Retail ATM machines can be a great choice if you're looking to earn more income for your business. By becoming a retail ATM machine provider, you create a passive income stream that doesn’t require much effort and allows you to set your own fees. In addition, it can also increase foot traffic to your retail store and generate repeat customers in your community.
As noted above, one of the best things about owning a retail ATM machine is that once you’ve set it up, it immediately generates income for you. Retail ATMs have a surcharge fee each time a customer makes a transaction. It is usually between $2 to $3, but sometimes can be as high as $5. It depends on what customers are prepared to pay and the demand for this service. If your ATM machine is used frequently, it can add up to a lot of extra revenue.
Owning a retail ATM can help attract new customers. Most people use retail ATM machines rather than visiting a bank to get cash because it’s more convenient. Having an ATM located within your business means more people will frequent your store. This increase in foot traffic often results in sales by visitors making impulse purchases, and it also increases awareness of your business.
As the owner, you can establish how much you want to charge for each transaction on your ATM. Setting a reasonable fee is essential— don’t be too expensive, or no one will use it. However, if you are in a high-traffic area, it may be possible to increase the fee without losing any business. Ultimately, you get to choose.
Providing easy access to cash and other banking services for your customers will ensure repeat business. They will likely choose your establishment over others, even if it means a slightly longer commute. As noted, repeat ATM users generate more income through transaction fees and customer loyalty.
Our range of Hyosung ATMs offers customers the choice to view their balance on-screen before choosing an additional service. If they choose this option, you can charge them a fee for checking their balance and a fee for withdrawing cash. This means you’re ‘doubling up’ on your surcharge fee and adding to your income.
If you’re interested in learning more about earning extra revenue by owning a retail ATM, contact our sales team today. We’ve helped thousands of retailers in America, Canada, and Mexico increase their income with retail atm machines.
At Hyosung, we offer a range of retail ATM machine features to satisfy your customers, from simple, fast cash withdrawal to transferring money or paying bills. Find out about Hyosung retail ATM machine solutions and discover how we can support your business.