Placing an ATM on-site is a dependable way to attract new customers to a business. Although numerous studies report that Millennials, more than any other demographic, are primarily interested in digital banking, these studies conflict with the The Federal Reserve’s Diary of Payment Choice which reports that Millennials are the largest users of cash.
Since Millennials and their younger counterpart, Generation Z, make up roughly 50 percent of America’s population, enticing younger customers to your location with convenient cash access is a must.
Try these key strategies to help improve ATM usage.
Place the ATM in a High Traffic Location. Some businesses treat their ATMs like an intruder, tucking them away in a back corner or a nook near the bathrooms. Unfortunately, this effectively hides a valuable asset. The best placement is in a cleared, tidy space within sight of the door or cash register. Consumers find signage appealing, making the terminal easier to spot both within and outside of the building. To act as an added service to the business, the ATM must be visible, clean and attractive.
Go Surcharge-Free. Partnering with a local financial institution to brand the ATM or joining a well-known ATM surcharge-free network is appealing to consumers as well. Not only are consumers of all ages more comfortable with an easily recognized brand, but Millennials, in particular, seek out surcharge-free transactions.
Activate Coupons & Text Message Receipts. Tech-savvy consumers require superb customer experiences and high levels of convenience from any place they do business with. Not only do Millennials expect the ability to do the majority of their banking through ATMs and other self-service channels, but they prefer cutting-edge technology and a wide range of functionality from ATMs. Optional functions in the ATM software, like coupons or SMS text message receipts, can make the terminal more attractive and usable to younger generations. Couponing is also a cost-effective way to attract customers to sample the goods or services offered in the locations.
To attract Millennials to your business, having an ATM is a must. The largest users of cash, Millennials are more likely to frequent business that have easy to access ATMs.
For more information about how ATM placement can help your location thrive, contact BFC Enterprises today!