Bitcoin, Betting, and Banking
Report from 2018 National ATM Council (NAC) Meeting
by Dan Lieberman
I recently returned from the 6th Annual NAC Conference at Bally’s in Las Vegas. The event offered numerous seminars by industry experts and showcased several new products. Here are some of the show highlights we wanted to share.
New Products
I had my first chance to see the Nautilus Hyosung FORCE ATM in person. It has some nice features:
- Light in the vault (no more fumbling in the dark)
- Slot for wireless device
- Large, attractive touchscreen
- Well-constructed with nice finishes
Genmega is very innovative in their branching beyond the ATM business. They exhibited kiosks for sports betting and bitcoin software available for ATMs.
Triton continues to offer their “Turn your trash into cash” promotion. They will buy back old 9100’s, 9600’s, etc. Call 866-787-4866 for details.
Bitcoin ATMs
There were 4 interesting “Bitcoin ATM” companies showing their wares. First, a brief overview: All Bitcoin ATMs sell Bitcoin – either by using a debit card or inserting cash. Some machines both buy and sell Bitcoin – if you own Bitcoin, you can redeem for cash at these machines. All Bitcoin ATMs take a fee for the privilege of converting your money, similar to converting currency in a foreign country or sending via Western Union.
Why do people use Bitcoin?
- To hold as an investment
- Another way to send money to other people
The companies
- Coin Cloud: Opportunity to buy machine. They will service. Buy and sell Bitcoin.
- Bitcoin Depot: Same as Cloud Coin.
- LibertyX: Software can be added to an existing Genmega ATM. Sell only.
- Alternative Payments International: Very simple set-up. Sell only.
Contact Dan for further details on each of these companies.
Betting
Sports betting has been legalized by the Supreme Court, however each state can make their own laws. States ahead of the curve include New Jersey, West Virginia, Pennsylvania, and Nevada. Betting will be legalized in different formats depending on the state – casinos only, on-line, designated licensed locations, kiosk deployed in liquor establishments, or mobile. For example, Pennsylvania will allow in casinos only at this stage. Stay on top of your local laws – if kiosks in bars are approved, they could be operated by ATM people like us!
Banking
Bank closures are still a huge issue. Thanks to lobbying by groups like NAC, ATMIA and AMOA, some progress is being made in Congress. A bipartisan letter was crafted by NAC and signed by a bipartisan group of congressional leaders. In the meantime, be sure to follow best practices: like separating your settlement accounts for other bank accounts. Also, develop a relationship with other banks in your area just in case. NAC has some great materials you can use to explain the ATM industry to your bank. Unfortunately, the bank risk managers hold the power and they are being very inflexible.
GivePay
GivePay is software you can add for free to your ATM to sell e-gift cards and cell phone reloads. The first three units just hit the street and we will be monitoring the results. On first glance, it could be a good way to increase revenue at the ATM with no cost. GivePay has an experienced management team led by Roger Myers, formerly of Switch Commerce.
That’s our report. If you have any questions about the ATM business, contact Dan or Molly.