As you can imagine, we’ve had a number of questions presented to us so we thought that we would run them by the gang at CoinFlip. Here are the questions and responses.
What is the length of time to placement of an ATM from delivery of the formal placement agreement?
Normally 2 to 3 weeks. However, since these come from China the coronavirus has added an extra 2 weeks. So we’re looking at 4 to 5 weeks.
Who installs the ATMs?
Selected insured technical representatives.
Who services ATM’s?
Security personnel from Brinks or Garda.
Is the language on the BATMs English only?
No. the language includes Spanish, Chinese (Mandarin), and Russian.
In the buying video, it indicates the person is asked for Phone number and name why is the name required?
It is required as KYC requirements.
How should we submit the placement agreement?
Send them to Info@CalixSolutions.io
On the second page, repeat the listing of the establishment’s contact information including a phone number and email address. Under that, list the Independent Contractor’s (IC) contact information. We want to maintain a chain of custody for the contract so the IC gets proper credit for the placement.
Will a National Account allow me to sell placements in states that appear on the exclusion list?
No. States have chosen various reasons for not allowing BATMs to be licensed.
Will a placement agreement be automatically accepted?
Not necessarily. If there are too many in a geographic locale, it may not be accepted. Also, if the population is too sparse to support the presence of the BATM, it may not work out.
Do we need to fill out a W-4?
No. A W-4 is for an employee. An Independent Contractor submits a W-9. When you have an approved placement agreement, you will need to complete a W-9 and send that to Info@CalixSolutions.io We will forward that to CoinFlip. They will send both you and the IRS a Misc 1099 when your annual payout exceeds $600 annually.
Send a W-9 along with each Formal Placement AgreementDownloadHow is the payment made to both the independent contractor and owner?
A check will be sent to both parties.
How often does the independent contractor receive their residual payment?
On a monthly basis. The average is approximately $60 to $75 a month.
How is the residual calculated?
The residual fee is 1.5% x the transaction fee (6.99%). Residuals will be paid out for 2 years on a BATM placement, so long as the BATM remains operational.
