Bitcoin ATM manufacturers are finding themselves in a bit of an awkward position these days. With a few hundred BTM’s deployed all around the world, none of them seem to be bringing in enough revenue in order to create a sustainable business model for the operators. The manufacturers, themselves, have to adapt their business models as well, in that regard. Lamassu, the leading Bitcoin ATM manufacturer, plans to introduce monthly subscriptions in the near future.
Lamassu – Formalizing Service Agreements
The biggest “brand” in the world of Bitcoin ATM’s has to be Lamassu. With 122 Lamassu Bitcoin ATM’s spread all over the world – ranging from South Africa to Canada, and Finland to Indonesia, the company has become a global manufacturer, in terms of bringing Bitcoin to the masses and unifying disruptive technology with local currencies.
One could go as far as saying that Lamassu may be one of the very few Bitcoin ATM manufacturers with a viable financial business model. Or, to be more precise, that is what Lamassu hopes to transition, come June 1st. By implementing monthly subscription fees for software upgrades, and general support, the company aims to formalize their service agreements.
The implementation of a monthly fee serves another purpose, as well. The Lamassu team consists of several developers and software engineers, all of which deserve to paid properly for their hard work. And with monthly transaction volumes on the rise in a steady manner, support has become more important than ever before.
Do keep in mind, these monthly subscription fees will not impact any transaction made through your Lamassu Bitcoin ATM. Lamassu is not looking to take a cut from your transactions by any means. Furthermore, the software part will remain open source, as it always has been, and every operator will retain full control over their machine(s).
Depending on the amount of machines you have deployed, your monthly fee will range between US$100 and US$80 per machine. The more Lamassu Bitcoin ATM’s under your control, the lower the fee per machine becomes. Plus, if you pay the service fee upfront for an entire year, you will receive a 5% discount on the total amount.
Other Impending Changes
Lamassu Bitcoin ATM’s currently use the Lamassu Server, forcing operators to maintain their own servers. This will no longer be the case in the future, as Lamassu will be rolling out the Raqla platform. As a result, you will be saving up to US$40 a month in server costs, which is always a good thing after making a hefty upfront investment.
Raqla will also bring some additional functionality and tools to Bitcoin ATM operators. For example, access to your machine remotely will be at your disposal, as well as receiving SMS notifications. And to make things even better, Raqla are also offering a reduced-cost ID verification and additional financial services for customers.
Source: Press Release
All images courtesy of Lamassu