The 2015 Mercator Advisory Group’s Insight Report on Self-Service, ATM, and Other Channel Banking reported that consumer trust in online banking methods have steadily increased. According to the Pew Research Center, up to 69 million Americans used online banking in 2015. 42 percent of those surveyed used electronic checking account statements, and 56 percent had paid a bill online within the past month.
At first glance, ATM and online banking would signal a decrease in cash use, yet, cash retains a significant role in consumer spending. Research from the Federal Reserve Bank of San Francisco shows that the average American consumer uses cash for around 40 percent of all payments each month, and 46 percent of all transactions involve cash. Another Federal Reserve study discovered that 89 percent of American consumers carry cash on them all, or most of the time. Food and personal care products make up the largest percentage of cash use for consumers.
The significance of cash to consumer habits in the age of online banking means that consumers are using ATMs more often to get cash. The 2015 ATM Industry Trends report examined American consumers’ banking preferences and found that 43 percent preferred having an ATM nearby; only 8 percent stated that they had no preference for either an ATM or a bank branch since they used online banking.
In the age of online banking, ATMs are more important than ever to fill consumers’ need for cash. Installing an ATM at your business is a great way to boost your store sales, draw in more potential customers, and even increase customer spending. The average consumer visits an ATM over 7 times a month, and, an ATM user spends up to 23 percent more money than a non-ATM user would. Estimates show that store sales after an ATM installation increase by an average of 20 percent. Since consumers tend to immediately spend the withdrawn cash after using an ATM, your business benefits from this increase in spending.
America’s ATM is a company that assists small businesses with their ATM needs by offering a range of programs to fit your business. America’s ATM provides a free ATM through either the Free ATM Placement Program, or the Free ATM Partner Program. Your business can receive a free ATM and have it installed within 3-5 days. See more details about the individual programs at http://americanatm.com/programs/. Contact America’s ATM online, http://americanatm.com/contact-us/, or via phone at 877-475-1104.