People do not like using bank-owned ATMs for a very simple reason — they charge too much! The long waiting lines and the slow withdrawal of money is an entirely another story. Even independently-owned ATMs charge a surcharge fee so what’s the issue here?
Yes, independently-owned ATMs charge money, but most often not as much as a bank-owned ATM. One of the sole reasons people prefer to use an independently-owned ATM is that they are more convenient to use — most brick and mortar stores now have an ATM — and their surcharge fees are frequently less.
When people need to use an ATM, but their bank card’s ATM is nowhere in sight, they have no choice, but to use another bank’s ATM machine. Naturally, they are charged a higher surcharge fee. But with an independently-owned ATM, customers are charged a standard surcharge fee regardless of the bank card they are using, thus saving them money. And at the same time still making brick and mortar stores a profit due to an increase in the number of people coming in to use their ATM.
The High Costs of Using an Out of Network ATM
Last year, banks charged a surcharge fee of $2.97 to people using another bank card and charged their own customers a fee of $1.72. Together, this totals to $4.69. For an average consumer, this is a lot and is expected to continue to increase this year. The surcharge fee is not the only fee that is increasing; overdraft fees last year amounted to $33.38.
Opt for an Independently-Owned ATM
If you do not have an ATM, you should contact us so we can provide you with a high-tech ATM, made from premium quality parts and manufactured by renowned ATM manufacturers. By charging a reasonable surcharge fee, you can expect an increase in both revenue and customers.
Get in touch with us to learn how our ATM can transform your mortar and brick business into a business, earning cash from both sales and cash withdrawals.