ATM (automated teller machine) is a great initiative of recent times to make our lives convenient regarding our finances. Where ATMs have made it easier to carry our money, on the same side, they have also become a medium to accelerate profits and customer traffic at your business. Imagine you have to deposit or withdraw money from your bank immediately, but the bank hours have closed, and you have to wait for the next day. Your internet is not working and has to pay the utility bills or check the account balance but wait for the bank to open for public dealing. ATMs have solved all these problems, with numerous advantages to individuals, ATM’s are also beneficial to businesses.
There are more than 70,000 ATMs in Canada only. Investing in an ATM for business is a great way to expedite your income. ATMs are far more effective as they require fewer variable costs and can be operated 24/7. However, An on-site ATM will draw more customers to your store if you operate in the most visited or busy areas, such as malls or airports.
Benefits of ATM To Individuals
No Need To Go To Bank
You can use debit cards to easily withdraw cash by ATMs rather than going to the bank, filling out the withdrawal slip and standing in a queue.
Always Available
ATM machines are accessible 24 hours a day, 7 days a week, and 365 days a year. You can use it anytime without worrying about the bank timings.
Multiple Options
You can make various other payments with ATM cards, including online shopping from restaurants and malls, and even you can pay utility bills with the help of an ATM.
Get Rid Of Cash
ATMs are installed worldwide at every convenient place, so you no longer need to carry cash while travelling; you can quickly withdraw money from any ATM nearby at any place; you can search as scotiabank atm near me or bitcoin atm near me.
Deposit Money To Your Account
You can even deposit money to your account, which is usually done by banks; using the cash deposit feature of the atm, it can be done easily. Many people are confused about how to use the atm machine to deposit money; well the process is mentioned on the front slide of the portal.
Benefits of ATM To Businesses
Increase Traffic
Having an ATM in your store will draw more customers. Many people use cash machines when they’re out and about, so installing an ATM at your location can increase your exposure to potential customers who may not have visited your business earlier. Many customers will walk through your doors to withdraw their cash, especially if you’re the only one in the area. When customers visit your place to use the ATM, they might not limit themselves to that only. You will find that many of them will spend some of the money they withdraw to buy your products, which is precisely the perk of having an atm for your business.
Increase Customer Loyalty
Installing ATMs also promotes the repetition and retention of customers. Most consumers are happy that ATMs and the products for their other needs are also available at your business. Most customers would withdraw cash, increasing customer satisfaction and trust in your business. When customers know the ATM operates here, they can quickly and easily withdraw their money. Owning an atm will bring in more customers to your place regularly.
Advertisement
With an ATM’s large screen, you can display your advertisement. You can promote your business with your logo, sales, promotions, and coupons. It can also be used as ad space to advertise nearby businesses and act as an additional revenue stream.
A benefit to your Employee
If you are operating in a large-scale office building comprising many employees instead of a retail store, an ATM would be perfect for you as employees feel that they need an atm in the office premises. Therefore It will benefit your employees more than customers or clients. If there is a coffee shop, gift shop, or cafeteria nearby, your employees would easily withdraw cash to spend. This will increase employee satisfaction.
Reduce Your Credit Card Processing Fees
Credit card processing fee is a necessary cost of operating a business to provide customers with the convenience of debit and credit card payments. You can save more money for the business if you can cut the amount paid for the processing fee. Having an ATM can do that for you. According to some studies and surveys, it is proven that customers of businesses that have an ATM within their premises tend to pay for their purchased items with cash more than often. It will reduce your costs when they pay with cash, and you won’t be paying card processing fees.
Conclusion
ATMs are essential for every individual and business to save time and money. Moreover, using ATMs opens many opportunities to accelerate the business model and individual tasks.
