If your business sees a decent amount of foot traffic and you are looking for ways to leverage that fact for more sales and greater profits, you might be wondering whether it would be a good idea to have an ATM machine. While some businesses prefer the convenience of having an ATM placed by a third-party company like AtmMachines.com, LLC, there are a number of advantages to owning the machine outright. Here are a few reasons why it might make sense to purchase an ATM for your business.
Attract new customers
People always need cash, and a convenient ATM will bring people into your store who otherwise might not come in. Even if these people didn’t intend to buy what you’re selling, once word gets out in the neighborhood that you have an ATM machine, you’ll be surprised at how much your foot traffic increases. Plus, customers who use your ATM are 50 percent more likely to buy products in your store, even if they didn’t come there to buy.
Lower your own processing fees
Businesses with ATMs on premises generally see more cash sales. The more people pay with cash than with credit cards, the fewer credit card and processing fees you pay. If your business takes checks for payment, the number of checks also goes down, along with the risk of bounced payments.
Keep more of the money
An ATM machine charges a surcharge for each transaction. When a third-party company owns and manages the machine, you receive a percentage of the surcharge for providing the location. However, when you own the machine outright, you receive 100 percent of the surcharge, increasing your revenue over time.
Generate a profit quickly
ATM machines are more affordable now than ever—usually between $2000 and $2500. Once this initial investment is made, you choose the amount of the surcharge for customers, which you can use to offset the purchase. An ATM in a high-traffic location can pay for itself within weeks or months, at which point you start making profits.
Almost any brick-and-mortar business with foot traffic will benefit by having an ATM on the premises, but certain businesses do exceptionally well by owning one or more machines. In our experience, gas stations, convenience stores, bars, restaurants, clubs, hotels and malls can generate large amounts of revenue with ATM ownership. To learn more about the advantages of purchasing an ATM for your business, call AtmMachines.com, LLC today at 1-866-295-2329.