Money Wise
People of this generation want everything instant. We want instant coffee, instant soup, get anything you want at your convenience, grounded in three minutes, and I can go on and on. Then we make demands on our service providers, we want instant and quick services. We want fast and impeccable client service from our banks for example; we want to get the money in our bank account at the most convenient time and place.
Service providers are left with no option than to ensure they provide quick response to our needs if they have the desire to remain in business. And they really want to stay in business, so they will perform as we desire. The response to this has brought about the so many innovations and inventions; an example of this is the Automated Teller Machine (ATM). Banks started this and individuals are catching up with the banks in ATM machine ownership.
ATM machines
Have you ever wondered where the money in the ATM machines comes from ? You are right if you say from the banks. But the money comes from other places apart from banks. There are individuals that operate as independent ATM owners. You are wondering how that is possible. Uh? Good I am going to show you how.
Withdraw at ATM machines
The funds we go to withdraw at ATM machines get there from two avenues: It is either the banks put it there or independent ATM owners fund the machine. The funding from the banks actually does not need explanation. They take from a portion of our deposits with them and place in ATM machines. Voila. Our own obligation will be the payment of ATM charges to our banks as we enjoy the service. What about private owners ?
Smart Finance
Independent ATM owners
Independent ATM owners make funds that we find in the ATM machines available through personal funds. They run it as a business. They ensure they load cash into the ATM machine according to the need of users of the particular ATM machine. This will depend on the volume of transaction expected; location can be a determinant of that mostly. The funds are like the capital invested in a business. As funds are withdrawn, the information passes to the drawer’s bank electronically and the withdrawn fund is deducted from the drawer’s account, and then paid into the account of the ATM owner together with the application charges. The ATM owner gets a return on his investment by way of the surcharges applied to the account of fund drawers.
The above picture is one in which an ATM owner gets personally involved. The business of ATM ownership like some other businesses can be done without personal involvement. I mean in a passive way. An arrangement can be made with armored service providers to handle this business for you. All that need to be done by the ATM business owner is to purchase an ATM machine and the remainder of the work is passed the armored service provider. So start thinking !!
