Did you know you can bring in more extra revenue by purchasing an ATM to have at your business? That’s right! Your company will keep a portion of the income from an ATM by placing one inside your doors. If you’re unsure if you should purchase an ATM for your store/market/restaurant/bar/etc., our crew at New York ATM has five excellent reasons why you’ll profit from possessing one at your spot.
ATMs Offer Convenience To Customers
Aside from giving goods and assistance that your consumers desire, they wish for practicality and convenience. Think about it, someone comes into your store, realizes they don’t have any cash (and for whatever reason, they don’t want to use plastic), they don’t have to leave your establishment to fetch some greenbacks; they can stay in your shop, get the cash, and patronize your establishment. With an ATM, you will supplement the convenience of your shop by giving customers a quick and straightforward method to get some money, which goes right back to you when they checkout.
Additional Revenue Source
Remember in the last point when we mentioned you get to keep some of the revenue from having an ATM in your establishment? It’s universally known that if you utilize an ATM that’s not part of your bank’s network or at least a shared ATM with another bank, you have to pay a fee to use that ATM. However, a small fee such as $2.50 or $3.00 won’t stop them from using an out-of-network ATM. Yet, if that ATM is inside your small business, those fees end up directly in your bank account.
Depending on where you are and how much foot traffic you have, that can add an average of several hundred dollars or more per month to your bottom line.
Speaking of foot traffic, read on.
Heightened Foot Traffic For Your Business
“Won’t people come into my shop just to use the ATM?” You may be thinking; the answer is yes, they will come into your shop solely to use the ATM. However, as mentioned, you’ll keep some of the revenue from an ATM. And while that revenue will possibly be less than them buying food or goods from your restaurant or store, it’ll be more money than those patrons not using your establishment at all. You’re still getting that $2.50-$3.00 from each transaction.
Nevertheless, an uptick in foot traffic improves the probability that consumers will spend cash in your market, particularly if your shop has little things that they can purchase to break the larger bills they recently grabbed from your ATM.
Reduced Credit Card Transactions
For those of you who don’t own a small business, you may not be aware that those credit card fees eat into your profits.
These fees make an impact on those $5-$10 purchases some customers make in shops or restaurants; as a result, you may see signs around businesses that mention a minimum spending requirement if a patron uses plastic.
Therefore, you can decrease the number of plastic sales by offering a method for consumers to obtain some cash.
Increased Odds For Receiving Tips
Working in businesses like salons, restaurants, bars, and more, in that vein, understand that tips are what keep those employees going. When consumers use plastic, they are likely to give tips, sure; however, if they have access to quick cash, not only are they more likely to give a tip but a larger one. So, for example, someone may give a $5 on a $15 purchase if they have three $5 bills or a $10 and a $5 because that’s easier than asking you to break the $5 to give the standard 20% tip.
Not to mention, those pesky credit card fees are removed, which means more revenue is kept in your pocket.
Reach out to learn more
Today is the day you grow your business’s bottom line and draw new consumers to your small business because of an ATM. So why wait? Reach out to our team at New York ATM, and our ATM experts will help you determine if an ATM is suitable for your business and which one would be most appropriate. So give us a call today at (917) 842-6201, or send a message using our online contact form!