5 Ways in Which an ATM Can Help Your Business
An increasing number of consumers expect to find ATMs with ease at just about any place inhabited by humans, be it at a grocery store, a gas station, a college, or a hospital. If you have an ATM at your business premises, while you give people instant access to money, you also stand to gain in more ways than one.
1. A Competitive Edge
Data collated by PaymentsJournal indicates that the average American consumer visits ATMs to get cash 3.8 times per month. The numbers can add up quickly and significantly when you look at areas with sizable populations.
If your business has competitors in the vicinity, getting an ATM can help give your business a competitive edge. This is because people who need access to cash will favor your business over others from the same realm. If one or more of your competitors already have ATMs, perhaps it’s time you play catch up.
2. Higher Foot Traffic
If you need cash in a hurry, there’s a good chance you’ll make your way to the closest ATM. Consequently, when people are near your location and need money quickly, there’s an increased likelihood they’ll visit your business. Over time, you may expect to see a noticeable rise in foot traffic, even in the form of repeat customers, as long as you provide reliable services and partner with a good ATM servicing company.
3. Increase in Income
Investing in an ATM brings with it the potential to increase your business revenue in different ways. Besides, you may look forward to maximizing ATM revenue by following a few relatively simple measures.
- Impulse purchases. When people withdraw cash from ATMs, they’re prone to making impulse purchases. Consequently, there’s an increased chance they’ll make purchases at your business.
- Reduction in credit card transaction fees. Small businesses often find it burdensome to deal with credit card transaction fees, given that they might need to pay 1% to 3% on each transaction. With an ATM machine close at hand, you may encourage your customers to use cash. Offering some kind of incentive for cash payments can definitely help.
- Surcharge revenue. Every time a customer uses your ATM machine, you receive a small surcharge. In 2021, the average ATM surcharge in the country stood at $3.08.
4. Build Customer Loyalty
When you give people access to an ATM they may depend on it when they need cash, you increase the possibility of their becoming loyal customers. Once they’re at your place of business, you may leverage their loyalty by getting them to purchase the products or services you have to offer. Bear in mind that the level of customer service you provide goes a long way in building customer loyalty.
Modern-day ATM machines come with displays that are capable of running ads. This gives you the ability to promote your business to people who come to use your ATM. Since they need to look at the ATM screen, you already have their attention.
While investing in an ATM can help your business in different ways, it’s important that you get the basics right. For instance, you need to identify the best possible spot to place an ATM and you also need to select a suitable machine. Since running a successful ATM business requires ongoing maintenance, it’s also important that you partner with an ATM processing company you can trust.