If you took a quick look at your local area today, you would see that most businesses like restaurants, gas stations, and supermarkets have ATMs. But have you ever tried to imagine the benefits the owners of these businesses get from the ATM? If not, it’s time you know so as you can decide whether or not to place on in your place, whether it’s large or small.
ATM benefits
Any business having an ATM is likely to have more customers than the one with none. Additionally, research shows that consumers tend to spend more in a store with an ATM. If you install it, you will increase your income. You will be earning money from the service fee and the increase in the number of sales. With an ATM, you get to market since you will encourage your customers to come back and promote your service offerings.
If you operate 24/7 with the ATM, you also are increasing your level of revenue. With it, you will be supplementing your business as well as increasing customers to your business. However, your revenue will depend on your service fee. The service fee usually ranges from 1% and 3%.
An ATM is safer than dealing directly with cash. With cash, you will have to be cautious about whether your accountants are stealing from you or not. If you place or own an ATM, you will not have to worry much about the trustworthiness of your staff. Hence, you will be avoiding losses that have a higher chance of happening while dealing with cash.
Finally, when you place an ATM machine, you will reduce credit card fees because you will not have charges, and you may even have a chance of making a commission.
Costs of an ATM business
If you decide to place an ATM, try to see the costs that will be involved. Look at the kind of machine you want and its price. If it fits within your budget, you can buy it. If not, try to see that placing an ATM as an investment will pay back in no time and consider placing one.
Ensure you do not consider the price of the ATM only. Try figuring out the maintenance, repairing, receipt paper, telephony, and cash loading services costs. Although placing the ATM may be costly, you may also need security measures such as video surveillance. This way, you will avoid cases of thefts or card skimming. The expenses may seem costly, but they will pay back in no time.
Select the right location
If you decide to place an ATM, make sure it’s in a place with customer traffic. This is near a gas station, nightclub, or restaurant. Ensure that there are no electrical issues or network and check the number of ATMs in the area. Lastly, ensure the area has a low crime rate.
Placing an ATM can be exhausting, but you will get your ATM in no time and even start benefiting from it with the right motives.