It is undeniable that bitcoin ATMs are on the rise. The number is still small compared to traditional ATMs, but it is growing at a significant rate. With this, a lot of people are interested in tapping it as a business opportunity. If you are one of the many who wants to join the trend, read and we’ll share some tips to help you craft a success story.
Start with the Right ATM Supplier
The first thing that you have to do is to find a bitcoin ATM supplier to provide the hardware that will be needed. Go online and research about what other people have to say about the suppliers they have worked with in the past. Their experiences and opinions will make it easier to narrow down the possibilities. Aside from the price, consider other factors, such as the type of the ATM, features, ease of use, and support, among other things.
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Pick the Right Location
Location is important for business success, even for bitcoin ATMs. With this, make sure that you put the machine in a place where there is high foot traffic. Start by conducting a study of the surrounding area and see if your target market is within the vicinity. More than accessibility, security is also important for the location. People will most probably hesitate to use the ATM if it is in a sketchy location and if they feel unsafe.
Put a Signage
One of the most effective ways to promote your bitcoin ATM is through having signage. For instance, if it is in a restaurant, outside the establishment, there should be a visible signage that advertises the presence of a bitcoin ATM inside. To add, the ATM itself should be well-lit and should be designed in such a way that it will be easy to see.
Integrate a Map on your Website
If you have a website and you have ATMs in several locations, it will be good to integrate a bitcoin ATM map. This will make it easy for users to find the ATMs that are nearest their current locations. The exact location is pinned on the map.
Work with the Right Bank
Depending on the location of the bitcoin ATM, finding a crypto-friendly bank can be difficult. With this, find a bank you can partner with in facilitating bitcoin transactions through the ATM that you will be putting up. If the bank is reputable, this will help to make your ATM reputable as well.
Pay Attention to the Regulatory Requirements
No one would want to be in trouble with the authorities. It will be costly for the business and can disrupt your operations. This can also be bad for your image. With this, before putting up a bitcoin ATM, familiarize yourself with the legal requirements and make sure they are met.
Take note of the tips mentioned above for your bitcoin ATM to succeed. Because the machine itself is expensive, it can be quite a costly business to start, so have a proactive approach to make it profitable.