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ATM Machines |
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Why Does a business want an ATM? An ATM not only earns income, but it can dramatically increase a business’s sales! Every time the ATM is used, the merchant earns income from the transaction fee, and sales increase by providing cash a customer will likely spend at that location.
An Illustration A merchant places an ATM in their store and charges a fee for each customer to use the machine. This fee usually ranges from $1.50 to $2.50 or more, depending on the location. The typical convenience store will average between 400-500 cash withdrawals every month. At $2.00 per withdrawal, the merchant would earn $800.00 after 400 withdrawals. Not a bad gross profit, considering the merchant can lease the machine for $165.00 or less per month.
Transaction profits, however, is only part of the reason a merchant should place an ATM in their business. At 400 withdrawals a month, about 13 people a day are withdrawing a average of $40.00 to $50.00 each time. These same people will spend approximately 10-12% of that money in the store. (Figures are based on studies done by 7-Eleven and Convenience Store Decisions Magazine).
Is an ATM Right For You?
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Commonly Asked Questions
Who is responsible for the cash? The merchant. The actual amount you need to begin is only around $2,000. As the machine processes transactions, the money will be returned to you electronically in about two business days.
How much room does the machine take up? The actual footprint of the terminal is just a couple of square feet. The terminal is 18 inches wide and 26 inches deep.
What if there is an ATM machine nearby? All the more reason to have an ATM in your location. Customers in need of cash are going to them and more than likely are spending money with the competition. |
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