How To Make Millions With ATM’s & Payment Processing | Paul Alex and John Espinoza

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.8 • 2.1K Ratings

🗓️ 6 October 2023

⏱️ 104 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode, Ryan hosts two guests, Paul Alex and his friend, John, who are involved in the ATM and merchant servicing business.
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Paul, a former detective in the narcotics force, transitioned to this industry to spend more time with his family. He emphasizes how confidence gained from his law enforcement experience helps in handling various situations.

Paul initially funded his first six ATMs with $21,000 each but faced challenges with unfavorable contracts and the importance of location. He highlights the role of ATMs in serving those without bank accounts and those in need of immediate access to funds, especially Bitcoin users.

Additionally, Paul ventures into online digital marketing, particularly for Bitcoin ATMs. He discusses the cash discount program initiated due to inflation and changing public expectations regarding service fees.

The conversation then shifts to merchant servicing, where credit and debit card transactions are processed. Paul explains that businesses are charged for this service, with 3-10% of what businesses receive going to the merchant servicer. He points out that many additional fees, often hidden, can impact business owners.

Merchant servicing offers residual income and opportunities to build valuable business relationships. Paul shares his journey into digital marketing, emphasizing the importance of storytelling, creating value, and finding sustainable ways to generate income.

Ryan reflects on his experience learning to hire, delegate, and balance work efficiently. He highlights the need to bring in others as assets to grow and buy back your time.

The discussion touches on building a sales team with a positive culture, examining successful entrepreneurs' infrastructure, and being brutally honest with employees about areas needing improvement.

For inspiring tips from Paul, follow his Instagram accounts @paulalex and @thepaulalex and check their website out here - https://www.merchantautomation.com/

Transcript

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0:00.0	If you have three or four ATMs in a spencerie, you're making $4,000 a month net from those machines.
0:05.5	Who uses ATMs anymore if they take credit?
0:08.1	Why would you even use an ATM?
0:09.4	I do not think that cash is going to go away for the next 20 years.
0:12.5	I have a tire store that's $250,000 to $300,000 a month in sale.
0:17.6	How we do is we go talk to the owner, we put it in a machine,
0:20.3	I'm going to make $200, $300 a month on that account.
0:22.8	I was able to scale from those six ATMs to 30 ATMs within 18 months.
0:28.3	The reason why I was able to do that.
0:31.2	What's going on wealthboaters today?
0:32.8	I've got two interesting guests.
0:35.5	We're going to be talking about the ATM business and the merchant services business.
0:40.0	Now, I'll tell you for me, I've seen the ATM stuff for many, many years.
0:44.0	I've even had people like investment joy on who owns multiple ATMs and he makes
0:48.8	all these viral tick talks, kind of him collecting cash.
0:51.7	And I've actually heard people talk about merchant services being a huge industry.
0:55.6	Obviously with companies like Stripe and PayPal and all these things.
0:58.9	And I've always wondered how profitable they really were.
1:02.8	And these guys are going to finally give us the scoop.
1:05.4	I got none other than John who's been in the merchant service business for how many years?
1:10.6	18 years, 18 years.
1:12.7	Then I've got Paul who's new to the business and was in law enforcement.
	...

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