Advantages To ATM Installation For Small Businesses
Small businesses may want to consider investing in an ATM for their business. Though an ATM is usually found primarily in convenience stores and smaller retail shops, it can be beneficial for virtually any company. Here are some of the principle advantages to installing an ATM within a business.
Bringing in New Customers
Many customers search for ATMs within their range and will consequently end up visiting a business that has an ATM. This increases the company's exposure to new clientele, making it more likely that the customers will make a purchase at their establishment. This is especially useful for businesses that have impulse purchases, such as convenience stores, but it can be good for restaurants and other businesses as well.
Improving Cash Sales
Some businesses thrive on cash sales. If an individual comes in with a limited amount of cash, they may find that they purchase less from the company. Having an ATM nearby makes it easier for an individual to make spur of the moment sales -- and to buy in cash. For many businesses, credit cards cost a significant amount to process, and cash payments can save money. For restaurants and service-related industries, cash at hand can also increase tips, making employees happier.
Getting Direct Revenue
Most ATMs direct a portion of the transaction fees not only to the ATM company but also to the business itself. This means that the business can diversify its revenue structure by also making money off of an ATM. Some ATMs can even be secured so that they can be making money outside at the company's storefront when the business is closed. Depending on how much traffic the company gets, these earnings can be fairly substantial.
Potentially Reducing Merchant Fees
If a business gets an ATM through their own merchant service provider, they can often get a discount on their merchant fees. This will make the company far more money when dealing with customer transactions. Because of this, a company may want to find a merchant service provider that also offers ATMs. Businesses can also negotiate these fees for a better deal as desired.
In addition to the above, small businesses may find that having a convenient ATM increases loyalty among their existing customers. After all, their customers may find it easier to conduct transactions and thus may come more often. From here, a small business owner simply needs to determine which type of ATM they want installed. For more information, talk to a professional like Maritech ATM Solutions.