As technology has grown over the past four years, it has led to the change of things. Today, how things are done on a day-to-day basis is very different. For example, when it comes to money transactions, this field has tremendously grown. Traditionally, you could only store money in the form of physical cash and could not find secure places to store them. When banks came into play, therefore people a secure way of storing the money but it also came with the challenge of getting access to the money whenever you need it. This is true, especially whenever you needed the money in the case of an emergency. This led to the development of automated teller machines, commonly known as ATMs.
Today, if you are looking to start a business, one of the things that you need to be concerned about, is creating traffic around your business area. If you have a large number of people passing by your business on a day-to-day basis, they are likely to notice the products that you sell and therefore, you are more likely to have high revenues. One of the strategies you can use to bring traffic to your shop, is to have an ATM installed next to it or a nearby. ATMs are people magnets, they will grow people at any given time, regardless of where they are placed. If you can convince a few financial institutions to install an ATM next year shop, you will gain a few benefits. This article will seek to discuss some of these benefits.
The first and most obvious benefit is that you will have an increased number of people passing by your shop on a daily basis. The increased traffic is good for business because it will make your business more noticeable to people, and this will eventually translate into revenues for your business.
According to research that has been carried out by different institutions, it is shown that people tend to spend money close to where they have withdrawn the money. This is to mean, that if you have an ATM next to your store, the people getting money from these ATMs are likely to spend the money at your store purchasing the products that you sell. The research indicated that the number of people who spend money withdrawn from an ATM in a nearby store, is up to forty percent. This is a significant number, and one that you should definitely take advantage of.
Transacting with cash has the advantage of lower credit card fees. Whenever people prefer products in your store using the credit cards, the bank will have a certain commission going to them. This is not the case with cash. Whenever they pay with cash, it gets a tricky family percent of the money that was spent purchasing products solar to store services that your company offers. This is another great advantage of having an ATM nearby your store. People will tend to purchase things on cash, as opposed to using the credit cards. This means, that the total amount of money you are getting, a hundred percent of it goes to you and you do not have to share the commission with any bank.