Small businesses need to provide the best service to their customers by increasing their revenue and cutting down on their expenses. Even though most people prefer to pay through debit or credit cards, cash still plays an important role, especially for small businesses.
By installing ATM equipment inside the premises, you can offer additional services to customers and create a new income stream for yourself. Even though most people associate ATMs with banks, there are ATM service providers who help install and also service the machines regularly. Here are some of the best methods that ATMs can be useful to small business owners like yourself –
Add to The Revenue – Small business owners will spend electricity and provide space for ATM within their premises. The ATM operator will offer some percentage of the transaction fees collected through that particular machine to you. The remaining would be divided between the sponsoring bank and the ATM service provider. The higher the transaction at the device, the greater will be your revenue every month.
Attract Passers-By – If you have a store in a busy street, the chances are that there will be other stores that accept payment only in cash. Placing a simple ‘ATM inside’ sign, outside the store, will attract people who need to take out some money to be able to store. When they are inside, you have the opportunity to sell your products or provide them with information about your products and services. It has been seen that many people spend a little amount of money at the store where they withdrew the money from.
Cutting down Expenses – You may find the fees associated with accepting debit or credit cards to be on the higher side. With an ATM within the premises, you can easily cut down on the card fees while ensuring that your customers have access to cash when they need it. By accepting money in stock, you will also save yourself from having to upgrade the technology for accepting cards.
Boost Spending – It has been seen that ATM within a premise help boosts spending by customers. People are more likely to spend ore if they have easy access to cash rather than if they have to pay money through their credit or debit cards. Thus, if you want to boost spending, installing an ATM would be a good idea.
Use as a Marketing Tool – Modern ATMs offer interactive kiosks where you can promote your products and services. Adding video ads, or coupons to the ATM receipts and along with other special offers is a great way to increase the rate of returning customers to your store.
If you’re convinced that an ATM would be perfect for your store, you need to pick a professional and reliable ATM service company. It’s to ensure that the ATM is not only appropriately installed but is repaired and serviced correctly to minimize downtime. Make sure to check reviews of the company before you make your decision.
Image credit: ATM machine via Addoro/Shutterstock