, HDFC, PNB, and UBI, to name a few. However, that isn’t true. Actually, these banks hire contractors to install the ATMs, and they complete the installation at a variety of locations.
For the establishment of ATMs in India, most of banks have concurrences with Goodbye Indicash, Muthoot ATM, and India One ATM. Therefore, you must submit an application to SBI or any other bank via their official websites if you want an ATM franchise.
Be cautious and only submit your application through the company’s official website due to the numerous ATM franchise con artists.
Requirements for obtaining an ATM franchise
The space needed to set up an ATM cabin should be between 50 and 80 square feet. This is one of the requirements for getting an ATM franchise. It should be visible to the public and be at least one hundred meters away from other ATMs.
A connection to electricity of at least 1 kW is also required, and power should be available continuously. The lodge ought to be an extremely durable structure with substantial material and stone work walls. If you live in a society, you will need to get a no-objection certificate from the society or the authorities before you can install V-SAT.
For an ATM franchise, the following documents are required: an ID (Aadhaar Card, Pan Card, Voter Card), an Address (Ration Card, Electricity Bill), a Bank Account, and a Passbook.
- Different Documents/Forms as expected by the organization
- GST Number
- Monetary Records expected by the organization
Pay from an ATM Franchise
In most of ATM franchise cases, you will be approached to pay Rs 2 lakh as a security store and Rs 3 lakh as working capital when you apply and get consent for the ATM Franchise. Depending on the company, the total investment is Rs 5 lakh.
You will get Rs. 8 and Rs. 8 for each cash transaction made after the ATM is installed and users begin using it. 2 for non-cash transactions like fund transfers and balance checks.
