An in-store ATM can be exactly what your business needs to serve customers better and improve your sales. Research shows that businesses that have ATMs increase their foot traffic by 5%. And, anywhere from 40 to 60% of money withdrawn from an ATM within a business is spent there in the store. Customers and business-owners alike agree that an on-site ATM makes a business more convenient and desirable.
Once you’ve decided to bring your customers the convenience of instant cash, you need to choose the right ATM for your location. Which business and business model you choose will have a strong impact on your earnings, costs and the effectiveness of your machine for your customers. A few things to consider when making the choice:
Do you qualify for a free ATM?
Certain highly desirable businesses can get ATMs placed by vendors at no cost to them at all. The vendor provides the machine, maintenance, cash and receipts, you just provide the electricity to run it. And, these machines will still allow you to make a portion of service charges.
In general, the locations with a high amount of foot traffic are the ones that can qualify for a free machine. Talk to vendors to see whether you meet their requirements and whether you feel that the percentage offered feels fair to you.
Buying Your Own ATM
Purchasing an ATM of your own can be a great move for a business that has the cash on hand to keep the machine stocked. You can set fees and you get to keep the entire surcharge.
But, owning the machine yourself also means being 100% in charge of maintenance. Do you have the skills to fix a machine when it needs repairs or the finances to pay for service?
When purchasing a machine, be sure to figure in the costs of materials and maintenance. If you plan to do repairs yourself, be sure that you have a source for parts so that you can get your ATM back up and running quickly to keep giving your customers the service they’ve come to expect.
Leasing a Machine
If you don’t have the capital required to purchase equipment or the cash flow to keep a machine stocked, a leased machine can be the best option for you and your business. Talk to vendors about the deals that are available. At MRG, we can structure a leasing program that will fit your specific business and needs.
The right machine and the right financial arrangement will depend on your personal comfort, the type and amount of traffic that goes into your business and other factors. By exploring all the options, you can find the ATM that will best benefit you.