An ATM at your store or business could be quite handy. It might boost foot traffic, ensure customers have access to cash for purchases, and even help you create additional money.
However, getting an ATM installed at your location involves time-consuming work such as numerous inspections. Sometimes, an ATM is not even suitable for every business. They are most useful in high-traffic places such as retail malls or downtown neighborhoods. It also benefits businesses that operate mostly in cash.
Continue reading for tips on how to get an ATM for your establishment (and how your local business will benefit from it!).
Select the Suitable Option
There are a few basic ATM options which your business can qualify for. Here, an ATM service provider can then install the machine at your business. While you incur no cost as a result of this, you also don’t have to worry about replenishing or maintaining it. However, you do not receive a part of the machine’s fees. Furthermore, this option is only available to businesses with high foot traffic and consumption.
You can, on the other hand, purchase a machine, install it on your site, and maintain it yourself. This has a significant initial investment cost, but getting to keep all of the machine’s fees can be advantageous. Non-placement firms who want to increase their revenue over time might investigate this option.
Others provide leasing or partnership opportunities, which offer a middle ground between the other two options: Your company must lease or rent the machine. This is a less expensive option which also allows you to keep a portion of the fees collected. Those who do not qualify for placement or cannot afford a new machine may benefit from this option. It is also useful for people who are thinking about buying but want to test the market beforehand.
Project Your Earnings
According to National Cash Systems, the average ATM is used 300 times each month. ATM users spend up to 25% more at convenience stores and related companies than non-users. Having an ATM in your business might thus be beneficial.
If you have a high-traffic business and meet the requirements for placement, you may be able to get an ATM for little or no money upfront. Simply making it easy for your customers to receive cash can help you make more money.
If you wish to purchase or rent a machine, you must first determine how many clients visit your store on a daily basis. More people using your ATM implies more traffic. While most companies accept credit cards or other forms of payment, only a small percentage of people will use the machine on a daily basis. Take note of when people pay in cash, request cashback on credit card purchases, or ask for the nearest ATM. These could give you an idea of how much money you can earn per day.
When it comes to the machine itself, you also have numerous alternatives. Used ATM models start at $2,000. Meanwhile, brand new models can cost around $10,000. To determine how much you may earn and whether purchasing a machine is beneficial to your business, you must include it in the purchase and maintenance costs.
Discover the Ideal Model for You
You must also consider the characteristics that are important to you. Consider the type of screen, the size of the vault, and the security of the lock. There are both new and secondhand options. To locate even more options, try searching for local suppliers.
Keep it Up and Running
If you acquire or lease a machine, you must keep it in good working order. This includes making sure it is replenished on a daily basis. Moreover, establish a relationship with an ATM service provider in your neighborhood as well, so you know who to call if the machine breaks down.
Make changes to your online company listings to let people know you have an ATM. Customers frequently use the internet to locate nearby ATMs. As a result, having an accurate and up-to-date listing may help you attract more traffic.
Conclusion
As a business owner, you want to give your customers the best service possible. This may include offering several payment options, from credit cards to ATM machines. This way, people will find it more convenient to make transactions with you! Until then, simply keep these tips in mind for when you want to upgrade your establishment with an ATM machine.
Are you in need of better payment processing systems for small businesses? ProSource is a Wisconsin-based firm with expertise in ATMs, payment processing, and corporate finance. With our experience and expertise, collaboration is key to ensuring businesses make the best business decisions given their unique personal and professional circumstances. Call us today for more information!