Choosing an ATM company: How to install an in-store ATM
Reliable, tangible and anonymous, cash is still relied on by many for their day-to-day payments, saving their credit or debit cards for larger purchases and drawing cash. FinMark’s survey found that only 12.7 million of the 31.4 million banked population in South Africa use a bank card to transact “at least once a week or monthly”. Installing an in-store ATM in your mall benefits your business in many ways. Here’s our Q&A about what you need to know about installing an ATM.
Will the ATM take up a lot of space?
ATMs come in various installation types to best suit the available space in your centre. If there is ample space, a free standing ATM would be appropriate. If space is limited, a through-the-wall ATM might be more appropriate or a kiosk can be positioned outside the centre. Your ATM company will make this assessment and recommend the most suitable option.
How much does an ATM cost?
The installation of the ATM is free and all branding, maintenance and servicing is covered by the ATM company.
How will I make sure the ATMs are kept full?
The ATM company will constantly monitor your ATM and send out a low cash SMS alert when cash is low. You can either cash the machine yourself – thereby saving on the stores’ cash deposit fees – or have the machine fully serviced. If you opt for the latter option, your ATM company will insure the cash.
What are the benefits of having an ATM in my mall?
Installing an ATM will make shopping at your mall more convenient for your customers, as everything they need is located under one roof. Not only that, but new customers will come to your mall just to use the ATM. Research has also shown that 40% of the cash drawn at in-store ATMs is spent at the business, supporting the businesses within the mall. Paying with cash also avoids credit or debit card charges for stores.
Will I generate any extra income?
For every ATM withdrawal, you’ll earn a rebate on the transactions, in addition to the extra revenue (mentioned above) your stores will enjoy from increased footfall.
How do I get an ATM installed – what is the process?
Soon after you contact your ATM company, they’ll assess your centre’s location, dimensions and customer demographic. With this information they can determine the ideal location to position the ATM and which bank to brand the machine with. They’ll determine the branding by analysing ATMs in the area and which institution the majority of customers bank with. Once you’ve decide whether you want the ATM to be self-serviced or fully serviced, it will be installed and set up within a month of application.
How can I attract more people to the ATM?
A well-positioned, well-illuminated ATM in an uncluttered location that makes customers feel secure will attract more people. Clear signposting around your centre directing people to the machine will also increase traffic.
What should my ATM company provide for me?
As well as a free assessment and installation, your ATM company should provide round the clock monitoring to ensure that your ATM never runs out of cash. They should also provide all ATM branding, awareness and marketing campaigns and be on hand should you need technical support, spare parts or assistance. The cost of the ATM’s wireless communication should also be covered by the ATM provider.
If we haven’t answered all your questions, please contact us or download the ATM Solutions brochure for detailed information about our ATMs.