Some ATM locations will entice you with a free trial period.
Some companies offer this to get customers to use their ATM machines and give
them the opportunity to try out their services without spending any money.
While this can be a good promotional tool to increase foot traffic, it can also
come back to bite a customer later. Free ATM placement services should be investigated carefully before signing on with
any company.
Some free ATM placement services will actually reward the
company owner with money from those surcharges whenever the machine is
utilized. This is a good way to have a bit of extra money coming into your
pocket and just keep the cash flowing in the proper manner. Another perk that
some of these businesses will provide to prospective business owners is
complimentary ATM monitoring. This is great for the businesses that allow
customers to withdraw money from their ATM at any time, including the weekend.
When choosing a business that will place an ATM in your
location, consider who will be using it. Are you targeting college students who
are going on spring break? Are you targeting the local church family doing some
seasonal shopping? Is the particular location you're thinking about putting an
ATM in a church or other nonprofit organization? An ATM placement company will be able to help you choose the type of
customer you need to target and the best way to reach them. For example, you
may have a very high overhead with a smaller business.
Why would you want to place an ATM at your place of
business? The answer is easy. You want to maximize your cash flow. At the same
time, you don't want to be adding on extra costs to your budget. For this
reason, participating in a free placement services program is a smart move for
a small to mid-sized business owner.
In addition to cash flow issues, you will also want to
consider how you will be collecting your customers' payments. Depending on your
location, you could be collecting monthly checks or one each quarter. You can
choose between accepting one of the most popular forms of payment through
credit cards or debit cards, such as MasterCard and Visa. If you do not accept
all forms of payments, you may want to think about setting up an automatic
processing fees program. These processing fees will allow you to cover your
expenses, such as rent, electricity, payroll, sales tax, property taxes, etc...
Without these fees, you will be paying property and payroll expenses separately
from your profits.
You can also benefit from utilizing an ATM to process credit
and debit card transactions. Some ATM locations now offer credit card
processing fees as well. While using an ATM to process debit card transactions
will add an additional surcharge revenue stream, you may still end up making
money. If you choose to accept all forms of payment, it is important to note
that you will have to pass the credit card processing fees on to your customer.
At the end of the day, most card holders are willing to pass the fee on to
their customers. This gives your business a better chance to make money.
One of the most compelling reasons for using an ATM to
process debit card transactions at your local store is because you can provide
better customer service. In addition to saving money by not having to pay for
high surcharges on credit and debit cards, you will also improve your customer
service experience. Most people like making purchases at stores where they
receive free shipping and no sales tax. For those customers, the savings they
make at the register add up to a significant amount of money. By offering free
ATM to add to your bottom line, you are demonstrating to your customer service
savvy that you care about providing the best product and service at the best
possible price.
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