If you own and operate a business with a physical address, getting an ATM machine probably has never crossed your mind. But what many people don’t realize is just how lucrative this is.
You’re missing out on a potential business asset that will bring a lot of money in! Are you curious about what you’re missing out on? Then, keep reading. We’ll cover the top benefits that you’d get from it.
But first, let’s tackle the biggest hindrance for business owners from exploring this option: ATM-related fraud.
Dispelling Worries about Fraud
One of the reasons a lot of business owners are worried about having ATMs on business premises is the potential repercussions. Even though any issue with the machine isn’t your fault, victims will blame you.
Worse, your premises may get a bad reputation. Fortunately, this issue can be addressed proactively. With an ATM monitoring system, you won’t have to worry about any issue that may arise from the ATM.
As an all-in-one solution for ATM security, dispute handling, and anti-fraud, you’ll be able to reap all the benefits of having an ATM in your business.
What Advantages Would You Enjoy With an ATM Machine?
In this section, you’ll see just how valuable an asset an ATM is for your business.
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Saving on Credit Card Fees
Credit card companies charge a convenience fee every time a customer completes a credit card transaction. If your profit margins aren’t as good as you want them to be, this extra fee can seem like a lot.
That’s why you want to encourage them to pay cash even more. With an ATM in the store, they may think twice before taking out their credit card. After all, who wants to deal with credit card payments and a dent in their credit score?
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Attracting Customers Who Value Safety
If there are other places where you can withdraw money, would you choose to withdraw somewhere there’s no one around? It’s not unheard of for people to get mugged after withdrawing money from an ATM. That’s why as much as possible, people choose to withdraw where there can be potential witnesses.
So if your store has good lighting and surveillance, they’re more likely to stop by. Apart from the convenience fee you charge, maybe they’d even pick up a few items before going their way.
Just make sure that the ATM is visible somewhere. This way, even those who haven’t been in your store would know you offer this service.
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Improved Customer Loyalty
People are creatures of habit. For example, if you go on a coffee run every morning, you probably go to the same coffee shop and even order the same coffee.
In some ways, ATMs can also have the same effect. People are more likely to withdraw to the same place because it’s familiar already. If they know it’s safe at your store, expect them to withdraw money from your ATM regularly.
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Increased Average Customer Spending
The most obvious revenue addition here is the convenience fee that you can charge for using the machine. But not all people will just withdraw their money and leave! Odds are they’d also purchase something from your store.
Having cash fresh from the ATM encourages people to purchase. Usually, it’s to break hundreds, so they’d be easier to spend elsewhere. However, it can also encourage impulse purchases because they believe they have more money to spend on miscellaneous items.
Even small purchases can add up to significant amounts. You may just find your business to be more profitable than it ever was before.
Get These Benefits Today!
If you’re worried about its compatibility with your business model, don’t. The benefits outlined above apply to all industries where a sale is made. But you’ll get more out of your ATM if:
- There’s huge foot traffic in the area. Let’s say that 1 to 3 percent of the people in your store would withdraw money. Use this to gauge how much you can potentially earn in a year.
- The proximity of another ATM. If yours would be the first in the general vicinity, expect to earn a lot. Meanwhile, you may have to charge more competitive fees if there’s already competition near you.
- Establishments accepting credit card payments. If a lot of the businesses in the area only accept cash, people would need to withdraw money to complete their purchases.
Conclusion
Just remember to be an advocate for your customers. Actively remind them of safety and security measures they can take to avoid becoming a victim of fraud.
By always keeping these in mind, you’d be able to make ATM machines a true asset for your business.
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