The Benefits of Adding a Retail ATM to Your Business

Posted on November 27th, 2022

ATM machines for retail are a great choice if you're looking for ways to add new revenue streams to your business. It can also increase traffic to your store and provide your customers with a range of helpful services, which include:

• Easy access to cash for customers.
  Offering your customers access to cash in your store can help keep them in your store. In addition, this will increase the chance they'll spend their money with you over a competitor.
• Reducing credit card processing fees.
  Encouraging your customers to pay with cash can help to reduce the fees you're charged for credit card transactions.
• More customers.
  Most people use retail ATM machines because they're close and convenient, and having one in your store will help increase foot traffic. People may visit your store to use your ATM but end up purchasing items.
• Set your own transaction fees.
  As the owner, you set the cost for the transactions charged each time someone uses the machine. Establishing a reasonable fee is essential.
• Generate income with every transaction.
  As noted, retail ATM machines charge a surcharge for each transaction of approximately $2 to $3. These fees add up quickly. For example, if 200 customers use your machine each week to withdraw money and you charge $3 per withdrawal, that's an extra $600 in profit every week.
• Enhanced services.
  With new retail ATM machines offering an increased range of services through innovative technology, they will provide customers with an attractive alternative to visiting a bank.
• Make money even when you're not open.
  Depending on the ATM design, some retailers set them up outside their stores, so they're accessible 24-7, making money while you sleep.
• Additional surcharge opportunities.
  At Hyosung America, our ATM machines offer a pre-balance feature that allows for a second transaction after customers check their balance. You're essentially doubling your surcharge when someone checks their balance before making a withdrawal.

Considerations when purchasing retail ATM machines

How much profit you can generate with retail ATM machines depends on several factors. For example, at Hyosung America, we recommended installing them in high-traffic areas. Another important consideration is why your customers need cash. For example, if they need it to make purchases in your store, nearby stores, or street vendors, your ATM machine will likely generate more traffic.

Original Article: The Benefits of Adding a Retail ATM to Your Business