With the ATM industry still offsetting from the impact of the pandemic, some ATM sales companies are looking toward a new currency to provide stronger revenue. Jon Weilbaker, general manager, New York ATM, shares his thoughts about bitcoin ATM machines.
Jon Weilbaker, general manager, New York ATM, knows ATM machines. He knows which ones fit his customers well and which do not. But as the pandemic hit and the sale and servicing of ATMs came to an end, as general manager of the New York ATM, Weilbaker began to explore different ideas to keep his business on track. That research led him in a new direction: bitcoin ATM machines.
“The [bitcoin ATM] business and met several of the big players at last month’s ATMIA conference in Houston. And once the pandemic hit hard in March and April, none of my customers were buying new stores and no one wanted to talk ATM machines, so I started looking at bitcoin ATM machines. Also, I hate to walk into a store and see someone else’s Bitcoin ATM next to my cash ATM. I want to be the guy who manages all the cash products for all my customers, ”Weilbaker said.
Weilbaker began researching to determine what bitcoin ATM machines cover in the payment system that cash ATMs do not. After much research, Weilbaker bought bitcoin ATMs in the hope that the gamble would pay dividends as the pandemic continued to sweep the country. Apparently, he has.
“The fastest growing crypto ATM operator in the US went from 250 locations at the end of 2019 to 1250 today … 10% of those new customers are ours…,” said Weilbaker. “We just started selling bitcoin ATMs ten months ago and the dramatic price increase means that the more publicity for bitcoin available, the less I have to explain what [bitcoin] in. “
While the buzz around bitcoin ATMs has increased, Weilbaker says there is still a learning curve where his customers are concerned.
“We get calls from traders who want bitcoin ATMs, but as we’re not an operator, we explain their options to them. Yet, it can be very confusing. We need to clarify monthly payments fixed against a percentage of the gross. and hybrid models offer something between them.There are different platforms, some of which are easier for customers to use than others, different hardware, etc. After talking to most from top executives, we tested driving products and reviewed contracts and service companies.
“We created a shortlist of executives that we recommend to our customers based on our specific needs and aspirations. There’s a lot of hype out there. A company might offer a great deal on a machine to customer, but they may not be able to do it for six months. Obviously, some of the operators are building to sell, “Weilbaker said.
Everyone in the family
Weilbaker started as a part-time family business in New York City in 1998, but business started growing to the point that Weilbaker and his wife Patricia quit their jobs with Manhattan ad agencies to run the sales and sales company full-time ATM service. The company opened additional offices in Saratoga Springs NY, Springfield MA and Hartford CT. Despite the company’s growth, there is still a family connection at the New York ATM. Weabaker’s son Shea has been working on bitcoin ATM sales for the past few months and is doing well.
“When Shea joined the team, she forged many new customer relationships. She is a sophomore at Georgetown University in DC and has been going to school remotely since the start of the pandemic. She is highly motivated and understands patience and hard work, along with him understands bitcoin a lot better than me, “Weilbaker said.
As a new year approaches, Weilbaker also gave advice to businesses looking to buy bitcoin ATMs.
“Don’t try to operate one yourself, get a full service location. As bitcoin’s popularity grows, it will be regulated even more than today. Thoroughly research your options before registering. Find a nearby store and go look at their machine. And most importantly, ask the trader about his experience. “