Should You Install An ATM In Your Small Business?
Automated Teller Machines, or ATMs, can be profitable and convenient for their owners. Of course, you have a lot to consider before you install an ATM in your place of business. It is certainly a trade off. You may be paying fees and for maintenance on a regular basis. These tips will help you decide if installing an ATM is best for you.
1. Ask Questions
It is important that you know everything about the machine that will be installed in your business. What are the upfront and ongoing costs? What features are available on the machine? What penalties could you face in terms of regulatory issues? What are the risks? You do not want to make this decision lightly.
2. Understand the Benefits
There are several benefits associated with ATM installation. For instance, advertising your machine well may bring about new foot traffic. You may also see a decrease in card transactions that may be costing you money. If you do not currently accept card transactions, you may also retain customers who would ordinarily have to leave to find cash.
3. Consider Your Location
If you have a significant amount of foot traffic and there is a reason why customers will need cash in your area, you may have a good location for an ATM. This is why convenience stores, liquor stores, bars, and hotel lobbies have been great locations for ATMs in the past. If you have people often asking if there is a machine nearby, this is an indicator that your location is a good one. It may be time to start keeping track.
4. Implement Protection
Protecting against theft is essential. This means that your ATM should be in a well-lit area and under the supervision of cameras that may deter criminals or capture them after the fact. It must also be safe for individuals replacing money in the machine to do this task. This means that you may want to consider the location of the ATM, especially so that it cannot be easily carted away in the event that a robbery does occur.
With so many reasons to consider installing an ATM in your business, you may be set to do so. It is simply important that you keep in mind all of these considerations before you follow through with this venture. It may be the best thing you have ever done for your business, after all.