Cash is still king and is relied upon by many for day-to-day purchases and payments. Installing an ATM in your store can benefit your business in many ways. Not only can an ATM provide a convenient service for your customers, it will also give you a competitive advantage over other businesses in your area as well as increasing foot traffic and creating impulsive buying opportunities!
ATM machines are a convenience for your regular customers, but they also attract new customers who need to withdraw cash. An increase in foot traffic will lead you to reap extra revenue through ATM rebates. You make more money, and you will also save money. More payments done in cash mean fewer charges from credit or debit card transactions.
An ATM gives you the edge on your competitors – especially if it's branded with a bank that the majority of consumers in your area use. Whichever company installs your ATM machine will be able to provide data on the cardholder base in your area.
ATM machines are a convenience for your regular customers, but they also attract new customers who need to withdraw cash.
Where will you place your ATM?
The area in which your store is located will determine your security measures. Crime statistics for the area can be obtained by your ATM provider to ensure you are choosing the most appropriate security option, for example, an inward- or outward-facing ATM, one with automated rolling shutters, a rear-loading machine or whether to have onsite CCTV. Any supplier you choose should provide you with a comprehensive security service too. You will need to pick a spot that has a power outlet nearby. More importantly, you’ll want a spot that’s easy for customers to find and easy to access. Having an ATM won’t do you any good if people can’t find it. You’ll also want to pick a spot that’s secure so that customers will feel safe withdrawing cash and doing bank transactions.
Your ATM supplier should be able to offer you a variety of sizes and features that take into account your store type, customer demographic and cashing requirements. However, its position will depend on how secure or visible you require it to be: inside your store vs outside.
Different connectivity, payment and maintenance options are available.
You have the option to choose a fully serviced ATM, where your provider will supply a cash-loading service. Alternatively, you can provide the cash yourself from the store’s daily takings. The latter option will save you the cost of depositing cash at your bank as well as avoiding the need to leave cash in your tills overnight. Whichever supplier you choose should offer after-sales support so that you can minimise downtime should your ATM malfunction.
Depending on which supplier you choose, ATM machines are either rented directly from the bank or installed for free by a service provider. In the latter option, you earn rebates on the transactions carried out at your store’s ATM. As well as the services mentioned above, your supplier should provide free installation, repairs, spare parts, wireless connectivity and branded signage. They should also provide you with statements so you can keep track of transaction volumes, awareness campaigns to maximise how many people use your ATM and offer store visits and a customer helpline service.