The ultimate guide to installing ATM machines in your store
Cash isn’t dying out, despite the talk about it doing so. There’s more money in circulation than ever before: data from the South African Reserve Bank on Trading Economics has shown that the money supply in South Africa has tripled in the last decade thanks to growth in the lower income sector. According to the ATM Industry Association (ATMIA), 84% of transactions in this country are still made in cash. Cash will be a mainstay for a long time yet and so will the need for ATM solutions. Installing an ATM machine in your business is a shrewd investment. Here are the things you need to consider when choosing the right supplier.
Increased footfall, more revenue and competitive advantage are some of the reasons to get an ATM machine in your store
ATM machines are not only a convenience for your regular customers, they attract new customers who need to withdraw cash. An increase in foot traffic will lead to reap extra revenue through ATM rebates as well as potential spending within your store – up to 40% of cash withdrawn at in-store ATM machines is spent on site, according to Supermarket.co.za. Not only will you make more money, you will also save money. More payments done in cash mean fewer charges from credit or debit-card transactions.
Having an ATM will also give you the edge on your competitors – especially if branded it with a bank that the majority of consumers in your area use. The company that who installs your ATM machine will be able to provide data on the cardholder base in your area.
Crime rates in your area will influence where you decide to place an ATM
Introducing an ATM to your store makes great business sense, but there are several things that need to be considered when choosing the right option. Your ATM supplier should be able to offer you a variety of sizes and features, that take into account your store type, customer demographic and cashing requirements. However, its position will depend on how secure or visible you require it to be: inside your store vs. outside.
The area in which your store is located will determine your security measures. Crime statistics for the area can be obtained by your ATM provider to ensure you are choosing the most appropriate security option, for example, inward or outward facing, automated rolling shutters, a rear loading machine or onsite CCTV. Any supploier you choose should provide you with a comprehensive security service, too.
There are different connectivity, payment and maintenance options available
You have the option to choose a fully serviced ATM – where your provider will supply a cash loading service. – Alternatively, you can provide the cash yourself from the store’s daily takings. The latter option will save you the cost of depositing cash at your bank as well as avoiding the need to leave cash in your tills overnight. Whichever supplier you choose should offer after-sales support so that you can minimise downtime should your ATM malfunction.
Depending on which type of supplier you choose to go with, ATM machines are either rented directly from the bank or installed for free by a service provider. In the latter option, you earn rebates on the transactions carried out at your store’s ATM. As well as the services mentioned above, your supplier should provide free installation, repairs, spare parts, wireless connectivity and branded signage. They should also provide you with statements so you can keep track of transaction volumes; awareness campaigns tso maximise how many people use your ATM and visit your store; and a toll-free customer helpline.
ATM machines will be able to provide more and more services in future
ATM machines have evolved from simply dispensing cash to all but replacing the need to go into the bank – especially given how much extra it costs to do anything by teller. Today, ATMs not only dispense cash, they let you purchase electricity, buy airtime and much more. And it’s the developing world that is leading ATM innovation. The average ATM in Latin America has 50 to 75 features, compared with a mere 25 features in the United States.
In the future, you’ll be able to open and bank account and get a new debit card from an ATM. This type of functionality will be pertinent into rural areas situated hours away from their nearest bank branch, especially when combined with solar technology. Another potential development is the use of QR codes in the place of bank cards and PINs that could bridge the gap between cash and mobile.
Providing your customers and business with an ATM machine needn’t be a challenge. Download our ATM brochure to get clued up on the ins and outs of ATM solutions.