We all know that almost any convenience store will have an ATM machine. This actually helps draw customers to the store. People will run in to get some cash for a night out and leave with a pack of gum, a beverage, or a snack. However, many more retail locations can benefit from ATM solutions in more ways than just drawing in the unassuming customer. ATM machines can actually help retail businesses cust costs and raise additional, passive revenue.
How Can an ATM Help Me Cut Expenses?
Here is an interesting story. There was a retail business that did not want to pay high credit card fees anymore. They tried cutting costs and even having a professional review their bill. The problem was that their usage was simply geared towards higher credit card fees than they wanted to spend. They decided to become a cash only business. Every advisor they knew warned that this would lose customers. “Cash is no longer King!” they all said. They thought about it and thought about it. Then, they spoke to their payment processing person and were given an idea. Simply install and ATM into your store and people can get cash easily without having to leave their purchase behind! Now the store has saved hundreds a month in processing fees and their customer base has not lost a single person. The moral of the story is buying an ATM and putting it into your retail location can help you by allowing you to eliminate accepting credit cards and thereby eliminate the money you spend on processing fees every month.
How Can an ATM Raise Passive Revenue?
In addition to making it easier for people to use cash only in your retail store, an ATM can actually earn you money. There are several options regarding the purchase or lease of an ATM that can add to your revenue. First, sometimes a bank will actually pay rent to a store in a high-traffic location to host an ATM. This is where the bank is wholly repsonsible for all fees and mainteance of the ATM and you simply accept their rent to keep the ATM at your business.
However, the more common option is to charge fees for an ATM withdrawal. Simply calculate the amount of money it costs to operate an ATM, including internet connections, maintenance, and service. Then, research what fees other local retailers charge. Finally, come up with a fee that will turn a profit after you pay for the ATM and its service. Before
To learn more about install an ATM Solution in your retail location, contact the experts at Tanker Consulting Services. We will be happy to answer all of your questions.