4 Tips to Maximize ATM Revenue
No matter whether you own an ATM or have installed one on rent, your business stands to benefit from it in different ways. For instance, your customers can access cash easily without having to leave your store. When advertised in the right manner, you may also expect a direct increase in your ATM revenue. What’s important, though, is that you have a suitable ATM business plan in place at the very onset.
1. Select a Good Location
Not only do you want to place your ATM at a location with high foot traffic, but you also need to ensure that it’s easily visible. After all, an ATM tucked in a nondescript corner of a shop might not have the desired effect. If you’re thinking about investing in a drive-up ATM, it’s important for potential customers to be able to see it clearly from the road. Getting signage leading up to your ATM is crucial in both cases to ensure your client knows where to locate the ATM.
2. Make Tweaks to the Surcharge
The surcharge that comes with each transaction has a direct impact on ATM business revenue. The average ATM surcharge in the U.S. stood at $3.08 in 2021. Bear in mind that a surcharge on the higher side may work as a deterrent for probable customers, and the reverse holds true as well. As a result, you may consider tweaking the surcharge more than once to determine what works best in your specific scenario. The absence of other ATMs in the vicinity gives you more leeway in increasing the surcharge.
3. Promote Your ATM
People need to be aware that your ATM exists so promote it in different ways. For starters, place adequate signage outside and inside your store. Given that an increasing number of people turn online to look for ATM locations, make sure you update your business profile on Google. Using different social media platforms to reach out to larger target audiences can be rather effective. If your ATM offers customized printing on its receipts, you may consider offering discount coupons to increase repeat business.
4. Upgrade and Upscale
Aesthetics play an important role in most businesses, and this is also the case with the ATM business. If you’re looking at increasing your ATM business profit, it’s imperative that your machine does not look rundown because customers might be wary of it malfunctioning halfway through their transactions. If your machine is up to the mark and you want to increase your ATM business profit, investing in more ATMs might be the way to go. In such a scenario, you may even consider adding a bitcoin ATM to your portfolio.
Irrespective of who owns ATM machines, it is plain to see that this field continues to evolve with the aim of bringing operational costs down and offering more services. From the point of view of a business that owns or rents an ATM, it’s important to invest in a robust strategy that can help you capitalize through better customer experiences and higher transaction volumes. If you’re still in doubt about the best way forward, discussing your situation with an ATM solutions specialist might be in your best interest.