For small businesses that can have them installed and properly maintained, ATMs (automatic teller machines) placed in good-trafficked places have been proved to provide numerous business advantages.
Those comprise chances for the business to get revenue from transaction fees; higher charges of on-premises expenditure by customers making use of the machines; decrease in charges and service time regarding processing debit and credit card transactions, and other ways to interrelate with the customer through the ATM machine itself.
The Source of Revenue
As mentioned in the research, the universal installed base of automatic teller machines is expected to get to 6.1 million units. The average surcharge as of 2019 was $4.50 per transaction, according to a study. And, the percentage that a business will be receiving will depend on the contract worked out beforehand with the seller who supplies and services the ATM machine.
With safety measures taken in order to defend the ATM and the users, the machines can produce this profit during as well as outside of usual business hours.
Spending Boost in the surrounding areas
Automatic teller machines are expediency to customers requiring fast access to hard cash, and businesses that hold the machines, like restaurants and stores are often the primary places that cash is spent.
Researchers found that convenience store sellers normally see the amount spent augment by 60 percent after consumers start using an in-store money machine, whilst spending in the surrounding area of ATMs turns down radically following their elimination. A study has indicated that 75% of money distributed using Automatic teller machines at nightclubs, usually, is spent on the surrounding areas.
Reduced Processing problems
According to a few types of research, 84% of merchant transactions worldwide involved money, in spite of the increasing use of credit and debit cards used utilizing point-of-sale technologies. Some small businesses can’t afford technology updates or processing fees claimed by credit and debit card providers.
Automatic teller machines help in keeping costs down by encouraging people to make cash purchases. There’s also a time of processing saved by not having to confirm the identity of people who are using credit cards and checks. According to a survey, trade purchases made using hard cash are usually of lower amount than those purchases made using credit and debit cards.
Marketing and Service Tool
Complicated programming technologies let ATMs function as interactive booths that can assist companies to make extra sales, endorse service offerings and persuade return visits.
According to a study, third-party advertisers are looking for access to the users of ATM more and more. They use technology able to present ATM receipts and on-screen video ads can be printed in coupons or barcodes usable as part of unique offers.
The final thought
This is how a small business can be advantaged with ATMs. But, when choosing an ATM service-providing company, you need to be extra careful as there are several service providers who can’t provide you right ATM. Choosing a reputed ATM company will assure you get amazing service without facing unnecessary hassle.