3 Reasons Your Business Needs an ATM
In today’s rapidly-evolving technological age, consumers expect easy, fast access to cash everywhere they go. And with merchants increasingly offering cash discounts for purchases, to reduce their credit card processing expenses – having an ATM in your business is more important than ever. Having an ATM can help increase cash sales and reducing expenses, increases profitability, and attract new customers and keep them coming back.
Here are three good reasons to have an ATM in your business:
Attracts New Customers & Keeps Them Coming Back. Self-serve banking and convenient access to cash are integral parts of life in the U.S. Having a well-advertised ATM in your business draws patrons to your location and, more importantly, keeps them coming back. Consumers have come to expect an ATM in businesses they patron and not having one may drive them to other locations. This can be especially important for cash-intensive businesses, like convenient stores and bars where the average sale is under $40-$50.
Increases Sales & Lower Expenses. ATMs increase overall sales by drawing in new customers and encouraging existing customers to make purchases. According to Evolution Cash, most of the profit from an ATM is not seen in surcharge income but in daily cash register receipts, averaging as much as a 20-25 percent sales increase. And, now with more merchants embracing cash discount program, providing customers with easy access to cash can drastically decrease expenses and improve ATM surcharge income.
Caters to Consumer's Payment Choice. In 2016, the Federal Reserve Bank of San Francisco released a report on preferred payment methods indicating that cash remains the preferred method of payment for small purchases. An ATM terminal provides an additional, convenient service for customers that will be appreciated and used regularly. Not only can customers access the cash they prefer, but most terminals allow users to check balances for free, transfer funds and other do other necessary daily banking functions.
To connect with your customer base and boost sales, consider adding ATM services to your business. ATMs are the key to convenient cash access for consumers. By providing this easy access to funds, retailers reap the many benefits.
Since 1947, BFC Enterprises has prided itself on providing customers with outstanding customer service. Contact us today to discuss which ATM option is best for your business.