Owning a business is part of the American dream. However, keeping a business or store afloat is where the hard work lies. It can especially be difficult if sales or revenue becomes stagnant. Fortunately, there are ways to refresh your business and even attract new customers to your store. One of these ways is to install an ATM. Why?
- A Number of Individuals Prefer Cash
When it comes to making purchases, a large number of individuals prefer to pay using cash rather than with their credit or debit card. This is especially true of impulse buys, especially when the total for their purchase is a small number. Therefore, if you run a store, you are doing your business a great disservice by not making an ATM available for those who prefer to pay using cash. Studies have shown that not only does an ATM bring more individuals to your place of business, but those using the ATM to withdrawal cash are also more likely to make a purchase at your store after they have cash in hand. This is one reason it’s quite smart to get an ATM for your business to give your customers an easy cash option.
- No Purchase? You Still Make Money
It has been shown that featuring an ATM within your store or business increases foot traffic, which is one of the best ways to increase sales/revenue. But what if the individual visiting your ATM does not end up making a purchase in your store? You can still make money. That’s right! Featuring an ATM in your place of business is an excellent way to ensure that you make passive income. Most ATMs charge a fee in order to be used. While you do not want to institute a large fee that scares away customers, an ATM with a modest fee is still a great way to bring in money for your business even when the customer using the machine does not buy from you, or when your business is not, in fact, a store. In that sense, you are losing money by not keeping an ATM in your business for the use of your customers.
- Tips to Increase Traffic to Your ATM
How can you ensure that your customers see that your business features an ATM, as well as bring new individuals to your machine? One way is to make use of signage that makes it clear that an ATM is on the premises. Signs are relatively inexpensive and excellent for bringing in individuals who are on the lookout for an ATM. A bright and colorful LED sign is recommended for getting attention outside of your store, while you can use simple signs inside your place of business to point the way to your ATM.
It’s also recommended that you place the ATM inside your store where it can be easily seen by your customers. Close to the main entrance or in an open area is a prime location. That way, your ATM can be seen by your customers who are coming inside for any purpose. In the event that they need cash, seeing your ATM can give them the ability to withdraw cash with you rather than visiting another location.
It’s clear how an ATM can bring more customers, and therefore more revenue, to your place of business. So what are you waiting for?