4 Questions to Help You Find the Best ATM LocationsPAI – Jul 1st, 2013
ATMs offer an excellent opportunity to earn more revenue, but choosing the right location is an essential part of making it a success. An ATM will only be profitable if it's both convenient to customers and in a high traffic area that utilizes cash. To determine if a location can support the investment of an ATM, do some research on the area and ask yourself the following questions.
1. What kind of location is it?
Is the location a single business, such as a restaurant or bar, or is it a multi-use area such as a shopping mall or entertainment complex? Multi-use areas may have more traffic, but a bar may have more cash transactions. It's important to look at both factors when deciding which location is better.
2. What methods of payments do the surrounding businesses accept?
If you're considering placing an ATM in an upscale business with a high average transaction amount, there's a good chance the main method of payment is not cash. It may be more beneficial to look for a location with a lower average transaction amount, increasing the likelihood of cash transactions and the need for an ATM.
3. Has an ATM been in the location before?
Ask the owner of the building or business if they've had an ATM before. If the owner doesn't know, take a look around and try to find any empty spots where an ATM could have previously been located. This may only work if it was recently removed, but it could give you some valuable insight. If you believe there was previously an ATM, inquire about why it was removed and dig deep into the surrounding businesses to ensure they can support it.
4. Where is the closest existing ATM?
ATMs can be placed close together, but only if it truly makes sense to do so. There must be enough of both traffic and cash intensive transactions to support multiple ATMs. Or two ATMs may make sense in defined spaces that cater to different people. For instance, an ATM in a hotel and a store next to the hotel would make sense because only the hotel patrons will use the ATM in the hotel. Although they're close by, they are targeting entirely different groups of people.
While it's probably best to leave a successful machine alone, you always have the option of moving an ATM somewhere else. Should your ATM not be bringing in the amount of money you hoped or expected, simply do some research to find a new location with more potential. For more information on the best ATM locations, or to learn how to start your own ATM business, contact a PAI representative today.
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