Benefits of an ATM
When considering whether to install an ATM machine in your business, it's important to evaluate the benefits it can bring to different parties involved. ATMs not only generate revenue but also provide convenience for employees and customers alike. This makes them a valuable asset that serves multiple purposes.
Benefits of an ATM
Increase Sales: Studies indicate that having an ATM can boost a business's sales by up to 8%.
Cash Retention: Around 25% of cash withdrawn from an ATM is spent on-site, with percentages soaring as high as 75% for venues like nightclubs, bars, and restaurants.
Control Bad Debt: Using cash from an ATM reduces chargebacks, disputes, returned checks, and associated stress, providing more financial stability.
Enhanced Security: Having an ATM on-site reduces the risk of robbery and employee theft.
Reduced Costs: Directing customers to the ATM helps cut down on credit card fees, saving you between 2% and 3% per transaction.
Time Savings: An ATM saves customer embarrassment and employees' time, while direct deposits streamline financial processes.
Improved Image: Offering unique services like an ATM enhances your store's value proposition and attracts more patrons.
Increased Customer Base: Customers won't need to visit competitors for cash, driving more foot traffic to your business.
Additional Revenue: Surcharge fees from the ATM can cover its costs and generate extra income, complementing your existing revenue streams.
Facts & Figures:
ATM customers spend 20% to 25% more than non-ATM customers on average.
40% of ATM users visit the machine about 10 times per month.
Retail locations with $20 bill-dispensing ATMs experience over an 8% increase in sales.
ATM users often develop habits of using the same ATM repeatedly.
ATMs eliminate chargebacks and credit risks, providing financial stability.
Customers prefer the convenience of accessing cash at retail stores rather than banks.