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NYvending last won the day on November 8 2018

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About NYvending

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  1. Oh I don't disagree I don't think it's worth the risks. The laws here are weird with localbitcoins because as long as it's not your business or primary means of income individuals are able to sell Bitcoin as property so if to private individuals meet a sale doesn't require KYC/AML much like if we met up and I sold you any other item I owned. However if you do it full time as a business you have to KYC/AML as you have to act within money transmitter laws when functioning as a business. If you move a significant amount of money the government will care about it sooner or later so it gets very gray and nothing I would mess with thought some people have made quite the haul doing it.
  2. Agreed, in the States complying with KYC/AML requires you to have a full time compliance officer and physical copies of all customer data available to government on a moments notice or the fines will put you out of business. I agree that I do believe much of this will get outsourced and become simpler over time. As you mentioned as well the laws can change on a whim as the technological aspects of Bitcoin are really hard to grasp as you need both a background in economics and computer coding to really "get it." Most people who use Bitcoin let alone the government don't understand the technology which makes legal compliance almost impossible at the moment. Bitcoin can still and always will be able to be used anonymously if you know what you are doing. It's gotten far simplified now that you can use a coin join or lightning wallet on a smartphone but once the government realized you can KYC Bitcoin at the point of sale then transfer them to an app and they become untraceable back to you I expect they will continue to try and fit a square peg in a round hole on the legal front. Most the companies in the states going the Bitcoin ATM route have huge bankrolls for a reason. They can afford the fines and legal battles because up until 2017 you could do almost anything with Bitcoin and the government paid little attention to it. So the players in the space have been making money for years doing this as being first can reap huge rewards. I don't know about Australia but for someone in a major metro area here would probably do better just selling Bitcoins in person through localbitcoins as you don't need any startup besides a smartphone, bitcoins, and be willing to zip around the city for sales much like a weed dealer lol.
  3. I operate ATM's in 4 states and will likely add Bitcoin service over the next few years now that traditional ATM's are getting software support for Bitcoin if the regulatory landscape improves I will integrate it but right now compliance costs don't make it practical. Regarding Bitcoin ATM's I would suggest waiting. The standard commissions run 10% of amount purchased though they can be as high as 20-25% in NYC. The biggest obstacle is the regulatory compliance. Bitcoin ATM's fall under KYC/AML laws so you will likely need a money transmitter license in any state you place them. NY requires a Bit-license as well which only a few have been issued and they are generally to deep pocketed companies with multimillion dollar bankrolls. When I looked into the required licensing last year outside of NY I stopped once the compliance costs exceeded six figures. I expect as the laws improve over the next 3-5 years it will become a fan more efficient business to operate. Though the commissions will drop as well, part of why they are so high is because of the outrageous compliance costs to sell Bitcoin. Honestly thought you will do far better in terms of ROI if you simply put the investment into Bitcoin itself and throw it on a hardware wallet for 5 years.
  4. Correct, I thought they were going to want snacks so I was going to bring them a combo I had in the warehouse to test the volume before investing in a full size machine but the person who runs the site said they really just wanted drinks and would prefer soda alone. Appreciate the feedback, I felt like this was a no brainer as well but I've been trying to slow down my equipment purchasing since so much got placed the last quarter but another $1K ain't gonna break the bank.
  5. Unlimited access the lunch room where it would go is on the way to the bathroom. They assemble computer boards so on the walk through I got I saw mostly 30-50's age group. They have a much larger facility than they need so there is one main lunch room and a smaller lunch room for the 1/3 the staff that's Indian and avoids eating in area's that may have beef around. There is a quick chek convenient store about a mile down the road but nothing in walking distance of there building.
  6. I have a small factory with 38 employees looking for a soda machine. M-F just normal 9-5 it's about 5 miles from another stop I have. All my soda machine are in larger accounts so I would need to buy one which I can get a decent used one for $1k. I've had mixed results with accounts this size. Would you guys invest in a machine for them?
  7. Thanks for the feedback guys. I decided I didn't want to invest in anymore equipment until everything I have in the field is located in profitable homes so I told them they will need to wait 30 days till something becomes available. If they find another vendor before then so be it.
  8. RJ, They don't currently have vending services which struck me as odd. I would buy refurbished machines but they want snack and drink so I'd say $3-4K for two machines. I price around $1.00-$1.50 on 90% of what I sell. No commission was agreed to but I've brought equipment into places only to have them ask for it later. No public access just for staff. Most appealing thing is it's my towns local station so they are only a mile from my home. Allen funny enough that was the same thing other operators told me which is why they said to avoid them.
  9. I have a police station that would like vending machines. Staff count is at 50 but all my equipment is currently placed so I would need to buy more machines. I know logic is to move slower machines but I just moved my slower ones to new spots so they haven't been in there new accounts long enough for me to know if I should move them again. The staff count looks good but I heard passing comments from two other operators that police stations had not performed well for them so I wanted to get a few more opinions.
  10. I'm wondering if anyone can recommend a good accountant for vending services in the Southern NY/Northern NJ area? I've had the same accountant for many years and they felt I would be better served finding someone with experience in this area. My gross is only $40K at the moment and I operate in both NY and NJ.
  11. I'm wondering if anyone can recommend a good accountant for vending services in the Southern NY/Northern NJ area? I've had the same accountant for many years and they felt I would be better served finding someone with experience in this area. My gross is only $40K at the moment and I operate in both NY and NJ.
  12. I charge $1.50 at all my locations and no one has complained. I add a mix of lower price snacks like Rice krrispy treats, Cosmic brownies and granola bars where the margin is better and price is under the chocolate. After 3 months I'll generally pick the slowest selling chocolate item and lower it to $1.25 to balance the sales against the other items in the machine but I've read chocolate prices are expected to increase again this year so I'm slowly reducing the amount I offer in each machine. Right now 1/2 my snack selections are chocolate and I think I will be down to 1/3 by the end of the year.
  13. Damn now that's a pro level move right there!
  14. Thanks those are useful number to know. The combo's I have placed generate over $100 per service cycle so my plan is to leave them till I recoup some of the route cost then replace them with full sized. My route is only 15 stops so it's manageable for me to go every 10 days but long term it I need need full sized. The USI slave combo's average $200 per cycle but you hit it that I like to try them first cause they are so easy to move. Also two of my accounts don't have doors big enough to get a full sized machine through or involve stairs so the slave setups were useful in those situations. I've been arbitrarily using 10 days as my cut off point for service. Anything more frequent either they accept two machines or I drop the account. Is 10 days to frequent?
  15. Moondog, I agree I've inherited a fair amount of equipment so I've been moving things around to try and match up the combo's to the slowest accounts. What do you consider the USI side by side machine? It's not a full sized but I tend to like the machine for small/medium accounts as space wise it's agreeable for the customers that don't have/want 2 full sized machines but the capacity is much better than most combo's out there so I've found they can still be profitable for me to operate. Jerry, I agree I'm doing route based operations for 8 years I'm just new to vending the so the metrics for evaluating potential placements I'm still learning so this forum has been a great resource. I do plan to place both but I'm still shopping for the right refurbished machine so one site will wait a few weeks but I have to get a machine out of a sure this week so I wanted to make sure to put it in the better of the two locations.
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