An ATM is an excellent convenience tool for your customers. These cash machines also provide you with a practical way to earn some extra revenue. However, there are certain things you want to do if you're going to maximize your earnings.
Advertise the ATM
You won't make any money from the ATM if people don't know you have the machine inside your business. Sure, when customers walk inside, they will see the machine, but what about the people that are driving around looking for an ATM? Make sure you hang signage on the exterior of the building to let the general public know you have a cash machine inside. If you have any social media platforms or a website, make sure you include that you have an ATM on these outlets as well.
Consider a Bank-Branded Option
A bank-branded ATM is another great way to drive up earnings. Bank-branded machines are supported by a specific financial institution. Customers who bank with the institution don't have to pay surcharges, which make the machines more appealing to some people. However, while the customer doesn't have to pay a fee, you will still earn a usage fee. So, the more customers that use the machine, the more money you can earn.
Follow the Surcharge Trends
Always keep a gauge on the surcharge rates of the other ATMs in your area. As the rates go up, you should also increase your price to remain competitive. Otherwise, you will find that you're missing out on money you could have earned. On the other hand, when rates go down, you should also consider lowering your fees. If your fees are considerably higher than other cash machines in the area, people will be less likely to utilize your unit.
Determine whether it's best for you to own your ATM or rent the unit. When you own the machine, you are solely responsible for all the operating and maintenance costs. However, when you rent the machine, you only pay a rental fee. The reason this choice can impact your revenue is that the more money you have to spend to operate the unit, the less you will earn. For this reason, in the case of a high-volume machine that is likely to need a significant amount of maintenance, renting a machine might keep your cost lower, and therefore your revenue higher.
With these tips, you can earn extra revenue for your business in both the short and long term. So, make sure you are on the right track. For more information, contact a company like MTech Distributors today.Share