Access to Banking for Bitcoin ATM & Kiosk Business
Finding access to banking for the Bitcoin ATM business can be extremely difficult these days. Despite being licensed or having an exemption status, banks (at present) do not look favorably at the cryptocurrency related business when it comes to ATMs or Kiosks.
Most of the Bitcoin ATM operators are stuck with huge piles of cash that become a problem for them to bank. The solution? Looking at alternative cash-management solution that can help the Bitcoin ATM operators ease their way into the banking circle.
Industry Standard Options
Allow us to present an insight as to how banking for Bitcoin (and other Kiosk) operators is provided for by the industry.
Direct Access to Banking
In exceptionally rare circumstances, you are able to secure a bank account directly with a chartered bank, and you pay a basic fee for access to banking, something like US$ 100-500 per month, and you are allowed to deposit money into the bank directly (including cash). As we cited earlier, these are exceptionally rare instances.
Flat-Fee Based Banking
In some cases, there are operators, who will charge you a base price (this can be anywhere from say US$ 2,500 to US$ 10,000) per month, and then only charge you for FedWire or ACH, etc.
There is no other charge. You could process US$ 100,000 per month with them, to US$ 5 Million a month, you will still only pay the base price.
You are provided banking with the assumption that you have an arrangement to armored car services (like Garda, Brinks, etc.) who will pick up cash from your machine locations, deposit it into their own account, and then wire-transfer the money to your bank account. This is a prerequisite.
So whether you do one BTM or 30 BTMs, the price remains the same.
Volume Based Banking
In this option, it is the same as flat-fee based pricing, except it is in slabs, so you are paying for the volume of money being processed, i.e. so in addition to the base price, you are paying volume fees.
For example, the financial institution may charge you US$ 7,500 per every US$ 1 Million moved through the bank account.
So, as a calculation, if your base price is US$ 5,000 and you move US$ 4 Million through the account, you will pay: US$ 5,000 + 4 x US$ 7,500 for a total of US$ 35,000 per month for access to banking. This option has a base price, i.e. you typically must be processing over one million dollars per month to qualify.
We believe in fair play and fair pricing. If you can manage to secure an armored car service to pick-up your cash, then we can provide you with banking. Assuming there is no anonymity on transactions allowed on your ATMs, then we can provide you with a flat fee based access to banking.
Because of the fraud and nefarious intent that is usually associated with ACH transactions, we prefer BTM Operators who can only deal with Fedwire, i.e. Fedwire coming in. Fedwire going out.
Money picked up by the armored car services (like Garda or Brinks) will send money out to your designated bank account via Fedwire. Payments to your crypto exchange &/or other vendors would also be via Fedwire (going out from your account).
If you can live with these restrictions, then you can benefit from our access to banking solution for your Bitcoin ATM & Kiosk business.
Our standard pricing for access to banking for Bitcoin Operators is as follows:
- The monthly cost is US$ 900.
- This is substantially lower than the US$ 2,500+1,000 that was charged by others.
- Capped to US$ 3 Million per month. Please inquire for higher processing volumes.
- There is no one-time cost as charged by the financial institution.
- Fedwire In = Free.
- Fedwire Out (US) = $15.
- There are NO percentage based deductions.
- Our Referral fees is still US$ 12,500 (See our Pricing Table, Reference Code: 500).
- One-time (non-refundable) application assessment fee: US$ 750.
- Remember, no check deposits, no cash and no ACH (because of fear of chargebacks, and reversals).
This page was last updated on October 4, 2022.