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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.
How Can You Increase Security for an ATM and Safeguard Against Theft?
We all know ATM’s are like candy to would-be thieves. However, that doesn’t mean your ATM has to be a target. People target these machines because they are small and they think they store a lot of money.
In reality, most merchant-owned free-standing ATM’s (the ones in stores) don’t contain much cash. Many store owners remove the cash each evening like a cash register.
As a store owner or ATM operator, there are certain precautions you can take to limit the chance that an ATM is stolen or broken into and increase security for an ATM.
It’s easy to add a camera monitor for your ATM machine to ensure that it puts a person at risk if they try and steal money from it. The more measures you take to secure your machine the less likely someone will attempt to steal money out of it.
5 Tips for Increasing Security
Install surveillance cameras around your ATM Machine
- No one wants to be spotted on camera. Put one directly on top of the machine and another in a location that has a good view of the ATM. These camera systems are inexpensive and work great.
Hang a sign up in the area to let people know that it is under constant surveillance.
- Thieves will think twice before making an attempt to steal from the ATM when cameras are around. Several higher-end machines come with cameras installed inside to help lower the chance of theft. Some of the new Genmega series ATMs have surveillance deterrents pre-installed at the factory.
Put your ATM Machine near a brightly lit area.
- The more lit the area where the ATM is located, the less chance someone is going to try and break into it. Make sure that the area directly above the machine and the surrounding area has the proper lighting. This will also help customers feel more at ease when completing a transaction. No one wants to withdraw cash from an ATM in an area that is dark. Added security to a machine can help protect the money inside and help draw in customers.
Place the machine inside your store.
- Properly secure windows and doors to prevent people from trying to break in and remove cash each evening like a cash register.
Install an alarm in your store so if someone tries to get inside they will trigger it.
- Your machine should be more secure if it is inside your business. An alarm usually makes criminals move to the next target where they don’t have alarms. Alarms are inexpensive these days and go a long way to make would-be criminals think twice about breaking into your business to steal your ATM or any other valuables inside for that matter.
Protecting your investment is just good business. You do not need someone stealing from your ATM. Make sure your installer properly secures your machine to the floor or wall. Make sure the area surrounding your establishment is well-lit, and if you own and operate your ATM machines, simply remove the cash when you close and leave the safe door open is the best security measure. If the ATM in your store is operated by someone else, most of the suggestions above deter criminal activity. A few small protective measures are all it takes to increase security for an ATM and protect your valuables.
Criminals can abscond with ATM customers’ money without even confronting their victims.
How? Cash machines are targeted by crooks who attach phony electronic devices – sometimes very well crafted and difficult to detect – over the ATM’s card reader and then rig a hidden camera close by, on the machine itself or on a nearby light fixture, according to an FBI reports on ATM skimmers.
An unsuspecting ATM customer inserts his bank card into the fake card reader, which then “skims” the account information from the card’s magnetic strip and stores the stolen data or sends it wirelessly to the thieves. Meanwhile, the hidden camera “shoulder surfs,” recording the customer’s hand movements as he inputs his PIN; similarly, a false keypad may be used to record the customer’s keystrokes. With the bank card information and the PIN, the criminal may encode a new, blank card to gain easy access to a victim’s account at any number of ATMs.
So, what’s a consumer to do to avoid being skimmed? The FBI recommends inspecting any ATM – whether it’s at a bank, a gas pump or elsewhere – and looking for anything suspicious like scratches or residue from adhesive or tape. Always cover the keypad with one hand when typing in a PIN, and try to use an indoor ATM when possible; it’s tougher for crooks to set up skimmers in well-trafficked areas. Keep an eye on bank statements, sign up for alerts that let you know of unusual account activity and consider an identity-theft protection and monitoring service like LifeLock. PCWorld suggests watching out for anyone milling about near an ATM and being wary of using an ATM that’s in a remote area or doesn’t appear to be part of a nearby business or bank.
Thieves Pay the Price
While losses related to skimming have been on the rise the past several years, the good news is that skimmers are being caught and serving time for their crimes. Some recent cases in the news include:
- A 29-year-old Georgia man was sentenced in November 2012 to 38 months in federal prison for several skimming-related charges. He was ordered to pay more than $72,000 in restitution.
- Also in November 2012, a 22-year-old Romanian from Broward, Fla., received a 3.5-year sentence in federal prison. He was found guilty of charges related to aggravated identity theft and possession of an ATM-skimming device and two “pinhole cameras” with video recorders, the Sun Sentinel.reports.
- A 32-year-old Romanian man was recorded on camera placing a skimmer device on an ATM in England, and was subsequently apprehended when he returned to dismantle it. Techworld.com reported that the man, who is believed to have skimmed more than 9,000 PINs, is facing a jail sentence.
The takeaway is that vigilance is key to beating the skimmers. Watch your surroundings, be on the lookout for anything unusual and stay on top of your finances.