ATM machines are primarily used for withdrawing and depositing cash. It can be said that atm machines have become necessary whether it be a business or any individual. We all use the atm in our daily life to execute different tasks. In today’s world, where everything moves quickly, you are losing revenue for your business if you are not using technological opportunities.
Many people ask if the ATM machine business is profitable or not. How atm business in Canada provides extra revenue to store and petrol pump, owners. My nature of business does not need an ATM; why should I waste my money purchasing an atm machine? This is the most common question which people ask when it comes to an atm investment idea. In this blog, we will analyze whether you should own an atm machine for your business.
Also Read: How Atm Cash Deposit Machine Works & Its Features
Why ATM Business Is Beneficial For Your Business
Having an ATM in your store or mall will draw more traffic to your location. This is not only a claim. We will tell you how having an internal atm at your business will increase the number of customers and provide you with extra revenue.
Many people use debit and credit cards when they are out shopping. Installing an ATM at your location can increase your exposure to potential customers who may not have visited your business earlier. You will notice that customer traffic will increase to your location to withdraw their cash, especially if you’re the only one in the area. According to some surveys, many customers who only want to withdraw some cash from the atm will likely buy some from your site.
Having an atm on your business site enables you to make extra money apart from your basic business operation. When individuals process a transaction, small fees of $2 and $3 are deducted from their accounts. This fee becomes your revenue for your business. The benefit of acquiring an atm machine is greater than the space it covers on your premises.
Advantages Of Installing An ATM Machine
If you are a grocery store owner or run a gas station, and even if you have a corporate office in a commercial area. Installing an atm machine will give you numerous advantages. However, the idea that we present to you of generating revenue from atm machines is apart from the main sales of your primary business. ATMs can not solely make you sufficient income to run your business.
Following are the benefits you will get from acquiring an atm in Canada.
- You Will Get Extra Revenue
ATMs effectively increase revenue as they incur low overhead costs and generate profits. When people do any transaction, they pay a certain fee for that. This is how most businesses make money through an ATM. A convenience fee is placed on the machine, which can be collected at the end of the day.
- Earn Through Advertisement
We all know ATMs have large screens, and this is the biggest advantage for you to utilize. You can display your advertisement and promote your business with your logo, sales, upcoming promotions, and discount coupons. It can also advertise nearby businesses, which will act as an additional revenue stream.
- Get Increased Customer Traffic
Having an ATM in your store will draw more customers to your site. Many surveys report that most people do not carry cash when they go out. This is because pickpocketing in public places is increasing, and others simply feel it a hectic task to carry cash. Installing an ATM at your location can increase your exposure to potential customers who have visited your site just to cash out, but now they have the cash, they will likely do some shopping even if they did not intend to do that. This is precisely the perk of having an atm for your business.
- Customer Loyalty Will Grow
As we mentioned, ATM machines will increase your customer traffic, and the effect they will leave is customer loyalty. Installing ATMs also promotes the repetition and retention of customers. Most consumers will find it convenient to have a facility to withdraw cash, pay their utility bills, and do some shopping for themselves. This is a human nature; we want ease when all of our tasks can be executed in one place, so we choose that place. This increases customer satisfaction, and the people who will visit your site will also recommend others to visit it.
- Your Employees Will Get The Benefit
The advantages mentioned above were for the retail stores and shopping malls if you don’t deal in either of them and are operating in a large-scale office building with several employees. An ATM machine would be perfect for you as employees feel they need an atm on the office premises. Therefore it will benefit your employees more than customers or clients. If a coffee shop, gift shop, or cafeteria is nearby, your employees would easily withdraw cash to spend. This will increase employee satisfaction and retention in your company.
- You Can Cut Down 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.
Also Read: CIBC & ATMs AT DIFFERENT AIRPORTS & OTHER LOCATIONS
Wrapping Up
When you decide to install the atm machine, you’re one step closer to becoming the go-to space in your community for convenience and affordability. Ready to take the ladders? This way, your atm machine cost will be covered in just a few days.
