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.
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.