Why Cash is Still King and 5 Reasons Your Business Needs an ATM
Despite false reports early in the pandemic that handling cash could spread COVID and dire warnings that cash’s days were numbered, the opposite happened. According to CashMatters.org, multiple reports show the pandemic resulted in the largest increase of cash in circulation since the 2008 financial crisis.
What does this mean for your business? It means consumers are holding more cash than ever before and they are prepared to use it on goods and services.
So, why not give them access right where they shop? Here are 5 reasons why adding an ATM is a smart move:
1. Reduce Chargebacks & Processing Fees
By offering customers convenient cash access, you’ll reduce expenses in the form or credit and debit card processing fees. Not to mention saving time having to deal with chargeback issues. Combined with a cash discount program, having an ATM on-site can help you increase your profit margin by reducing expenses.
2. Increase Sales
Convenient cash access helps to increase in-person sales. According to the Javelin 2020 Health of Cash Study, 40% of customers who use an ATM in a store will spend half of that cash withdrawal right there.
3. More Foot Traffic
Some people may need an emergency cash infusion but don’t have time to go to their bank or credit union. If you are a go-to location for cash, you’ll benefit from increased foot traffic and profit from increased sales as well.
4. Convenience is Caring
According to the Retail Customer Experience report, 60% of all transactions under $10 are paid with cash and 40% use cash for transactions between $10 to $25. Having an ATM in your business not only makes it convenient for consumers, but you are also boosting customer satisfaction.
By giving consumers easy access to cash, statistics show you’re also increasing your chances of increasing sales and providing a service that will lead to customer loyalty. Show customers you care by giving them the benefit of easy cash access.
5. Passive Income Stream
Having an ATM on-site provides retailers with an additional opportunity to earn income. While there are a variety of business models available to retailers, in most cases having an ATM on-site is free to the business owner and completely hassle-free. You benefit by earning a percentage of the surcharge-fee income and offering a service your customers will appreciate.
Reap the rewards of having an ATM in your business. Contact us today to find out how you can set your business up for success.