ATM Machine Benefits: Why every business should have an ATM
Since the retail ATM surcharge restriction was lifted in 1998, ATMs have seemed to pop up just about everywhere. Very simply stated, consumers demand quick access to their cash, and they are willing to pay a fee to do so. Why are ATMs so popular? How are people making money with ATMs? These are just a few of the most frequently asked questions we get around here.
Businesses that provide ATMs solutions have a competitive advantage over businesses without. Some of the top ATM machine benefits are:
Increased Customer Spending
When customers are not limited to the amount of cash in their wallet, they are comfortable spending more. On average, an ATM customer will spend as much as 25% more at your location than non-ATM customers.
Increase Foot Traffic and Enhance Customer Satisfaction
ATMs bring in customers. Increased customers, means increased sales. Nowadays, no one goes to the bank to get money like they used to. In fact industry statistics suggest that over 70% of all cash withdrawals take place at retail ATMs. Your customers expect quick access and they are willing to pay to do so.
Surcharge Revenue
ATMs charge a fee called a surcharge. Normally the surcharge ranges from $1.50 – $2.50. The owner of the ATM would keep this income, and this income adds up fast. An average ATM performing 300 transactions per month, with a $2 surcharge equals $600 in surcharge revenue for the month. Our typical ATM buyer pays the machine off in fewer than 6 months in surcharge income alone!
Credit Card Fee Reduction and Chargebacks
Because businesses with ATMs fee fewer credit card transactions and more cash spent, business owners save money in credit card processing fees. Many merchants report a drop in their fees of 20%- 25%. Some merchants have even been successful in eliminating credit card transactions all together.
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This is an official email received by NAC (National ATM Counsel) on 8/19/24. Please note that this security bulletin effects ATM companies who utilize RMS software and who have not changed the default passwords. Please be aware- if you are a Best Products customer- this should not effect you- unless you are utilizing your own
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