Can an ATM machine help your business make money?
As a business owner, you’re always looking for ways to add extra revenue streams to boost your bottom line, but original ideas are can often seem impossible to come by. However, innovation is a bottomless well and there’s always one more creative idea worth using. Your thinking needn’t even be that far outside the box; if you want to draw more people to your business, give them a good reason to come. You’ve probably considered moving your business closer to amenities that your customers frequent, like a forecourt. But did you know that one element of the forecourt – the ATM machine – might be all you really need? Which leaves the question: can a simple ATM installation close to your business give you the revenue boost you need?
The short answer is yes; an ATM can definitely help your business make money. The long answer has more to do with how exactly an ATM can help you achieve this and we explore this in further detail in this blog.
Cash withdrawals make consumers more likely to conduct smaller transactions
People prefer to carry their money in various ways. Some people are uncomfortable with the idea of constantly having cash on them and prefer to only withdraw as and when they need it. Cash also happens to be the preferred method (by both vendors and consumers) for paying for small amounts. Given the convenience that a cash transaction affords both merchants and customers, it makes the most sense to process micropayments using cash, and that can be encouraged by having an ATM machine around the retail business.
Retailers that aren’t equipped to accept other forms of payments fare better when situated close to an ATM machine
For businesses that are just starting out, economising can sometimes mean that they can’t afford systems and devices that accept card payments. These businesses work at a significant disadvantage and are in danger of losing customers to the businesses with robust POS systems and all the latest payment alternatives. However, if your customers can get access to cash immediately, before they enter your business or while they’re inside, the playing field between you and your competition is effectively flattened. And as we’ve always maintained, the simplicity of a cash transaction is something with which alternative forms of payment can’t compete.
Businesses that are in close proximity to ATMs attract customers away from businesses that don’t
The logic behind ATM proximity is clear: once people have cash in hand, they’re more inclined to walk into a store and purchase something. The urge to spend is even higher if the ATM machine is inside the business in question. All of the footfall that an ATM generates is organically directed towards your store without you having to actively drive it. It all centres around convenience – one of the most important consumer trends; today’s customers want one-stop shops where they can buy their necessities, fill up their car and buy some prepaid electricity. If you cater to this need for convenience, the reward is usually loyalty and sustained foot traffic.
Self-cashing an ATM located within your business cuts cash deposit costs
In addition to the extra revenue that having an ATM inside your business can generate, you also stand to save more time and money on cash deposit costs or cash collection fees. When you install a self-cashed ATM, the onus to replenish its cash stock rests with you. The issue with cash deposit and collection fees is that they pose a heavy expense, which isn’t ideal if you’re trying to save costs and increase revenue.
What you may not have been aware of is that you can cash your ATM yourself. ATM Solutions provides you with this option when we install an ATM in your business. This way, you get to skip an expense and funnel that money towards growing your business further. You can cash your ATM at the rate at which you need to and avoid downtime by not having to wait for cash-in-transit services to restock for you.