ATM Franchise Business: No matter what business you put your hand in, running it successfully is both difficult, challenging and demanding. However, what if, someone tells you that you could actually make as much as Rs 60,000–70,000 per month by investing a small one-time and refundable investment of roughly Rs 5 lakh?
Let’s take you through the process of ATM business franchise and estimate the modus operandi to earn a handsome monthly income.
ATMs that you notice of banks –SBI ATM, ICICI ATM, HDFC ATM, PNB ATM, UBI ATM to name a few– might give you an impression that they are being installed by the banks. However that is not the case. Banks that have the ATMs installed are actually the ones hired as contractors by these banks, and they then complete the installation of the ATMs at various locations.
The majority of banks have contracts with Tata Indicash, Muthoot ATM, and India One ATM to install ATMs in India. So, you must submit an application to these businesses via their official websites if you want to obtain an ATM franchise from SBI or any other bank. Be cautious and only submit an application through the company’s official website because many frauds also take place by misleading consumers under the guise of an ATM franchise.
Requirements for obtaining an ATM franchise
To set up an ATM cabin, you should have an area that is between 50 and 80 square feet. It should be at least 100 metres away from other ATMs, and it should be placed where people can see it readily. Power should be available continuously, and a least 1kW electricity connection is also required. The cabin should be a permanent building with concrete roofing and masonry walls. You will need to obtain a no-objection certificate from the society or authorities if you live in a society in order to install V-SAT.
These Documents would be needed for ATM Franchise
* ID Proof – Aadhaar Card, Pan Card, Voter Card
* Address Proof – Ration Card, Electricity Bill
* Bank Account and Passbook
* Photograph, E-mail ID, Phone No.
* Other Documents/Forms as required by the company
* GST Number
* Financial Documents required by the company
Income from an ATM franchise
In the majority of ATM franchise cases, you will be asked to pay Rs 2 lakh as a security deposit and Rs 3 lakh as operating capital when you apply and receive permission for the ATM franchise. The entire investment, which varies from firm to company, is Rs 5 lakh. You will receive Rs. 8 for every cash transaction after the ATM is deployed and users begin using it, and Rs. 2 for non-cash transactions like balance checks and fund transfers.
(DISCLAIMER: This write-up is for generic understanding. It is not meant to be taken as a financial advice.)
