Setting up an ATM and buying the same is a great way to rack up your profit margin. Wondering how? Well, for every transaction that a consumer makes in the ATM you get a small share from it. The secret tip lies in establishing the ATM in a place that grabs a lot of traffic on a regular basis. More the number of transactions in the ATM, higher will be your profit share. However, taking the responsibility of housing an ATM machine implies that you will have to be accountable to make sure that it has sufficient amount all through the day. Not just that, but refilling the machine in case the cash gets exhausted is also your responsibility. Since a certain amount of responsibility is on you as well. Make sure that you are ready to handle it before starting this venture. How to increase your profit by housing an ATM?
- Find a High Traffic Location – The best way to increase your profit count is by ensuring that more and more people are using the ATM. More the usage, higher will be your profit share. Thus zero in on locations where there is a large volume of traffic on a regular basis. Such places could be inside shopping malls or even in places that is nearest to the malls. Near or inside supermarkets and business centres will guarantee an increase in the profit. Paying through the credit as well as the debit cards implies that the business will have to pay some charge for card transactions. Hence ATM installation is the easy way to save from paying those additional charges.
- Calculate Your Potential Profit – Post choosing the location where the footfall percentage is extremely high. It is important for you to survey about the approximate figure that crosses the area where you are planning to establish the ATM. Based on the New York based survey, a total of 3% to 5% of people actually use the ATM post seeing it. So make sure you know the expected footfall in the particular place after the ATM is placed there. However, placing the ATM in that spot is not good enough. You also need to make sure that the ATM has sufficient cash in them. There is no point in having an ATM that is either not functioning properly or is well stocked with the cash. So remember to check the functionality of the ATM at regular intervals along with the cash available.
- Choose an Effective Machine – ATM machines differ in functionality and features. There are several ATM machines those are placed inside the business centre so that they can be operated only till the time the business centre is open. It is best to go for ATM machines those are easy to operate and allow consumers to have a hassle free transaction. The smoother the transaction, higher will be the footfall on the ATM machine. There is no point in opting for machines those have complex features because that will just disrupt the user experience and in turn hamper your profit margin.
So make sure you look carefully into the 3 points those have been mentioned to have a better run at increasing your profit.
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