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The Benefits Of Having Atm Equipment In A Business
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Automatic teller machines (ATMs) have become a part of life for many people. Unfortunately, there are still parts of cities where ATMs are hard to find. This creates a large inconvenience for consumers. Business owners today can install ATM equipment quickly and simply in any type of storefront. The equipment could be branded to match the store. It could also bear the name of a trusted ATM network. It is important to understand how an ATM can benefit a business.
Customers Will Spend More
The reality is that customers will spend more on average if ATM equipment is present in the front of a store, restaurant or other business. Customers can go to the ATM to take out money as needed. The average consumer is prepared to spend at least 25 percent of the money that was withdrawn in the store that contains the ATM. The ATM can help to increase revenue in this way. It can mean a large increase in the money earned over the course of a year or two if the equipment is in a visible and accessible location.
Reduce Merchant Fees
Any business owner who accepts credit cards and debit cards knows that there are serious processing fees attached to each transaction. Even the fees that are scaled down for smaller or simpler purchases can start to reduce profits every month and every year. This does not include fees for other services or for handling issues like chargebacks. An ATM will encourage more customers to pay in cash when coming into the store or restaurant. This can mean lower merchant processing fees each year.
Build Customer Loyalty
The people who need to use an ATM generally have to take out cash on a regular basis. Installing reliable and efficient ATM equipment in a business can build customer loyalty over time. Customers will start to seek out the same ATM in the store every time cash is needed. Each withdraw could result in an impulse purchase. Customers might choose to buy items in the store just because it is convenient and near the ATM. Customer loyalty lowers churn and keeps people away from the competition.
Earn Income from Surcharges
Some ATM equipment setups can actually earn money for the business with each transaction. The surcharge is the extra amount that consumers pay in order to take out cash a specific machine. Business owners can often set this surcharge in order to be competitive in the local market. All or part of this surcharge will go to the business every time a transaction occurs. These surcharges can add up to a significant amount after a year or more. The income from surcharges can be earned without having to do any additional work.
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