People visit casinos for many reasons – not just for gaming. Casinos have become a hub of entertainment, offering shopping, dining, live entertainment, music, or simple opportunities for people watching. As casinos compete for business, they are continually seeking ways to entice consumers to their venue. They’re developing innovative strategies to create, strengthen, and personalize long-term relationships with players to keep them coming back and spending more. One strategy used by casinos is to make cash access easy through convenient banking kiosks located throughout a venue.
Typically, loyal customers want to spend time and money at your casino – as long as they feel as though the casino is meeting their needs. What happens if your customers run out of cash? When customers have to leave your casino to get more money, the chances are high that they won’t return. There needs to be an easy way for your customers to refill their wallets without having to leave the premises.
In 2018, it was estimated that casinos experienced $51.4 billion in gross revenues. What is difficult to project is the amount of money left on the table from patrons who are forced to leave the casino early because they are unable to get a casino cash advance. Offering cash advance services is not only beneficial to the customer experience, but it’s also a meaningful way to improve your casino’s bottom line. One option available to consumers is to offer a cash advance from a credit card.
No matter what kind of casino you run—a small, local business or an enormous corporation—the goal in the industry is always the same—keep your customers happy and help them keep cash in hand. And that’s not just to keep them in constant game mode. As you know, people visit your casino for several reasons—maybe for the exceptional food, the entertainment, the music, etc.
Ultimately, no matter why someone ends up in your casino, it’s your job to keep them satisfied and to ensure that they’re able to withdraw their money in any way they see fit and any way that’s most convenient for them—including a cash advance.
If you’re entirely unsure about what a cash advance looks like in a casino, how you can offer this service to your clients, or how this works at all, then you’re in the right place.
We’re here to dive into the cash advance concept and, more importantly, to explain how it can work for you!
What Exactly is a Cash Advance?
We’re going to keep this definition direct and straightforward—a credit card cash advance gives people the ability to withdraw money based on credit card limits. Essentially, that means your patrons would be able to access cash advances through their credit cards—they don’t need the physical money in their account when they access it, they’re withdrawing based on their line of credit.
A credit card cash advance, which is offered through the CASINOMONEY CM-2020 kiosk, doesn’t require money to be available in a patron’s account at all. Instead, this cash-advance shows up as a statement charge to your patron’s credit card. Then, your patron can pay that bill at a later date.
Why Does Offering a Cash Advance in Your Casino Matter?
Sure, you might be thinking, that makes sense. But why does it matter to me, a casino owner, if a patron has the ability to get a cash advance via their credit card?
Join us as we walk through this common scenario. Your patron is at your casino having a fantastic time. For them, the night has just begun. They reach into their wallet for more cash—it’s empty. Now, your customer needs to leave your establishment to go out to their bank, ATM, etc., in an attempt to refill their wallet so they can come back and continue playing.
The problem? You know as well as we do that as soon as a patron leaves your establishment, it’s unlikely they’ll come back in.
If you are able to offer your customers an easy, convenient way to withdraw cash at your establishment, do so. Then watch as they continue playing, having fun, and boosting your profits.
Offering a cash advance service at your casino isn’t just beneficial for your customer. However, it does provide them with a marvelous, seamless, and convenient customer experience—it’s also hugely beneficial for you. While it’s impossible to predict how much money is lost every single year when customers are forced to leave the table when they run out of money and are unable to get a cash advance in the casino.
By offering this for your customers, you create a meaningful way to improve your casino’s bottom line and provide them with a convenient, easy-to-use service that ends up being mutually beneficial.
How You Can Offer Cash Advances Via Credit Cards to Your Customers
Remember when we name-dropped the CASINOMONEY CM-2020 kiosk a few paragraphs ago? Now we finally get to talk about it.
The CASINOMONEY CM-2020 offers your patrons a convenient, easy-to-use- and seamless way to keep playing, enjoying, and reaping the benefits of your casino without ever needing to leave to refill their wallets. The CM-2020 puts the fun back into your patron’s night, no matter what their in-wallet funds look like.
By providing customers with an automated kiosk service like CM-2020, you gift them the convenience they’re looking for without the hassle or the headache. With this kiosk service, your patrons will never deal with long lines, an abundance of documents to approve, or extended clearance periods. With the CM-2020, you remove the annoying and often profit-sucking, an obstacle of keeping cash in hand of the people that matter most—your patrons.
Providing your patrons with as many options as possible is a crucial ingredient in creating a successful, intuitive, and enjoyable customer experience. With CASINOMONEY’s CM-2020 ticket redemption ATM machine, you’re one step closer to providing your patrons with perfection. If you are ready to take the next steps toward satisfying your casino customers, maximizing your profits, and boosting your traffic within your casino, reach out to us. CASINOMONEY representatives are available to chat more about our CM-2020 machine and how it can make an enormous difference in your casino’s profits.
Check out our website for more information or click here to download the free CASINOMONEY brochure that’s packed with insight, info, and all the need-to-know details about how you can stay in the game!
How Does a Cash Advance Work?
Generally speaking, a cash advance is an advance on your credit card. Rather than pulling money directly out of an ATM via your checking account (as you do with a debit card), a cash advance allows you to get money right away without the money instantaneously leaving your account.
A credit card cash advance will merely show up on your statement as a charge to your credit card. This is incredibly useful for casino patrons who need currency and either doesn’t have the funds or don’t want to use their banking account. Instead, a cash advance can be paid at a later date, similar to any other credit card charge. You will receive your credit card bill seeking payment.
It should be noted that the minute the transaction is made, interest will begin to accrue. However, the sheer convenience and accessibility of this form of a cash advance can outweigh any fees.
How to Get a Cash Advance on a Credit Card?
Many casino kiosks, (conveniently located throughout the venue) offer helpful credit card cash advance services. Initiating a credit card cash advance doesn’t require money to be available in an account. A credit card cash advance allows people to withdraw money based on credit card limits. The convenient ability to access cash will allow your patrons to remain at the table and in your casino.
Why Should Casinos Offer Cash Advance Services?
If your casino is committed to creating a customer loyalty program, then you’ll want to make sure that you have cash access tools and resources readily available. Keeping your guests satisfied means making things as convenient as possible. Typically, credit card cash advances take just a few seconds to process. Your customers won’t have to worry about whether or not they have enough funds in their account or whether they’ll be overdrawn. Instead, your customer’s only concern will be, “how much should I bet at the craps table?”
Perfect for Ticket Redemption Kiosks
Even though cash advance services account for roughly 4 percent of all kiosk transactions, these transactions are usually much more substantial than standard ticket redemption. Plus, when customers use a credit cash advance, they typically take out more money than they do with a standard ATM debit withdrawal.
Conveniently located kiosks reduce long lines, and they improve employee productivity. From a personnel standpoint, the use of kiosks can lessen the demand for staff members in the cage area. In most cases, these machines can process multiple transactions at a time — faster than an employee — thus keeping patrons out on the floor rather than waiting in long lines.
If you’re concerned about how your customers will respond to technology-driven financial solutions, consider how prevalent these types of devices are becoming in our daily lives. From gas pump television screens to grocery store self-checkouts, and even fast food ordering kiosks, customers are becoming accustomed to automation. More and more people are happy to have the option to use automated, self-service financial solutions.
Why Not Reap the Benefits Now?
On any given night, customers from various income brackets and walks of life stop by a casino for a night of fun. They don’t want to be bothered with long lines, unexpected trips to the bank, and frustration when they are low on cash and have to end their casino experience early. Help remove those most annoying obstacles by investing in a reliable cash access solution that allows for credit card advances. Providing customers with a convenient option when they find themselves in need of cash will lead to happier and potentially more loyal customers. Are you ready to learn more?
Click here to learn more about how the CASINOMONEY kiosk can improve your casino’s productivity, profitability, and customer experience.
Don’t waste another minute trying to figure out how to keep customers in your casino, give us a call today.