Over a couple of decades, technological advancements have been making high tides in transforming industries. While modern technology has paved ways for companies to achieve goals effectively, the increasing competition has made it quite challenging for a business to stand out in the corporate world.
If you talk specifically about the finance industry, payments and transactions have moved to the digital space. In other words, societies, particularly the developed countries, are intending to go cashless.
That being said, the changing payment methods observed in Sweden anticipated that it would be the first cashless society in the world. In fact, a study by Riksbank predicts that Sweden will become cashless within 5-years.
While considering the recent transformations in the payment industry, businesses planning to install ATMs might rethink their decision. However, to make the right decision, you need to keep an eye on emerging trends and the related surveys made lately. Not to mention, reviewing the stats can be a big help when it comes to deciding on investing in ATM installation.
Nevertheless, before digging up the details, let’s have a glimpse on a brief history of this incredible self-service technology. Invented in 1967 and first installed in Barclay’s Bank, London, ATM solutions lured several people striving for convenient options for making financial transactions.
Over the years, ATMs evolved and still going strong in most societies. Today, you will find a wide variety of cash machines integrated with the latest technology, which provide customers more convenient, reliable, and high-quality service. For instance, MOBILEMONEY offers a vast collection latest ATM models that provide you with the best ATM solutions.
While you cannot overlook the benefits that ATMs provide, you would be wondering if incorporating ATM solutions a good investment. Since you have to make the best decision for your business, it’s essential to review ATM statistics to step up.
- A report reveals that Americans use ATM 300 times every month. Although the stated figure is not super significant, it does confirm that ATMs have steady traffic. Assume it in another way; approximately 75 people use ATM per week, which means you will have a chance to earn surcharge amount on 75 transactions that your customers will make.
- Around 78% of Americans believe that instant and convenient access to cash is essential. While several economists and business owners believe that cash is not valued anymore, the mentioned stats indicate that most customers still prefer using cash.
- Another survey discovers that 40% of ATM customers use a cash machine for about 8-10 times a month.
ATM users spend around 20% of cash withdrawn from the device in the convenience store; this means, you will have a chance to convince them to buy your products or services.
In the United States, more than 10 billion transactions are made through ATMs every year.
The Main Takeaway
While there is fierce competition among businesses, staying ahead of your rivals is quite challenging. However, besides other smart strategies, installing an ATM device at your business location can help you stand out in the industry.
Furthermore, the statistics mentioned above show that consumers still prefer ATM solutions when it comes to instant cash access or reliable transaction process. Therefore, whether you have a convenience store, pet shop, coffee café, hospital, or casino, installing an Automated Teller Machine can be an excellent investment to generate passive income.
While there are many ATM companies, MOBILEMONEY offers a wide variety of high-quality machines along with best-in-class service. Integrated with robust technology, their ATMs provide you with the most secured transactions. Hence, if you are thinking to install an ATM, look no further than MOBILEMONEY.