If you own a business, you may be considering adding an automated teller machine to your place of business. There are many different reasons why this could be a great idea, but some factors, such as cost, can be a little scary. There are also so many different options out there that it can be overwhelming. Regardless of whether or not you end up choosing to add an ATM, it’s a good idea to be well-informed on the various pros and cons.
Pro: More Business
ATMs can generate a large amount of new customers. If you are in an area where neighboring establishments do not have ATMs, they will learn that you do and will send folks your way. Someone may stop in simply to use your ATM and end up purchasing something from your shop, or will remember that you’re there for the next time they need the goods and services you offer.
While ATMs can eventually generate more income for your business, the initial costs involved with installing one can be daunting. The machine itself costs money, and there can also be bank fees. These are important things to consider when weighing the pros and cons of adding an ATM.
Pro: Extra Income
Once your ATM is up and running and people are using it, you will start making extra income. Whether or not this will end up being worth it for you is your decision. It’s up to you to choose how much it costs people to use the ATM. Remember to keep in mind that the less expensive it is to use, the more transactions it is likely to generate.
However, it will often take several hundred transactions to even make your money back. This is also not including the costs of servicing the ATM if something goes wrong with it at any point.
Con: Extra Work
One thing that you may be overlooking is the extra work it will take to have an ATM in your store. Not only are there maintenance fees when things go wrong, but you will also have to learn the computer program that your ATM uses and oftentimes will be left to troubleshoot things on your own.
This can be frustrating and can also be a big time commitment. Before adding an ATM to your business, you should be prepared to commit to the extra time and work it will require.
Overall, adding an ATM can be a very smart decision. It’s up to you whether or not it is the right choice for your particular business model, but weighing the pros and cons can certainly help.