Keen to host an ATM in your convenience store in Georgia? You can either choose to install a machine on your own or sign up with an ATM provider. Whatever your decision, there are important things you should know before starting this business.
The soaring price of cryptos even during the pandemic has reinforced faith in cryptos in the minds of investors. Now people are eager to dabble in Bitcoins more than ever. And if you can provide them with an easy and trouble-free way to get Bitcoins, you are sure to catch their attention.
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Why is a Bitcoin ATM beneficial for businesses?
A crypto ATM in your Georgia shop can do wonders for your business. It will ensure more customers come to your store. Many of them will step inside simply to buy Bitcoins from the machine you have in-store.
Did you know that the number of Bitcoin ATMs have spiked by almost 177% last March from what it used to be in March 2020? This shows how quickly Bitcoin ATMs are popping up in different places, like shops, malls, and convenience stores.
Things to check for when choosing an ATM provider for your store:
Choosing a Bitcoin machine provider might appear to be an easy task. But, since the crypto industry is largely unregulated, security threats continue to exist.
- Money Service Businesses or MSBs and non-bank financial institutions must abide by FinCen regulations. FinCen recognizes ATM providers as MSBs; this means they need to comply with FinCen rules.
- As a retail store owner, you need to select a provider which is anti-money-laundering compliant. This ensures that services do not get disrupted suddenly because of fraud investigations.
- When AML rules are strictly enforced your business will be protected from penalties imposed by FinCen and other agencies. This also means your customers will be protected against fraud.
- If you find that a provider lacks a functional AML-compliance team, you should consider it a red flag. Ideally, the provider must be audited every year by independent auditors.
- As a business owner, you must not enter into partnerships with unethical providers that prioritize revenue generation over customer protection. For instance, if the ATM provider allows anonymous transactions you need to be careful. This is usually a sign of fraud and money laundering.
- The best ATM providers will be those with experienced and qualified management teams. Since cryptos are relatively new, you may find many crypto ATM providers without substantial experience. Look for those having relationships with state regulators, banks, and law enforcement.
- Before installing a Bitcoin ATM in Georgia, you must find out whether the ATM provider allows anonymous transactions by users not having ID proof.
- It is important to find out about the systems used for verifying customer identities. You need to know how transactions can be blocked if connected with criminal activities. Most importantly, inquire about protocols in place to prevent fraud.
These are important checks you need to perform to be sure you choose a trustworthy Bitcoin ATM provider. Remember, not all providers are equal or reliable. Research well and proceed with caution. You don’t want to end up losing more money in the process!