ATMs have brought a great amount of convenience in our lives. It is so convenient that we have all become addicted to ease and convenience of the ATM machine. It is quite hard to think of a life without these money machines now. These are not speculations; the numbers reveal that more than 60% of adult use ATMs eight times a month. Now, that’s not all, it has also been found that a customer with an ATM card tends to spend 25% more than other customers. Perhaps, it is because they don’t fear about running out of cash at hand.
There are many other reasons why people tend to spend more when they have an ATM card and an ATM nearby. Due to all these reasons, it literally pays to have an ATM in your store. ATM benefits your business in many ways. Let’s take a look at few of them.
- It is pretty obvious that an ATM machine can attract prospects to your store. If you have an ATM sign outside the store, a person who might be looking for an ATM to pay the barber near your store will come into your store. It is commonly observed that once a prospect enters a store, it is likely that he will make an un-intended purchase as well.
- An ATM is not just a customer magnet. It is not just a tool to increase or attract customers. Rather, it’s also a good investment as it can generate income as well. As the owner of a business, you can set and collect surcharge per transaction. Every time someone uses your ATM, you will generate income even if they don’t purchase anything from your store.
- If for some reason, you think that merchant processing fees are cutting into your profits, having an ATM can pretty much cover the costs you might be paying for those low ticket items purchased on credit and debit cards.
- Finally, the urge to shop more only stops when the shopper runs out of cash. Credit cards make very good use of this urge and the customers never feel like they are running out of money. ATM’s also give the customer the customer a feeling of increased purchasing power, As long as your customers know that they can withdraw more cash, they would feel free to spend more.
Consequently, with an ATM in your store, you offer your customers convenience and better customer service. Also, it will increase your sales and income in many ways including increasing foot traffic into your store.. So, if you haven’t thought of having an ATM in your store, it is time to give it a second thought.