or businesses big or small, one passive way to add extra income is by installing an ATM machine on the premises. If your business gets a lot of foot traffic or if you operate cash-only services, having an ATM in or around your business is a great idea. In fact, you may be doing yourself a disservice by not having one. Here are some of the top reasons why you should buy an ATM for your business.
1. It’s a One-Time Investment
For the most part, buying an ATM is a one-time expenditure for your business. Of course, there may be upkeep and maintenance costs down the line, but it’ll be no different from any other piece of equipment your business needs. With an ATM, you make an investment up front, but once you buy the machine, you will start to see a return on your investment almost immediately. Over time, the ATM will pay for itself, and after that happens, all of the money brought in by the machine is profit.
2. It’s a Steady Stream of Income
If you own an ATM machine, you can choose how much you will charge to use it. This is usually in the area of $2 and is based on a number of factors, but that money is pure profit. The more withdrawals are made from your ATM machine, the more money you’ll make. Even if the machine is only used a handful of times every day, that’s still a few extra bucks in your pocket. Over time, that money will start to add up and give you a steady stream of income outside of the income your business typically generates.
3. Customers Love the Convenience
Having an ATM at your business can make life easier for your customers. For many, going to the ATM is an errand, and if patronizing your business is already on their to-do list, having an ATM available allows them take care of two things at once. This helps to put your business in their good graces and enhances customer loyalty. It may sound small, but any perk you can give your customers helps.
4. It Attracts Extra Customers
Having an ATM can be a great way to lure customers into your business. If a person needs to access money from an ATM, perhaps they’ll wander into your store for the first time to use the machine, and while they are there, they see what you have to offer. This can help you convert customers you didn’t previously have. After using the ATM in your business, customers are more likely to buy and make purchases in your establishment. Studies indicate that retail locations with an ATM can increase their business by up to 25 percent per year.