It is a financial and technological solution that combines the necessary protocols and rights for processing transactions and thus enables everyone to become the owner of their own ATM.
Zagreb — As of today, everyone can become the owner of an ATM. The activity, which has been reserved only for banks and financial institutions, is now open to everyone: from restaurateurs and business owners to entrepreneurs interested in stronger involvement in this domain of financial operations.
The driver of this change is the Croatian company Monestiq, which created the first franchise licence for ATMs in Europe. It is a financial and technological solution that combines all necessary protocols and rights for processing transactions and connects ATMs to global card schemes such as Visa and MasterCard. This enables ATMs to do what their purpose is: acceptance of cards and payout of money. At the same time, it allows entrepreneurs to become owners of one or more ATMs in a simple way and join an exclusive society of providers in the financial industry.
Disruption in the financial sector
—This is a kind of disruption in the financial sector, i.e. democratization of activities that has a trend of accelerated growth in Croatia. The number of ATMs in Croatia since 2014. to 2019. increased by more than 60%, and we expect that with Monestiq’s licence this number will continue to increase, said Ivan Dušević, managing director of Monestiq. Dušević also added that Monestiq connects the knowledge and experience of one of Croatia’s largest ATM system operators with innovative software solutions.
Dušević gained extensive business experience working for leading international consulting companies and now he decidedto use the acquired knowledge to transform the financial sector in Croatia. He points out that this year Monestiq is starting with the Croatian market, after which the company plans further expansion in Europe. Since a similar option does not exist on the European market, the company said they already have enquiries for franchise rights from Hungary and Germany. The final goal will be to build Europe’s largest ATM franchise chain.
The key is simplicity
— The key advantage of this licence is in the simplicity it provides to its holder. The franchiser’s only investment is to buy an ATM and to find a location to set it up. We take care of everything else. And that includes filling ATMs with money, insuring the devices and operating equipment, servicing and — most importantly — processing transactions. In short, Monestiq serves as a link between small entrepreneurs and titans of the financial industry, i.e. card companies such as Visa or MasterCard, which are the basis of the global payment system. We connect owners of shops,stores or other business premises with complex card schemes and allow them to manage their own ATMs, explained Dušević.
ATM franchise
From its beginning, Monestiq is designed as a franchise based on a franchise licence model. Andrija Čolak, the owner of the most successful Croatian franchise Surf’n’Fries, was involved in the development of this model as an advisor. His experience was a key “ingredient” in the successful preparation of this franchise, thanks to which the recognizable turquoise ATMs will be found on Croatian streets this summer.
— This is very exciting because a brand with incredible potential is created in Croatia with the so-called ”semi-absentee“ franchising model, i.e. a franchise that can generate passive income to the franchiser with minimal or almost no operating investment. Such types of franchises are in high demand and are at the same time extremely rare on the market, so I believe in the very high potential of the Monestiq concept not only in Croatia but also in foreign markets, concluded Čolak on behalf of Colak Franchise Consulting Groupe.
