Benefits of an ATM Machine in a Business
Installing an automated teller machine in a business is very beneficial in companies that prefer to pay their customers with cash. Unlike other vending machines, ATM provides plenty of benefits to the owner of the business. The following are some of the services that the proprietor benefits from. Studies have shown that having an ATM will increase the sales of a company by a significant percentage. Besides, there is cash retention which implies that a certain percentage of cash withdrawn from the ATM is spent within the premises. For instance, this can be due to the presence of night clubs and bars. With an ATM in your business, you manage to control bad debts. This occurs as the machine cuts down the charges when the customer withdraws from the ATM. You therefore manage to control bad debt as the cash does not bounce back.
The other benefit of having an ATM machine is that it is secure. Security is a crucial factor in any business to prevent unwanted and unpredictable losses. By having an ATM, there is minimal risk of robbery or employee theft. This machine prevents you from incurring losses. To add on, an ATM helps you reduce costs as you direct your customers to the machine. By this, you can significantly reduce the credit card fees that you are currently paying. Besides, you will be making money when the customer or employee withdraws money from the machine. Credit card charges a proportion for every transaction and this will be adding up to your account. An ATM also saves on time and customer embarrassment as it is instant and the customer will not have to struggle to get cash. In addition, an ATM deposits money directly and instantly into your bank, saving time and work. You ought to have an ATM since it adds the overall value of your store.
By providing better services for your patrons, your image gets improved. This can result in increased customers as your customers no longer need to go to a public ATM to get the cash. Instead, customers will have to stop at your business place since you can also take care of their cash needs. An ATM also acts as an added source of revenue. The surcharge fee that you get for every transaction is more than enough to cover the cost of service of the ATM. Another profit comes in from the additional sales from the money available in your customers’ pockets. One of the basic facts in this business is that most customers attend the ATM at least ten time in a month. ATM users are also habit driven as they tend to use the same machine repeatedly.
Knowing these benefits, there are several things to familiarize with when getting into this business. You can choose to buy the machine or lease it. Buying and owning the machine is the most profitable choice a business owner can make. If you cannot buy one, you can opt to lease one and enjoy the same benefits as purchasing an ATM.