We have all been in the situation where we have run out of money and need to fill our wallets or purse with cash. Credit and debit cards are almost accepted everywhere but nothing is better than having physical cash. Install an ATM machine to attract business and you can help provide people with easy access to cash.
Did you know that there are a variety of ways to attract business and make more money when you install an ATM machine into your business? Businesses owners are unaware of the benefits of owning an ATM machine.
What are the Benefits of having an ATM?
ATM machines are great additions to a business because they can naturally attract customers inside. When a sign is posted outside indicating that an establishment has an ATM machine you draw in more people to visit your store.
People will casually walk in just to get some cash and often will make a small purchase. This can help increase business since a lot of people will visit in a given day just to withdraw some cash.
Psychologically, immediately after someone withdraws funds and has cash in their pocket, they are more likely to spend it right away. Spontaneous shopping happens more often after a person adds more money to their wallet.
It is very common that once people get out cash using your ATM they feel the urge to spend some of the money they just withdrew, this often leads to impulse buying which would be spent in your store..
One cleaver trick that works well is to place the ATM machine in an area of the store where you often display specials or bargains you’re promoting, this encourages spontaneous shopping. Small businesses find that after an ATM machine is installed they make hundreds of dollars in profits every week as a result.
Large businesses and certain types of businesses notice profits often increase dramatically from having an ATM machine available. Most of the time when people withdraw cash they like to break it down into smaller bills. When receiving a few twenties that an ATM typically dispenses customers like to have smaller increments and are likely to make a purchase to facilitate making change. Customer that withdraw money are therefor more likely to buy something from your store if they need to break down a large bill.
Convenience stores, small markets, and similar businesses can profit considerably from many small transactions a day. A customer is more likely to purchase additional items when they need to break down larger bills so the potential to earn increases.
As the owner or operator of an ATM you also profit from the commission you receive on every ATM transaction that takes place on your machine. So even if people do not spend any money inside your business you are still generating a profit from the small space an ATM uses.
Customers opt for an ATM machine as opposed to using credit cards more often to avoid credit card charges and interest payments. Between 40% – 70% of credit card charges performed are done with a bank debit card and merchants are paying a high percentage to accept this type of payment. Offsetting Credit Card Fees alone is another way to convert fees paid into money made.
An ATM machine is a profitable investment for a business in many ways. If a community or shopping area lacks ATM machines and you install one, other businesses will send people into your store when their customers ask where the closest ATM machine is. You’ll be the business that has the solution to everyone’s need for cash.
Consider installing an ATM machine to help your business attract more customers and produce more profits daily, weekly, and monthly. You’ll be surprised at the amount of additional income once you add a new machine to your business, just remember to make people aware of its presence.