Archive for the ‘Research’ Category

BofA: Half of all deposits made through ATMs

Tuesday, July 28th, 2009

In a sign of how comfortable people have become about machines taking their money as well as dispensing it, Bank of America reported that nearly half of all deposits at the bank were made through ATMs.

Customers are “using virtual channels more and more frequently,” Liam McGee, president of the Bank of America unit, said in an interview Tuesday. “We want to continue to be in the cutting edge of things.”

The ongoing strategic review, which began in January, showed that nearly 50% of all deposits to the bank are made at an automated-teller machine, up from 33% just six months ago.

This trend is likely to continue, as next-generation ATMs add nontraditional services to their repertoire: advertising, selling stamps and dispensing coupons, among other things. ATMs are evolving into multifaceted service centers, providing customers with even more reasons to seek out and use them — and benefiting ATM owners through increased revenue and customer traffic.

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The Tranax 1705W: New product review

Wednesday, May 27th, 2009

Whenever we get a new ATM model in, we keep a close eye on it. We test it ourselves for reliability, ease of use, ease of service and feature set. We also pay close attention to what our customers say during and after installation.

We recently concluded our testing period for the Tranax 1705W and have found it to be nothing short of spectacular.

We have installed nearly 100 and they are operating without errors. Our customers have said they like the ease of operation, the easy-to-read 7″ color screen and the capacity to display 8 advertising screens. They also like the TCP/IP capabilities, because they can connect the ATM through an Internet connection and not pay for an extra phone line.

The one complaint is that the manufacturer ships the 1705W without an owner’s manual. So we’ve created a digital manual that will be included with every order (on a CD-ROM) and also available to download from the troubleshooting page on our website.

We will continue offering the Tranax 1705w at its introductory price through the end of June. So get a great ATM at its lowest price ever and see for yourself what it can do for your business.

To learn more, visit the ATM Network store, fill out a form or call us at 1-800-929-0228.

Tags: ATMs, Cash machine
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7-11 study measures advantages of ATM ownership

Wednesday, December 31st, 2008

7-11 first installed ATM machines in all of their locations nationwide more than 30 years ago because they learned (maybe before anyone else) that customers that use their ATMs to withdraw cash end up spending money inside the store.

Not only did ATM customers spend money inside the store when they use a cash machine, but they actually spend 25 percent more on average than non-ATM customers. For many types of business owners, this adds up to additional revenue of several hundred dollars every month.

Cash machines have become a very popular tool for personal banking. Nearly 80 percent of all banking is done through privately-owned cash machines in places like gas stations, convenience stores, bars and nightclubs.

People are busy these days, and it makes them impatient. They don’t want to stand in line at a bank just to get cash. So most people get cash while doing other things like shopping or running errands.

As a result, many people make decisions on where to shop based on whether or not there’s an ATM machine inside. Indeed, most customers expect businesses like gas stations, convenience stores, and bars to have cash machines.

Further, a convenience like an ATM increases customer loyalty. Once customers know you have an ATM, it’s much easier to get repeat business from them and have them coming into your business weekly or even several times per week.

For the customers that come into your store just to use the ATM machine and do not end up spending money, you still earn the transaction fee on the machine, which is normally between $2.00 and $3.00.

Learn more

To find out more about ATM ownership, leasing or placement, e-mail info@atmnetwork.net, visit our Benefits page or download our Buyer’s Guide.

Tags: ATM Network, ATMs, Cash machine
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80% of banking transactions occur at private ATMs

Wednesday, November 26th, 2008

People do not go to the bank to get cash the way they used to. Instead, they look for retail locations to get money while running other errands like getting gas or shopping. In fact, over 80 percent of all banking transactions do not take place at banks — they take place through privately owned ATMs.

For merchants that have ATMs in their business, that means increased customer traffic. Because getting cash is one of the things on their “to-do” list, most customers get cash, gas, cigarettes, coffee, etc. all at the same location.

Here’s what some ATM owners had to say about having atms in their businesses:

“Operating a convenience store, we certainly could not live without an atm. People come to use the atm and end up spending more money in our store. Before we had one, we lost many customers to a competitor up the street.”

Ron Coolidge, owner, Super Stop

“We don’t accept credit cards, and since the local bank ATM does not advance funds on credit cards, this has impacted my business and given my customers an additional payment option. I recommend this system to bars or taverns of any size in any town.”

Daniel Bowden, Owner, Doolittles Pub & Eatery

“I think it is essential for anybody who sells liquor and food to have ATMs. It helps people spend money. Some people don’t want to use their check card – they prefer to use debit and get cash out of the machine. Plus, you see a lot of return on additonal sales.”

Cory Hunter, General Manager, Boondocks Bar & Grill

What would it mean to your business if customers came in just to get cash then decided to spend money?

In addition to seeing increased sales, the owner of an ATM also get to keep the transaction fee charged by the machine. If you accept credit cards, you’ll also see a reduction in your credit card fees because more people will withdraw and spend cash instead of making you pay a processing fee by using your credit card terminal.