Have you ever avoided stopping at a certain convenience store or eating at a particular restaurant because they don’t carry the brand of soda you prefer? The choice between convenience and brand preference is a common conundrum for consumers, although convenience is slowly pulling ahead as more and more people focus on simplicity and streamlining their daily activities. Merchants must constantly strive to offer customers what they desire, while trying to keep overhead to a minimum.
Offering an on-premises ATM allows business owners to offer a popular and necessary service while generating additional income. ATMs are an ever-evolving financial necessity in the United States. Recent studies show that approximately 75% of Americans rely on ATMs for daily transactions and that the Millennial generation, in particular, rely heavily on self-service options.
Providing customers with access to an on-site ATM allows businesses to offer themselves up as both the preferred and convenient option.
Cash in on these immediate benefits when placing an ATM at your location:
Customer Retention. Although all consumers have preferred shopping spots, many have been known to change locations for more convenient goods and services. Providing an on-site banking solution, will encourage existing customer loyalty.
Increased Foot Traffic. According to the American Bankers Association, privately owned ATMs process more than 10 billion transactions annually. Consumers seek out convenient, easy-to-access ATMs to perform their daily transactions and offering a self-service banking solution is likely to draw new customers to your location regularly.
Higher Sales. Studies show that approximately 75% of patrons spend newly withdrawn cash on-site. Cash is also the number one payment method for purchases under $20, despite the rise in alternative payment options. Consequently, merchants can see a drastic rise in small transactions, increasing a business’ overall profit by having an ATM in the location.
Additional Revenue. ATMs generally charge a small surcharge fee per transaction. Every time a customer uses your ATM, you receive a percentage of that fee. Depending on the actual amount of the surcharge and popularity of the terminal, merchants could earn several hundred dollars per month, and several thousand dollars per year in additional revenue.
Reduced Credit Card Fees. By increasing the number of cash transactions, businesses owners can reduce their credit card processing fees by as much as 30% monthly.
With recent trends leaning heavily toward self-service options, business owners can reap the rewards of having an on-site ATM. To turn your location into the preferred location, contact BFC Enterprises today!