How to start an ATM Machine business with “Bank-in-Shop”?

Every business owner is looking for strategic ways to boost their sales and increase their revenue. This is when ideas with a minimum ownership cost become a preference when thinking of investing. The most common options are properties or spare space for rent, delivery services, or certain franchises. However, thanks to the Next Gen technologies, one of the most profitable streams of passive income that hasn’t yet reached its fame is Smart ATMs. Besides being more innovative, it is an easy way to achieve excellent results with an acceptable risk profile. In this blog, we will talk about how complex is to operate Smart ATMs? How to make money with a Smart ATM and the added value benefits of a Smart ATM for your customers.

But first, what is a Smart ATM?

ATMs have been there for decades and used daily by most adults at least once in their lives. Others use it frequently even daily to access a preferred way of making payments. Now imagine that you are a supermarket chain, consumer electronics store, shopping mall, or coffee shop with hundreds or thousands of customers daily. What if besides buying a pack of muesli; a laptop with a pair of headphones; or simply grabbing a favorite coffee-to-go, your customers start to receive a whole spectrum of financial services. Simply in-store, on their favorite shopping route, closer to local communities. This is when a Smart ATM or as we call It “Bank-in-Shop” ™ powered by GlobalCloudPayments comes into play.

How profitable is a Smart ATM machine business?

Having a Smart ATM right beside that Ice cream stall in your mall or supermarket will enable you to make money off each withdrawal made, that is several thousand euros that you could be making per month as a passive income stream. In addition to that, you will gain more by displaying ads, placing marketing screens on your Smart ATMs. You can also brand your entire Smart ATM fleet as your own brand or brand it for one of your current partners.

What are the benefits of converting your stores to “Bank-in-Shop” ™ outlets?

Placing a Smart ATM at your location will bring you several benefits, to mention a few:

More in-store traffic, hence higher revenues

Having a Smart ATM at your establishment will attract more customers who are willing to spend more when having access to cash, which will help you get more traffic and increase your revenue and sales. Studies have shown that having a regular ATM at your business can increase your traffic by up to 15% while having a direct positive influence on your sell-out.

Author’s remark:

There is no data available on Smart ATMs just yet, though we will make sure to post a case study as soon as we can. (A gut feeling is that Smart ATM numbers will be significantly higher due to disproportional added value to consumers).

Diversify customer basket

To diversify & mitigate retail business risks especially during the times we live in having more than one stream of income is vital. Relying on a single source of clients is not a long-term growth strategy, that is why thinking out of the box might help to create a solid business that generates several revenue streams.

Reduce credit card processing fee

To accept a credit card payment, you would have to pay about 1.3% to 3.5%, plus the payment processor’s cut in addition to the interchange fees and assessment fees, which can be costly for business owners and merchants. Studies have shown that having a regular ATM at your location will encourage clients to withdraw and pay with cash, while customers can fulfill their daily financial needs. With Smart ATM you will be able to get yourself travel insurance, top-up your gaming wallet, convert crypto to EUR, and of course deposit & withdraw some cash too.

Convenience

Providing your customers with the option of having cash at their disposal within your stores’ premises comes with many conveniences. Allowing your customers to choose in which way they would like to pay their bills will be rewarded with your customers’ loyalty, word of mouth for a cutting-edge financial technology hub, that replaces banking branches.

How to set up a “Bank-in-Shop” ™ or Smart ATM machine?

If you are a business owner looking for ways to increase your revenue and attract more traffic then Smart ATM business is the right fit for you.  Before jumping into any business endeavor you surely might want to consider some pros & cons:

The expenses associated with purchasing an ATM machine and operating it

While this type of venture does not require office space or staff, there are still few expenses to consider. The total investment associated with opening an ATM business can vary depending on 1. The Smart ATM machine you are willing to invest in and may range from 5,000€ to 20,000€ depending on your needs 2. The service & maintenance provider you are dealing with 3. Transaction processing software partner of your choice GlobalCloudPayments as an option. In case you operate a merchant-filled Smart ATM you don’t need to have a Cash-in-Transit (CIT) provider who will replace cassettes in your ATM.

Installation of the Smart ATM machine

You need an electric socket, a bit of space, an internet connection and you are good to go. The installation itself comes as a part of the service. Setting up a connection with a processing server will take an hour top. Your ATM business is well- set & up & running already.

Accelerate retail growth with a Smart ATM machine powered by fintech

Plant Smart ATM machines in various locations in different stores to grow your client base, increase your retail sales, and boost your transactional revenue. Be strategic and calculate the low, realistic, optimistic earnings outcomes for your business.  Measure the effectiveness of Smart ATM-powered locations. If needed swap locations and track the effectiveness.

Few more notes to consider before starting a Smart ATM machine business:

  • Make a thorough research to find the right service provider that offers a wide range of financial services and smart solutions.
  • Make sure your ATM provider considered EMV certification and successfully passed it for your ATM network.
  • Be attentive to local regulations and requirements by National Banks. In the EU the regulation is quite straightforward, with no license required. Anyway, it’s always better to be on the safe side and consult with a knowledgeable party.

Which Smart ATM machine is right for my business and why GlobalCloudPayments?

With all the technological advancements, customers are more inclined to finding innovative solutions that will make their shopping experience easier. That is why upgrading and reshaping how people perceive ATM is our mission.  That is what GlobalCloudPayments, a Dutch-based Fintech company has been working on for the past years. GlobalCloudPayments is focused on providing consumers with a wide range of cutting-edge financial services by utilizing cloud & NextGen technology in its proprietary software to revamp & empower a traditional ATM business model. This becomes possible thanks to the latest technology, higher margins to Smart ATM owners while keeping all-time low operational costs.

For more info about GlobalCloudPayments visit: https://gcp.one/ 

Author: Salma Falah

Grutter 5 5253 RM Nieuwkuijk, The Netherlands
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