Before you make the decision to purchase an ATM, you need to consider whether or not your business is a good fit for one. Does your business or any of the businesses near yours have cash only service? Have customers asked you where the nearest ATM is? Are there other ATMs nearby, or would yours be the only one within walking distance?
These are all questions you need to ask yourself before purchasing the machine. An ATM can be an excellent way to generate extra income and foot traffic, but not all businesses will benefit from owning one. If you have done your research and determined that an ATM would be a good fit for you, here are some benefits you will reap.
Generate Extra Foot Traffic
Once you purchase an ATM and have it installed in your business, you will begin to notice extra foot traffic. If the other businesses in the area know you own the machine, they will start to send customers your way whenever someone asks for an ATM. This can be especially true for businesses that only take cash payments, so make sure to canvas the area and let other businesses know about your new ATM. People who haven’t heard of or noticed your business before will now know that you exist and may become future customers.
Generate Extra Income
There are many ways that purchasing an ATM for your business can add extra income, and extra foot traffic is only one of these. ATMs also typically charge a fee, and these surcharges are income for you. Keep in mind, of course, that more people may use your ATM if the fee is lower. For example, if my nail salon has an ATM with a $3 fee, but I know that the liquor store up the street has an ATM with a $1 fee, I would rather walk the extra two blocks to save $2. However, if yours is the only machine in the area, you can charge more. Aside from these surcharges, you can also make extra income from customers who stop in to use your ATM and end up purchasing something while they’re there.
Reduced Credit Card Processing Fees
Another benefit of owning an ATM that you may not have thought of is a reduction in your credit card processing fees. These processing fees charged by credit card companies add up quickly and can end up costing businesses a lot of money annually. If you have an ATM inside your business, more people will use cash to pay. This means you’ll pay less in fees.
Overall, purchasing an ATM for your business is a pretty smart decision. There are many benefits that you will begin to see quickly, and you’ll be glad you made the investment.