Making hay while the sun shines is a pretty old adage. It perfectly applies to grabbing business opportunities by leveraging the current cryptocurrency craze. Europe and North America are leading the Bitcoin adoption at almost 75 percent of global Bitcoin ATM installations, already up and running.
Interestingly, the fast growth in the number of BTC ATM locations is further boosting the transactions and popularity of cryptocurrency. Hosting a Bitcoin ATM is a lucrative business idea.
Know the cost of operating a Bitcoin ATM
Get a deep insight into the costs of running a Bitcoin ATM. Consider the power and internet expenses, security expenses, and cost of insurance cover to arrive at the probable monthly cost of running the kiosk.
Having a kiosk for Bitcoin ATM is going to be an added attraction to your store. It will increase the footfall and boost your shop revenue. However, installing the Bitcoin ATM is also an additional burden and stress. Consider all pros and cons before signing on the dotted line. Go ahead if you feel that the venture is going to be profitable and worth the trouble.
Considering the basics
As a Bitcoin ATM operator, comply with all regulations of cryptocurrency transactions according to state and federal laws. The manufacturer of the machine will not involve in any legal affairs of the day-to-day BTC ATM operations.
You will also have to adopt innovative ways to attract customers. For this, look for strategic locations to install Bitcoin ATMs. The positions need to be easily accessible and instantly visible. It will be great if you can educate customers about Crypto ATM operations. These slight gestures will help increase the customer’s trust in Bitcoin ATMs.
Protecting the system
No, we are not referring to cybersecurity to protect your machine from cybercriminals. The Bitcoin ATM must have physical protection because of high-value transactions. Safety of the ATM should be on the top agenda while setting up the facility of the Crypto ATM.
It should start from the time of installation. Fixing the machine firmly to the floor with special fasteners is crucial to prevent the robbers from taking away the machine. The entire installation process should take place in your presence to avoid any shortfall.
A typical BTC ATM can hold a high volume of fiat currency. It calls for arranging robust security with physical guards and CCTV surveillance to prevent possible attempts at robbery. The presence of armed guards is also significant to instill a sense of security in your customers’ minds.
Location and visibility
You should install the BTC ATM in a high footfall area to increase the visibility of the facility. However, keeping the kiosk at the entrance of your shop may not be a good idea because of security considerations.
It is also a good idea to consider a Bitcoin ATM trial. Some operators do offer these options. Check with the reputed service providers for additional facilities of security and marketing help to improve your online footprint.