If you are a business owner, one of your goals is to establish a bottom line and maintain a constant stream of clients, right? However, how many sales opportunities have you missed because a client did not have the money to purchase your product?
This can mean losing a loyal client. This is particularly true if you are a business that only accepts cash. This can also snowball into a swerve of negative impacts such as a social media rant or a poor review.
In the level of satisfaction and convenience you provide your customer base, an ATM for dispensary can make a lot of difference.
Should you have an ATM for your business? Here are a couple of things to consider:
It Provides You Lesser Credit Card Transaction Fees
Transaction fees can be a huge burden. This is particularly true in the restaurant industry. Almost every major credit card firm charges vendors a fee of around 1 up to 3% for all credit card transactions done.
An ATM enables the customer to have the choice of utilizing cash instead of a card. This will lower the day-to-day fees needed. With this, you can keep more of your hard-earned cash.
Fewer Credit Card Chargebacks
Clients can call their bank for a chargeback if clients aren’t able to get a refund from your shop. For those who don’t know, a chargeback means that the client is requesting the bank to take the money back from your account and credit the money to their personal account.
The bank starts an investigation into the claim whenever they make this request. They can get rid and transfer the funds if they find it legit. On the other hand, the client is not obliged to return the product.
This can lead to a huge loss for your business. You can help lower the number of card purchases if you’ve got an ATM in your store that promotes the use of cash. This will lead to fewer chargebacks.
You can be at a financial disadvantage if your business accepts checks. A check can bounce because of insufficient funds. This will leave you not able to collect the debt. This is one of the major risks you face.
Aside from that, you can also encounter a check fraud. This typically hits small companies harder compared to major ones. The truth is that around 69% of every check fraud happens at businesses with less than 100 employees.
Improved Client Satisfaction
While e-commerce is on the rise, almost every client still prefers to shop in-store. This is according to research. What type of experience do clients have whenever they enter your establishment?
It will not take long for clients to take their business somewhere else if they feel isolated due to your payment policy or if they are turned away for lack of enough money.
From this, it only needs a 1-start review to ruin your earning and sales potential in the future. You can enhance the in-store experience and improve the chances that you will earn those 5-star reviews if you’ve got convenient items, such as ATMs.