The use of ATMs is more than just banking software. Its availability at business places and points of sale adds to the ease of customers and makes their shopping experience amazing.
An ATM can also be used as an extra income stream or help increase sales, and business is known to very few merchants. Therefore every retailer or merchant should hop on this extra income by installing an ATM at their shop or business place.
Also Read: 4 Best ATM services in Canada, along with RBC ATM service
However, Business owners wondering how ATMs can help grow their business need to read this blog post for in-depth details.
ATM Business Model
Before the merchants rush in searching how to start an atm business, they need to understand the ATM business model. For every transaction, an ATM charges a surcharge fee of $2 to $3, and a significant amount of that fee goes into the wallet of the ATM owner.
Whoever owns ATM will enjoy the surcharge fee of hundreds of customers every day. Therefore business owners get an ATM at their places to earn the surcharge fee per transaction.
Apart from owning an ATM, the merchants can also get it on rent or lease, depending on their convenience.
ATM as an income stream
ATMs can be a good additional stream for passive income. Anyone can install an ATM in a public place and earn while sitting at home. The same goes for retailers, as customers require cash most of the time, and providing them with cash allows you to earn on top of that.
The people who want to build passive income streams find this business fascinating. Invest a notable amount in the beginning, build your atm network across the city, i.e. crowded places, and load the ATMs with cash; these are a few steps to follow to earn a substantial amount from ATMs.
Getting the ATM
Once you get familiar with the ATM business model and how atm works, the next question that strikes your mind is how to buy an atm. However, there are multiple ways to get an ATM, either by owning or renting it.
- Purchasing an ATM: Purchasing an ATM roughly costs anything between $5000-$10000 and nothing more than that. It is a one-time investment, and the buyers, mostly retailers, have to pay a lump sum once; then, they are not liable to pay anything later.
- Renting an ATM: If retailers find it too costly to buy an ATM, they also have another option of getting one on lease. An ATM would cost around $75-$100 per month.
Increase in Sales
A service atm helps big times in increasing sales at your business place. If you have installed an ATM at your shop or store, more and more customers will prefer to visit your store because of their convenience, increasing your sales. ATMs, previously known as banking industry software, are helping businesses to increase their sales exponentially.
Also Read: 3 Reasons Why You Need To Apply for ATM machine
Increase in revenue
The presence of an ATM at the business place also guarantees substantial growth in revenue and profit. An ATM, on average, can earn up to $5000 in a month just from a transaction surcharge fee. So an ATM is capable of returning your entire investment within 2 months.
Better Customer Experience
Having an ATM at your business place not only increases your revenue but also adds to the quality of customer service. The customers visiting your store get the option of cash withdrawal which adds to their convenience. Thus their loyalty toward your business increases.
Apart from the regular customer, other people also visit your store to use ATMs. However, they are your potential customers and are highly likely to turn into your customers.
ATMs generally facilitate the public in bank offices, shopping places, or places with significant importance. Therefore merchants and retailers provide value to their customers if they have ATMs at their business places.
If you are a business owner and want to own an ATM but wondering where and how to get it, then we solve your problem by mentioning Cahswave in the upcoming section.
Cash wave
The Cash wave provides banking software solutions to small, mid-sized or large businesses. Cash wave has been empowering businesses for years across Canada and its cities. The main aim of the cash wave is to help businesses with the point of sale -POS, ATMs, and atm software which is atm switch.
However, any business owner or retailer wants to get an ATM by owning or renting it. In that case, the Cash wave offers services from delivering the ATM, installing the ATM, maintaining the ATM, and reloading the ATM with cash to everything.
Besides this, Cahswave offers quality services at reasonable quotes compared to other service providers. Therefore if you want to buy one, get in touch with Cash wave to grab the best deals possible.
Conclusion
If the ATMs are facilitative for customers, they are equally beneficial for business owners. Having an ATM at your shop makes you stand out among your competitors. The customers prefer to visit your shop rather than go anywhere else because of the freedom to withdraw cash.
Getting an ATM not only increases your sales but also increases your revenue and profit. However, investing in ATMs is a smart and timely move.
Therefore, if you still have doubts about whether the ATM helps grow your business, this blog post will help you illuminate your thoughts.
