Guide to Hosting a Bitcoin ATM articleguides
Guide to Hosting a Bitcoin ATM
Image: Kiosk placed in a retail place
Bitcoin is all the rage these days and having a Bitcoin ATM in your business is one of the best side hustles tocash in on without having to know anything about cryptocurrency, trading, or investing. Bitcoin ATMs are not difficult to set up and they can be a great source of income with little effort on your part. Although operating such a machine can be very profitable, there are also many risks involved as well. Here's what you need to know about running a Bitcoin ATM so that it operates smoothly & profitably from day one.
1) Use a Reputable Vendor
The easiest way to get up & running quickly is to go with a reputable crypto ATM vendor. There are many vendors on the marketplace, but they all have different costs, fees, and payout models to consider.
Bitcoin Depot has over 5,000 locations acrossthe United States & Canada and partners with many high-profile host businesses such as Circle K & Chevron. Their massive footprint in the industry means that you can expect solid partner support and marketing assistance to help drive foot traffic to your ATM location, which will help your main business in the process!
2) Find a Good Location for the ATM
Many customers will find your ATM online before visiting your business to use the machine, however, a large number of transactions will come from people who notice your crypto ATM while they are shopping in your store.
That's why it's important that you find a good location for your Bitcoin ATM. Choose an area where people tend to linger and shop such as near the cash registers, in-store at high-traffic areas like entrances or exits, by popular products (Gumball Machines), etc. You generally only need about28x23” of available space for these ATMs, but this size will vary from vendor to vendor.
3) Know How to Use the Machine
While the customer support is generally handled by the ATM vendor, you'll save your customers a lot of trouble by educating yourself on how the transaction process works. You may want to complete a transaction yourself to really get a feel of the full customer experience and see if there are any possible areas of improvement. Doing this will allow you to help answer simple questions your customers might have, such as locating the QR scanner.
Educate your staff about the machine and the basics of Bitcoin andmake sure they are asking customers if they've ever heard of one of these kiosks. You'll be surprised to see how many people may not even know they exist and will check them out.
4) Learn & Stay Up to Date on Cryptocurrency
ATM hosts aren't expected to be crypto experts or to give out investment advice, but it's helpful to stay up-to-date on the latest news and developments in the industry. By being "in the know", you'll be able to talk to your customers about cryptocurrency and answer any questions your customers might have, as well as show them that you're invested in the future of cryptocurrency. This will help instill customer confidence in using the ATM as well as the cryptocurrency industry as a whole.
5) Advertise Your Crypto Kiosk
Many vendors will supply basic advertising materials such as signage and banners to help promote your crypto ATM, however, it's up to you to go the extra mile to make sure your ATM is as profitable as it can be. In addition to letting your customers know about the machine when they come in, you should also consider promoting the kiosk on your website and social media channels.
Place additional signage wherever you can. If you have a gas station, consider placing signs at eye level on every gas pump letting customers know they can buy Bitcoin with cash inside.
Promoting the machine means you access a larger pool of potential customers for your main business and also for the ATM.
Want to Learn More About Hosting a Bitcoin ATM?
If you are an entrepreneur looking to get into the cryptocurrency game, Bitcoin ATMs may be a great place to start. Bitcoin Depot operates5,000+ machines across the United States & Canada. Each machine comes with specialized software that allows customers to buy or sell up bitcoin and other cryptocurrencies with cash.
Bitcoin Depot also offers a free ATM placement service. This includes digital marketing, obtaining the machine, and installation at your business location. In addition to this, operators will receive training from our experienced team on how to properly use their machines & establish relationships with local customers.
Jan. 13, 2022