Nowadays, if you want to find a bitcoin ATM, you will have more than 4,000 choices globally. Yes, the number is still low compared to machines that dispense traditional currencies issued by the government, but it is already a good figure considering that cryptos are not yet widely accepted worldwide.
With the growing popularity of bitcoin ATMs, there is no doubt that it will make a good business idea. If you are wondering how to get started, keep on reading and learn from the insights we will be sharing.
- Consider the Location
To start with, you will need to think about where you will be placing the machine. Location is one of the most critical factors in business success, even with a bitcoin ATM. If you have an existing business, such as a gas station or a restaurant, it could be the best place. Nonetheless, you have to make sure that there is demand from the people within the location. It should also be accessible and in a safe place.
- Test it Out
While in the initial phases of putting up a bitcoin ATM, we suggest that you try out as many machines as possible. As the user, take note of the good and the bad in each machine. This way, you will be able to easily determine which ATM provider will be best to partner with based on the intuitiveness of their machines.
- Learn about the Costs
As with any other business, financial matters are important. Therefore, you also have to learn about the cost of running the ATM, specifically those that you have to pay for the provider. The cost of the machine itself, installation, and maintenance are critical when evaluating the options. With this, you might want to consider Coin Cloud ATM as an alternative as the earlier mentioned are offered for free. All that you need is to shoulder the sub-lease and the power requirements of the machine. They even provide free support.
- Invest in Marketing
In some cases, the provider of the ATM will help in your marketing efforts. Nonetheless, you also have to be proactive enough to launch your own marketing campaign to attract users of the ATM. The best thing to do is to promote the main business where the ATM is positioned, such as a restaurant. You can also use social media to spread awareness about the presence of an ATM. Huge signage outside the location of the ATM will also help.
- Check the Laws
Depending on the location of the ATM, you need to consult the local and national laws. The most important is to be sure that bitcoin trading is allowed in your country or city. If it is, ask for the requirements when starting a bitcoin-related business. Often, there are fees and permits that could easily increase the costs of starting the business.
Take note of the things mentioned above to help you get started on the right foot. It won’t take long before your bitcoin ATM is ready for business!