When the first ATMs came into use during the late 1960s, technology limitations restricted machine use to select customers. Innovations in computers and digital communication in the 1980s expanded the ATM’s capabilities, allowing the machine to verify the identity and account information of the ATM user during the transaction. Although these advances improved the ATM, you could only find ATMs at bank branches. In the 1990s, the development of dial-up communications made it possible for ATMs to directly receive and send data from the customer’s bank via regular phone lines. Machines no longer required direct proximity to a bank; dial-up led to the creation of independent ATM deployers (IADs), also known as non-bank ATMs, or privately owned ATM which had no affiliation with a bank.
Nearly twenty years later, privately owned ATM outnumber those connected with a financial institution (FI). Independent ATM operators own and manage over 52 percent of the ATMs in the United States. Trends in the ATM industry like the introduction of EMV chip cards, increased regulation, and self-service banking have some ATM experts and IADs concerned about the profitability of privately owned ATMs. Despite changes to the industry, owning and operating an ATM is still a profitable venture for small business entities.
For small businesses, an ATM can increase store sales by an average of 20 percent. ATMs also increase individual customer spending; ATM users spend 23 percent more money that non ATM users. The increase of self service banking amongst consumers results in fewer trips to bank branches. Cash transactions make up around 40 percent of consumer activity, and people needing cash often turn to privately owned ATMs in convenient locations to handle their cash needs. Since most individuals plan on using cash immediately after withdrawing money from an ATM, your business directly benefits from the addition of an in-store ATM. ATMs can also draw more people into your business and streamline purchases.
America’s ATM provides businesses with ATMs, marketing products, and financial service kiosks. The management team at America’s ATM has over 20 years of experience in the retail industry, and understands the needs of today’s business owners. Businesses can chose from several ATM programs to handle their ATM needs, see details about each program at http://americanatm.com/programs/. Contact the team at America’s ATM by calling 877-475-1104, or online at http://americanatm.com/contact-us/.