According to 2014 statistics, there are around 51.7 ATMs per 100,000 adults in the US. Macao has the highest number of ATMs in the world. A rational distribution of the ATM placement reveals that a majority of the ATMs are placed at shopping and business sites. ATMs boost the profits of cash-only businesses and promote impulse buying in small businesses. Here is a quick look on its reasoning.
Boost in Ongoing and Upfront Profits
After ATM placement, your small business site receives two types of customers. The first type is of the primary buyers. These people visit your business site for purchasing goods and rendering services. They conduct cash withdrawals and bank transactions to pay for the goods and services. It helps increase ongoing profits. The second category is of secondary buyers. These people visit your business site to process bank transactions on the ATM. They may also buy the products and render services offered by your business, hence increasing upfront profits.
Reduced Processing Costs of Debit and Credit Cards
Not all small businesses operate on cash-only basis. The businesses require credit card processing machines to receive payments from credit and debit card users. The machine does not provide any profit to the business. It only comes with the cost of purchase and maintenance. ATM installation, in contrast, provides profits per transaction.
Increased Customer Care, Improved Brand Reputation
ATMs, placed at shopping sites, are included among customer care services. It helps improve your brand reputation and helps expand room for your business in the local market. This way, your customers become the marketers of your business and promote it with word-of-mouth marketing. Improved local reputation increases the chances of business stability and expansion in the local and neighborhood markets.