ATM Is Now a Strategic Need in Business Homework Help

ATM Is Now a Strategic Need in Business

The automated teller machine, ATM, is the most important development in the banking industry so far. The ATM has so many benefits to the banking industry itself and also to businesses situated near ATMs. In fact, there are businesses where the ATM machines are installed in the business facilities, increasing the potential for business in the facility. Some of the benefits that a business gets from the installation of ATMs include increase in revenue after each transaction carried out from the machine. Most of this goes to the banks that charge a certain fee for each transaction. Due to the security and sense of safety that individuals gain from ATMs, people withdraw only what they want to spend at a certain location and leave the rest to withdraw later. This means that there is a high chance that one will withdraw several times in the course of shopping, perhaps from one mall to another, and therefore the number of transactions is high, giving revenue to the service provider.

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It is important thing is to understand that an ATM places money in hard cash on the hands of your customers. This means that the presence of an ATM in ones premises dictates how much money is to be used by the customers at that particular point. In fact, it is notable that more than 40% of the money withdrawn by patrons in your premises is spent there. Most of the businesses that benefit greatly from ATMs in their facilities in Toronto are businesses that offer drinking environment like bars and pubs. AIDitionally, food joints, shopping malls and fashion centers that have these machines also take a lot of benefits. This follows the fact that the presence of an ATM and the ease of withdrawals create an atmosphere and opportunity for impulse buying. The benefits to the businesses are not merely by increase in the sales volumes but also a reduction in the costs of processing credit cards. When there is an ATM, people will pay in cash from the machine rather than use credit cards.

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