Small and medium-sized businesses install ATMs as a passive source of income. However, ATMs are beneficial in a number of ways. Following are the primary three ways that make ATMs multi-purpose for your business.
1. Marketing and Promotion of Your Business
Are you worried about the marketing and promotion budget for your business? The established multi-national firms spend around 25% of their revenue on marketing budget. New businesses invest higher marketing budget, which may cost around 50% of the profits. Aside marketing, the businesses also require promotional deals like Buy 1 Get 1 and discount deals to establish their business. With ATM, you do not require the marketing and promotion budget. It works as an interactive tool between the customer and your business. The customers consider ATM as an incentive of purchasing from your business site; hence they prioritize your business to others.
2. Surcharge Revenue
When the customers process a transaction, they pay some service charges. The surcharge is a little percentage of the transaction amount. The surcharge is received by the ATM owner, which means that with every transaction, your receive a profit. It helps increase the surcharge revenue and maximize your profits.
3. Customer Retention
Most of the customers prefer carrying ATMs but paying in cash. For a business, the absence of an ATM or credit card processing machine may bring in huge loss. If you have a credit card processing machine, you need to pay for the repairs and maintenance. Unfortunately, you will not receive the surcharge revenue in credit card processing machine. If you do not have a credit card processing machine, then your customers will visit the nearby ATM to withdraw cash. The customer may change the mind during this time. However, if you have ATM onsite, you will not only retain the customers but you will also enjoy boosted revenue and increased foot traffic.