According to eHow Money, ATMs first hit the scene back in 1939, thanks to a fellow named Luther Simjian; so it’s not exactly a novel concept. Every year, however, manufacturers are finding ways to update these machines to do more and to do it quicker. Privately owned ATMs at retail establishments are only becoming more prevalent, and for good reasons. Here are just a few.
They Make Companies Money
Yes, you have to pay to have an ATM at your business; but with the monthly payments as low as $69 (according to ATM Network), it is well worth it. Why? Simple: The American Bankers Association states that over 10 billion transactions a year go through privately owned ATMs, which add up to 66% of the total number of ATMs in the United States.
In other words, the company using the ATM makes major cash. Where exactly does the money come from? The transaction fee! When your customers make a transaction, they’ll be charged two or three dollars for it; that goes back to you–the ATM owner. This can bring the establishments where the ATMs are placed hundreds to thousands of dollars (or possibly more!) every month, depending on their business and traffic.
They Put Customers in Charge…Sort Of
ATM machines are self-serve and independent, meaning that anyone can come along and operate them on their own. Although all of these transactions are being tracked–and the people are often being recorded on camera for security reasons–it still gives the customers a feeling of security and privacy, since they are handling their own money and personal information, like bank account numbers, PIN numbers, and their total balance.
It also leaves time in their hands, allowing them to control how much or how little time their spend standing at the machine. When they’re waiting in line at the bank to speak to their teller, they’re at their mercy. With an ATM, they run the show. Nothing makes customers happy like feeling as though they’re in charge.
Don’t forget the added benefit of ATM machines to your bank staff: It certainly takes a hefty amount of the workload off their shoulders and allows them to give their attention to more pressing matters.
They Bring a New Meaning to the Word “Convenience”
Banks close; ATMs don’t. With their help, people can access their money round the clock. The fact that ATMs can be placed at any establishment also helps customers. They don’t need to go to their bank to withdraw money anymore. They can go to grocery stores, convenience stores, and gas stations.
For these reasons, they also add an element of safety to people’s lives. Why? They won’t have to carry so much cash on them, since it’ll always be accessible somewhere nearby through an ATM. (This is especially beneficial for travelers, since they can utilize any ATM from any location, whenever they want!)
There’s a reason–there are several reasons, actually–why ATM machines have made their mark on society and show no signs of slowing down. Many people fear the idea of technology taking over; but in several cases (such as this one), it is a welcomed advancement.