Businesses with physical locations that sell products and/or services to consumers should seriously consider installing an ATM. By not having an ATM you may be losing out on thousands of dollars of revenue that go to your competitors.
In fact, the global ATM market continues to grow and brought in nearly $22 billion in revenue from ATM transaction fees in 2020. That’s because many people like to pay for things using cash, since this gives them more direct physical control over their spending - which is easier for most people to manage.
Besides the increased revenue from ATM transaction fees and impulse buys, business owners enjoy added bonuses, such as:
Fewer Credit Card Processing Fees - By having an ATM, you encourage customers to pay in cash, which results in lower credit card processing fees. Cutting your total card transactions means you’re able to keep more of your overall revenue.
Customer Loyalty & Increased Traffic - Business owners that install an ATM reduce the chances of losing customers to other businesses that do offer the convenience of an ATM. Customers may leave to hunt for the closest ATM and odds are they won’t come back. Instead, retain customers and draw in new ones by promoting that you have an ATM inside. Having an on-site ATM also encourages repeat customers - even if they don’t use it on that particular visit, just knowing an ATM is there can help bring them back when they need it.
Some of the best locations for ATMs are high traffic areas, such as:
Gas Stations and Convenience Stores: The National Association of Convenience Stores (NACS) reports that an average convenience store that sells fuel has about 1,100 customers per day or the equivalent of 400,000 customers per year.
Supermarkets and Grocery Stores: A small, successful grocery store may have 2,000 customers per day. A larger supermarket may easily double this daily amount and have over 1.5 million customers per year.
Restaurants: Many businesses that sell food in a sit-down environment will see foot traffic during peak business hours of 300-1,000 pedestrians per hour. Not to mention servers prefer cash tips.
Hotels and Motels: Hospitality properties that cater to foreign visitors are a good place for on-site ATMs because the guests need to get local currency using their bank cards.
Hospitals: Hospitals have hundreds to thousands of patients pass through each day, plus visitors who need cash to use vending machines and buy food at the cafeteria.
Shopping Malls: The food courts in shopping malls are excellent locations for ATMs, as people congregate in that area and expect to find conveniences like restrooms and ATMs.
No matter what type of retail business you own, you may benefit from having an ATM on-site – especially today when inflation is hitting consumers hard and many are turning to cash to stay on budget.
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