As we drift closer and closer to a paperless world, many consumers have decided to buy everything with a credit card. Are we seeing the end of cash as we know it? Will musical artists start referring to credit cards more than they do “the Benjamins”?
Not so fast, says Yahoo Financial. Even though almost everyone has a debit or credit card in their wallet, plenty of people out there are still using cash as a means of payment.
The best way to find out how to acquire an ATM is to contact ATM placement companies to see what options are out there for your business.
ATMs are still necessary for the modern world and your retail store can benefit by having one on the premises. If you’ve ever thought about acquiring an ATM for your store, we have some of the top reasons below as to why you should consider it.
1. To Bring in More Customers
A consumer might not be looking for your store, but looking for an ATM instead. As a business, you’re always trying to have more people walk through your door and having an ATM inside is a guaranteed way to do so.
Even though said consumers may not be looking to buy anything when they walk in, their minds may change after withdrawing their money. They could see you’re having a sale, be reminded of something they need or feel like they need to make a purchase since they’re inside your store.
Of course, not everyone is going to decide to make a purchase but even if you get 10% of those ATM users to make a buy, that’s a big step up.
2. Greater Customer Satisfaction
While people are turning towards e-commerce more and more because of its convenience and ease, you can do the same thing despite living in the offline world.
Your store may have purchasing policies that feel restrictive to the average consumer, such as only accepting a minimum on credit cards or not accepting checks. Having an ATM close by is a way to give your customers another option when they walk through the door.
Great convenience equals greater customer satisfaction.
3. Fighting the Credit Cards
Credit cards are wonderful and convenient, we all know that. But, they’re often not so wonderful to your small business. Did you know that the average credit card company takes up to 3% on each purchase? 3% may not seem like a lot, but adding up hundreds of purchases a week and it’s definitely a much bigger number.
With cash as an available option, people may be more likely to turn to the ATM. That way, you can avoid any fees that may come your way.
In addition, you’re going to see fewer credit card chargebacks. This is when a customer is unable to secure a refund from your store, so they contact their bank instead. The bank takes money from your business account in order to satisfy the customer’s refund request.
It’s a long, arduous process that may not even require the customer to return the item they purchased.
4. Less Checks, More Cash
While cash may be becoming a thing of the past, checks are even further in the review mirror. They’re not so rare that you’d be shocked to see someone using one in the wild, but you’d definitely raise an eyebrow or two if you saw a check pulled out.
Checks aren’t great for your business either, as the check may bounce due to lack of funds or this could be a case of check fraud. Not only are you not getting money, but you’ve also lost out on products.
Small businesses are often the target of check fraud which is why you see more and more businesses not accepting checks. This way, customers have an easy opportunity to grab cash from the ATM instead of leaving your store empty-handed.
We decided to save the best for last here, as having an ATM in your store is going to give you surcharge revenue for every time someone uses the ATM.
So while all the other benefits on this list are great for your business, this has to be the best one. You’re not going to become super wealthy with an ATM in your store, but it’s a way to make a little extra money every month. Plus, you don’t have to do anything to earn that money!