Where would the average consumer be without the ATM? In a world where modern technology encourages us to go cashless, there is still a high percentage of shoppers and other clientele that rely on cash. Automatic Teller Machines are an essential part of that experience and we would probably lose count of the number of times we frequent them in a month. We also like to visit the same one if we know it is safe and in a good location. So, why not install one in your business to provide that safe, convenient location for consumers? You might be surprised by the number of benefits that it can bring to your business.
In this guide, we will look at those potential benefits in more detail while also trying to ease your mind about possible downsides. This includes a closer look at the advantages of increased cash transactions, greater foot traffic in the store and the revenue for your business. We will also discuss the ways that different types of businesses can benefit from a free ATM installation scheme. Finally, we will show you why our ATM installation is such a good choice to help you achieve these benefits. First of all, let’s take a look at why ATMs are still so important in our society.
Isn’t the era of the ATM over?
Not at all. While many of us now prefer to use contactless cards and apps like Apple Pay to complete transactions, there is still an important place for cash. Many people in older generations – and the occasional millennial – will prefer handling cash and budgeting with it. They need to know that stores will still take their legal currency without any fuss. But, they also need a reliable ATM from which to retrieve that cash. They could go to a bank to take their money out. But, ATMs are so much more convenient.
Then there is the situation where a card or payment method is declined. Either there is a fault with the card or not enough money in the virtual wallet. The obvious alternative would be to use cash. If customers aren’t carrying that cash on them, they need to find the nearest ATM. Also, we can’t overlook the risks that come with all this electronic payment technology. These systems are only reliable when there are a good signal and a power supply. Faults can occur quite often with card readers and related systems. That one bug could suspend business if you aren’t equipped to take a cash payment. We will always need ATMs as a back-up. So, why not install that back-up ATM in your place of business?
There are three key benefits of installing an ATM machine in your business.
The main advantages of this venture come down to three main areas. When you combine the three, this should improve the prospects of your business. Those advantages are:1) Increased cash transactions within your business2) Increased footfall from potential customers3) Increased revenue through the ATM itself through profit sharing
When these factors combine, you have a three-stage plan to improve profits in your establishment. You are satisfying the customers you already have, which leads to greater loyalty and increased sales. You are bringing in new customers that may decide to spend money, furthering sales. Finally, you have the financial incentives that come with the machine. Let’s take a closer look at each of these benefits.
1) Increased cash transactions within your business.
Let’s go back to that idea of the failed card transaction within your store or business. This can be embarrassing for those involved. The last thing that customers want to do is have to plead to retry the card or leave without their items. They also don’t want all of this going on while there is a line forming behind them. If a transaction fails, apologize for the issue, put the items on hold and direct them to the ATM in the store. That way they can get out the cash and pay for their items in no time at all.
Then some may come in and see something the like but don’t have enough cash on them to get it. Impulse purchases are only fun when we have the money in our wallet to pay for them. We want to see something pretty, fun or perfect for us and get it straight away. If we have to leave the store and find an ATM, that impulse could diminish and we might not return. Don’t run that risk if you have high-priced items in store. Make the sale and complete it in one smooth, friendly transaction. Offer an ATM service where customers can have that sense of instant satisfaction. Don’t give them the choice to find something similar closer to the nearest ATM. Apply for ATM placement Tx
It is all about customer retention and the chance to build your reputation.
Customer retention is an important part of running a successful small business. You need that loyal, regular consumer base that will come back time and time again because you provide the customer service they are after. Those that have a positive experience will come back again. In turn, this can increase the reputation of your business. Anyone with a reliable ATM and good customer service is someone to use often and to recommend to friends and family.
You may also be able to increase your customer loyalty and sales if you can upgrade the ATM with additional functions. This means that the ATM becomes a convenient interface for additional services within your store. Some ATM upgrades and services include the chance to pay bills, transfer funds and add credit to a pay-as-you-go phone service. Regulars that come in each week for their groceries, lottery tickets or a weekend treat can add these services to their list of reasons to stop by. Why make a trip to the store and the bank when they can now do everything under one roof?
2) Increased footfall from potential customers.
The benefits of installing an ATM don’t end with the customers that always intended on doing business with you. You can also draw in people that had no plan to spend any money there. People that pass by on the street in search of an ATM machine may see the sign in your window and come on in. While they are there, they may decide to spend their time wisely and see what else they can get. In fact, reports show that ATM users are 50% more likely to buy products. There may be something psychological in this. The idea that they owe you something because you gave them the cash – even if they paid you through the surcharge. It is a bit like going into a coffee shop to use the wi-fi without buying a coffee. We just wouldn’t do it because of the feeling that we stole from the cafe.
3) Increased revenue through the ATM itself.
This is the benefit that will really catch the eye of small business owners. At the end of the day, this all has to be profitable enough to be worthwhile. An ATM brings you profit in two ways – those increased sales and a percentage of the surcharge on any transaction. Those fees can add up quite quickly if you get a lot of transactions at your machine. The bonus here is that you can make money from people that don’t actually buy anything directly. While it is frustrating to see people walk in, use the ATM and walk out without so much as a thank you, you still get paid. Don’t forget that those regular visits still add up. Reports show that around 40% of user go to their preferred machine approximately 10 times each month. The average withdrawal is .00.
The Kingwood ATM solution is a split usage fee for any profit sharing on transactions. This is how the process works. Customers that use the ATM can do so whenever they like, but they will incur a surcharge of .00 each time. Many users are happy to accept this charge rather than face the hassle of finding a bank. –content–.22 of that fee is taken by the ATM transaction network providers that help us run these systems. That leaves a total of .78 per transaction. We then split those profits with the business housing the ATM machine. Depending on your plan, this can be between 35 and 55% Be aware that other provider will have different plans. You can learn more about the pricing charts and profit potential here.
Finally, there is one other financial benefit to consider. Card payments in stores and small business come with the disadvantage of processing fees. If you can encourage your loyal customers to pay by cash – preferably after withdrawing it at your establishment – you can avoid those fees. You can also limit the number of checks written out to the store. There is always the risk of delayed payments here and the check could bounce. This can be damaging for high-priced items. Eliminate that with a simple cash transaction.
What types of business can benefit from this scheme and how?
The list of businesses that can benefit from this approach is long. If you own your own business, or a location as part of a franchise, and have the authority to install an ATM, you can see the advantages. The following list is just a sample of those that can benefit. Examples include:1) small business owners2) convenience store owners3) gas station owners4) hotel owners5) bar owners6) mall owners
Small business owners:
Any small business – regardless of their service – will appreciate the chance to bring more customers through the door. Many people that come in for the chance to use the ATM will then take some time to look around. They don’t want to come across as rude for taking advantage of your “free” service. This could result in more purchases or, at the least, a chance to connect with people and spread the word about your brand.
Convenience store owners:
Our local convenience stores are more than just a place to buy a few essential groceries. They have become one-stop shops for all kinds of needs. Their late opening hours also mean that they are a reliable, local solution for last-minute purchases. It makes sense to add an ATM here as regular customers will then use this as their regular place to withdraw money. They can do so at a time that suits them and then spend a considerable amount of that cash in the store. Surveys suggest that store owners can see between 20 and 40% of this cash staying within their stores through purchases.
Gas station owners:
The same is true for any gas station owners that operate late into the night or run 24/7. This means that your ATM is accessible at any time and you might see users buy more snacks and drinks because they now have that money in hand. Customers that are short on cash when filling up their petrol also can’t leave the station to find an ATM elsewhere. An on-site machine means that they can fill up as much as they want and not worry about their payment method.
Most visitors to a hotel have already booked their room when they enter. But, an on-site ATM in the lobby lets them withdraw spending money for their excursions, transportation with ease. They don’t have to waste time searching for a machine in a strange town and your hotel gets a boost in its reputation. There is also the chance that they might spend that money at the hotel bar or restaurant instead of heading elsewhere.
Statistics show that nightclub owners can retain as much as 70% to 80% of the money their ATMs dispense. This is significant and shows the financial benefits of installing one in these establishments. The promise of an ATM can bring in more foot traffic from revelers looking to extend their night out. Once they have the cash they need, they realize that they are already in a club that will serve them the drinks they want. Why should they go elsewhere? Therefore, an ATM can help you retain customers and draw in new ones for a very profitable night. Put an ATM Machine in My Store Tx
Finally, there are all the mall owners and managers that, for some reason, haven’t yet added an ATM to their center. There are lots of indoor malls and shopping centers that try to provide everything under one roof. So, this should mean an ATM machine as well. This means that visitors can keep taking out as much as they need and spend a full afternoon within the center. That money then goes into the stores and food outlets that pay rent to the mall. It also stops people from going to a different mall to get their money. Fall foot may also improve as people pass through on the way to the ATM. They may then decide to stay a while and check the place out.
Are there any disadvantages to installing an ATM in your business?
You may look at all of these benefits of installing an ATM machine and wonder where the catch is. Surely, there has to be some potential downside or risk in this venture? There are four main areas of concern raised by businesses. But, as you will see below, those risks are significantly reduced – or even eliminated entirely – with our free ATM installation scheme. Those concerns are:1) the potential upfront costs and high fees associated with buying or renting an ATM2) the risk of faults and the need for regular maintenance and upkeep3) the security of the machine and its impact on the security of the business4) the loss of valuable floor space
The potential upfront costs:
Let’s start with that issue of costs. Does the amount received from the fees and transactions offer enough profit when balanced with the costs? Some small businesses will have to think carefully about buying or renting a machine. Although the costs of ATM machines have decreased, it is still a large upfront payout. Companies selling them usually do so for between 00 and 00. But, our scheme is different. We offer a free model and servicing with the potential for future upgrades. We just take our percentage of the transaction fees.
The risk of faults and maintenance:
So what happens if a machine runs out of cash, develops a technical fault or completely breaks down altogether. Many business owners will, understandably, decide that they don’t have the time or skill to handle those sorts of issues. This may put some off from installing an ATM. However, these problems disappear when you have a business relationship with a company that handles all the maintenance for you. Our team will come out to set up the machine, fix any faults and refill the machine with money. The responsibilities are out of your hands.
The security of the machine and business:
Then some will worry that the money-filled ATM will encourage thieves to try their luck. If they were to come in and try and steal from the ATM, would they then steal from the store or cause criminal damage? While there is always the possibility, the risk is actually very low. ATM thefts are very rare and you can take plenty of safety precautions to place the machine in an appropriate plate. Our machines also have built-in safety features.
The risk of them taking up too much floor space:
Where will this machine be located within your place of business? It needs a home somewhere that is convenient and accessible for customers. But, does this mean losing valuable floor space in a lobby or shop floor? The best machines don’t take up that much space these days. They are slim, fit neatly into the layout of the store and can go anywhere with a power outlet.
Choose an ATM machine that is sure to offer a great return.
The ATMs that we offer in our free installation scheme are more high-tech and modern than you might expect. We promise that they have the following: 1) the longest life spans in the industry2) the minimum in requirements for upkeep3) enhanced monitoring and security systems4) those bill payment, funds transfer, mobile cell phone top-up services mentioned above5) a user-friendly interface6) environmentally-friendly energy-saving functions7) a modular design that allows for modifications further down the line.
You can learn more about the NH-2700CE ATM model here.
A summary of the pros and cons of installing an ATM machine in your business.
Let’s summarize all of those benefits and possible issues.
The pros: 1) you can encourage increased sales in cash payments by providing a convenient withdrawal system2) you can improve customer retention and loyalty through increased services and a sense of reliability3) you can increase the foot traffic in the store from passers-by4) you can earn regular additional income through the profit sharing surcharges5) you can still make money from those that don’t purchase a product6) you can reduce the problems of card fees and bounced checks.7) you can improve the reputation of your business.
The cons: 1) upfront costs – but not if you use a free installation scheme.2) the maintenance of the machine – but only if you choose a company without complimentary services3) the security – but only if you choose an insecure product4) the loss of floor space – but only with outdated machines.
An ATM could be a great investment for your establishment, whatever your line of business.
The bottom line here is that you have a lot to gain when you choose to add an ATM to your business. Those potential gains increase further when you take advantage of the free installation and great services that we have to offer. Before you know it, you could see more customers in your business using the ATM and making purchases. The revenue from the surcharges will also begin to add up. Soon enough, you will wonder why you didn’t make this decision sooner.