ATM installation is an excellent opportunity for small businesses to maximize their revenue and promote their business. However, the installation alone is not enough. You need to identify the most profitable location to maximize the gains. Following four questions help identify the best ATM location.
1. Genre of Location
Is it cash-only location? Is it meeting/events location?
ATMs perform the best at cash-only locations. If you hold meetings and attend guests at your primary business location, and sell products at the secondary business location then you should install ATM at the secondary location. If you organize events and exhibitions at different locations then consider rent an ATM service by ATMs Michigan.
2. Availability of ATM
Is any other ATM available here?
The availability of ATM in nearest locations will increase market competition for you. Ideally, the ATM should be installed at a location, which has no other ATM in at least one-mile distance. If there is already an ATM placed nearby then you need to introduce promotional deals. Furthermore, you need to identify the drawbacks of the competitor ATM. If the competitor ATM supports a few banks or credit card companies only then you will need to install an all-supportive ATM. If the competitor ATM offers once a day cash replenishment then you need to introduce twice a day cash replenishment.
3. Removal of ATM
Why was the other ATM removed?
Was an ATM installed at the same location before? If yes, then you need to find out the reasons of its removal. You need to dig deep into the role of other businesses in its removal. Consider the problems like electricity shortfall, lack of foot traffic, and such seriously and carefully.
4. Role of Surrounding Businesses
Do surrounding businesses accept cash payments?
Upscale and cash-only businesses tend to have high ratio of ATM transactions. If the customers of surrounding businesses pay money with credit cards, debit cards, or checks then this location is not suitable for ATM installation. If the surrounding businesses receive cash payments then you should install the ATM outside your store. If only your business receives cash payments and you don’t want to install the ATM somewhere else then find a visible corner for ATM placement inside the store.