Even as electronic payment processing continues to evolve with the use of cards, and now even contactless payments, cash transactions are still very important. As cash continues to be a need for consumers, ATMs remain an important piece of technology as well. Businesses can benefit a great deal from having an ATM inside their own establishment, especially those in the c-store industry.
Bring more customers to your store
In 2012, consumers made 5.8 billion ATM withdrawals which totaled $687 billion in value. Since then, the use of ATMs has continued to grow and today American’s rely on the machines more than ever. A recent report from the US Federal Reserve showed that almost 75% of United States consumers still rely on ATMs as an everyday resource. This means the addition of an ATM to your store could greatly increase the amount of people coming in.
Convenience stores, specifically, have a great advantage to attracting customers with in-store ATMs. Studies have shown that consumers prefer to use ATMs in convenient locations or while they’re out running errands, rather than the traditional bank ATMs. If you are the owner of a gas station, you’ll have the opportunity to bring gas customers into your store who may not have come inside otherwise.
Build your business reputation
When you have accessible ATMs for customers to use at their convenience, you boost the value of your business. If your customers wish to buy items like lottery tickets or just simply prefer to use cash, having the ability to easily access their money and not having to leave the store is a benefit to both you and them. Having an ATM in your store will also show that you are committed to your business, which builds trust with your customers.
Increase your income
When customers use ATMs that are not owned by their own bank, they’re charged a fee to complete their transactions. As the store owner of a business with an ATM, you have the luxury of profiting from these fees. If you own your ATM you’ll receive 100% of these fees, and when you have it placed by another company you’ll still receive a percentage of the revenue. Studies have also shown that customers who come into a store and use an ATM will spend 25% more on store purchases than other customers.
Reduce card and check fees
Most merchants pay quite a bit for their credit and debit processing fees. Many store owners even have to deal with the occasional chargeback or bounced check, which they pay fees for as well. These costs can add up pretty quickly and can take a toll on profits, especially for the single store owner. When a store has an ATM they have plenty more options when it comes to payment solutions. As a store with an ATM, you’ll increase the amount of cash transactions, thus limiting the amount of credit and debit processing fees you pay. The presence of an ATM will also reduce the likelihood of bounced checks or chargebacks.
Even with all of the benefits available to your business with the addition of an ATM, taking the next steps to install and maintain the machine may still seem difficult. However, there are plenty of options available to store owners that want to have an ATM that can make the process simple and affordable. If you’re a small store owner who really wants to improve your business and keep your customers coming back in, making the effort to acquire an ATM is a great idea.