An ATM in Your Retail Space Makes Cents!
If you were offered a quick and easy way to increase foot traffic and spend in your retail store at no significant cost to you, would you take it? Any business owner – especially in the competitive world of retail – would jump at the chance. You may be interested then, in more information on the surprising benefits of having an ATM installed in your retail store.
Benefits of Incorporating an ATM in Your Retail Space
Keep Your Customer In-store
A motivating article from Your Cash has this to say: “Customers can take out cash and then buy what they need from the retailer, rather than going in search of an ATM and ending up purchasing something elsewhere, and studies have shown when a customer has withdrawn cash from an in-store ATM and then goes onto purchase, their spend increases by an average of 65%.“
It’s a simple and logical solution: keeping the customer and their cash in your store increases the chances of them getting what they need from you. It’s easy and convenient.
Increase Foot Traffic
The flip side of this valuable coin is that an ATM is as essential to most of your customers as bread and milk, which means that a central and conveniently located ATM will increase your foot traffic.
Managing Director of Spark ATM Systems, Marc Sternberg, says that “ATMs have the ability to serve as tangible drivers of growth for businesses.”
This same article says further, “Depending on the nature of the business, the amount spent can be between 20% and 80% of the cash withdrawn… Research has shown that ATM host sites experience an average 10 to 30% increase in turnover after installing an ATM on site.”
So, not only will an ATM keep your customer’s cash in your tills, but it will also attract more customers to your store. That’s a thrilling chicken and egg scenario!
Happy Customers
If you want to make life just that little bit easier for your customers, then an in-store ATM is a great way of doing so.
From a personal safety perspective, it’s preferential to withdraw cash from an ATM inside a secure building with CCTV coverage and security guards, than from an ATM on the street. In addition, everything is under one roof which saves your valued customers’ time and effort.
Reduced Fees
Bank charges can (and do) add up swiftly when your customers are paying by card. Can you give your customers another choice and benefit yourself in the meantime? Of course! Paying with cash which is easily available from your in-store ATM equals fewer transaction charges for your business.
Additional Revenue
Depending on the bank that you choose to work with, you may enjoy a rebate from every withdrawal made. Another income stream, no matter how small, all adds to the bottom line.
Remote Locations
If your business is operating in a remote location, you may find that ATMs, while necessary, are few and far between. In fact, while 83 percent of our population use ATMs every month, only around 46 percent of the rural population has access to one. Installing an ATM for your staff in these areas makes life easier for them, and safer for you.
The Role of Huge Connect
Huge Connect’s business is speedy and efficient data connectivity. We’re therefore able to assist you with any data application, such as ATM connectivity. You’ll be thrilled to know that Huge Connect has a solution fast, secure and reliable data connectivity for ATMs, which allows for speedy deployment without necessarily having to wait for costly fixed line infrastructure.
How do I Sign Up?
We’re sure that you’re now asking, “Where do I sign up?”
Contact your bank or an independent ATM provider, such as ATM Solutions for further advice and they will assist you with the process of placing an ATM in your store.
