One thing that all business owners can identify with is the need to constantly be thinking about how to draw in customers and expand your business. As the old cliche says, “Money doesn’t grow on trees.” But, it can come in the form of an ATM.
For businesses looking to increase their profits, installing an ATM in their place of business is a sure fire way to expand business. Here’s how:
Increase Foot Traffic
Installing an ATM in your business enhances your customer service opportunities. Customers and non-customers alike often rely on local ATMs to meet their cash needs. By increasing foot traffic into your business with an ATM you are exposing potential customers to the benefits of your business and likely creating a whole new clientele. Additionally, customers who already patronize your business enjoy the added convenience of having an in-store ATM, allowing them to complete their transactions in cash.
Increase Sales
When people have cash on hand they are more likely to spend it. By giving customers easy access to cash, you are increasing the chance that they will spend that money at your business.
According to the Federal Reserve, “The number of ATM cash withdrawals was 5.1 billion in 2018, a slight decline of 0.1 billion from 2015. The average value of ATM cash withdrawals continued to rise, increasing to $156 in 2018 from $146 in 2015, accordant with the continued decrease in the total number and the continued rise in the total value of ATM cash withdrawals.”
By installing an in-house ATM businesses could see some of that withdrawal money spent in their store.
Increase Profits
For every cash transaction on an ATM, customers are charged a surcharge fee, also called a convenience fee. These fees usually range between $1 and $5. ATM owners keep these convenience fees, which can significantly boost a business’ monthly profits.
For businesses seeking ways to increase their income, installing an in-house ATM is an easy, reliable way to expand your customer base and create an upsurge in your profits.