MJBiz Buyers Guide: Retail Strategy 23 - 24
MJBizDaily Buyers Guide Retail Strategy
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WORTH THE INITIAL INVESTMENT
Purchasing a cash-dispensing ATM can cost anywhere between $1,000 and $10,000, depending on
the model and whether the device has been previously used. Renting or leasing an ATM typically
isn't an option.
" ATMs are purchased by check, credit card or wire transfer, " Banks says. " If an owner buys an ATM,
he or she will keep most of the surcharge fee. "
Retail business owners who buy ATMs make their money back via surcharge fees, which can range
from 99 cents to $5 per transaction. Creative entrepreneurs can also incorporate advertisement
opportunities into machines for additional revenue.
Retail ATMs reportedly average between six and 10 transactions per day, depending on foot traffic.
Marijuana businesses also can buy ATMs at no upfront cost, though they have to share surcharge
revenue with machine's supplier.
VETTING ATM SUPPLIERS
Before investing in an ATM, Banks recommends retail operators familiarize themselves with
suppliers.
" If an ATM is not working, it can be costly for a cash-intensive business, " notes Banks. " Some
resellers who lack integrity take advantage of merchants who are not familiar with the ATM
business. "
Making sure the machine is consistently stocked with cash is another factor to consider when
shopping for a supplier.
" For high sales volume locations, contingency planning is important, " Banks says, adding that
having two ATMs can come in handy if one breaks down.
24
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MJBiz Buyers Guide: Retail Strategy 23
Table of Contents for the Digital Edition of MJBiz Buyers Guide: Retail Strategy 23
MJBiz Buyers Guide: Retail Strategy 23 - 1
MJBiz Buyers Guide: Retail Strategy 23 - 2
MJBiz Buyers Guide: Retail Strategy 23 - 3
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