Using ATM solutions to grow your business: Why cash is still king
Thanks to the ease offered by swiping a credit card, apps that use pre-stored details for transactions, as well as contactless technology implemented by banks such as the tap and go credit cards issued by FNB, it might seem as though cash is slowly being replaced by more efficient means of payment. While there are many that predict that the end is nigh for our precious notes, there are several reasons why cash is still king.
Why cash is still relevant in the South African landscape
Owners of SMEs and informal businesses in South Africa have no doubt seen a customer walk into their store, eagerly wanting to purchase a product, only to leave empty handed because they did not have cash on them. While you might also consider introducing credit card facilities in your business, installing an ATM machine is a brilliant way to offer more convenience to your customers and boost business. Cash will continue to be an important aspect of commerce as it’s easy, ideal for small purchases, ubiquitous, anonymous and reliable.
The bountiful benefits of having ATMs in stores
Approximately 88% of South African adults claim to withdraw money from an ATM once a month. Only 13% of the population use cellphone banking compared to 25% who rely on in-store ATM solutions to get their cash.
With the obvious advantage of increasing your profits, offering ATM solutions to your customers holds many more benefits in-store:
Ease and convenience: By ensuring that your clientele base has quick and easy access to cash, you automatically make your store the convenient go-to destination for residents in the area.
Boosting profits: Rest assured that customers won’t merely enter your store and leave with their cash; consumers are more likely to purchase products when they have the cash available to do so.
Increased foot traffic: Thanks to customers who return to your store to get cash, and the resulting word of mouth, many new customers will visit your store because of the added benefit of an ATM.
Commission earned on each transaction: For every transaction, you’ll earn a small rebate.
Welcome to the age of the ATM
With technological innovations advancing the way we transact, ATMs are now able to do much more than simply dispense cash. PayCorp provides ATM solutions that give your customers access to prepaid electricity and airtime and the option to transact in multiple languages, regardless of which bank they bank with.
We also understand that the rural areas, which require access to these machines the most, are often challenged by limited access to electricity or network signal, which is why our ATM solutions are backed up by inverters in case of power failure, or are solar powered, and use wireless connections, offering fast and efficient transactions.
When selecting an ATM provider, make sure that you choose one that offers you a comprehensive installation service. Avoid providers who will set up the ATM, only never to be seen again, and rather opt for providers such as ATM Solutions who will provide you with ongoing support and maintenance of the machines, as well as covering the full cost of installation, plus all branding.
For more information about the various ATM offerings we have and how they can benefit your business, download our ATM Solutions Brochure here.