Strategies to Keep Working Capital High: A Money Services BlogStrategies to Keep Working Capital High: A Money Services Blog

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Strategies to Keep Working Capital High: A Money Services Blog

Hi, my name is Mike, and I have been a business owner for ten years. I run a restaurant, and although it receives a lot of cash, we also have a lot of payroll expenses and a lot of vendor bills. As a result, I sometimes have to get creative about creating working capital. Through the years, I have boosted our working capital in a variety of ways including taking out loans and cash advances. I have also done other creative things. If you want to keep your working capital high to make your business successful, read these posts on money services. They have the secrets you need to succeed.

Five Good Reasons To Add An ATM To Your Business

27 March 2017
 Categories: , Blog

If you're interested in growing your retail business and improving your customer service, you may want to consider adding an ATM machine within your store, office, or restaurant. Adding an ATM offers a number of benefits, both for you and for your customers, not the least of which is giving them easy access to cash that they can spend on your products and services. However, easy access to cash is just one of the many good reasons to add an on-site ATM.

Benefits of adding an ATM machine at your business

1. Increased sales. Giving your customers easy access to funds makes it easy for them to purchase products and services from you, something that can't help but increase your bottom line. Having an ATM machine on-site increases impulse buying and gives sales a 25% boost, on average.

2. Collecting fees rather than paying them. When you process customer payments on credit cards, the card issuer charges you a fee for this service. When your customers get money out of your on-site ATM to pay for their products or services, you actually make money on the transaction. Having an on-site ATM also means that there's no reason for your business to accept checks, eliminating the risk (and cost) of returned checks.

3. Enhanced customer service. Having an ATM on-site makes it easy for customers to get the money they need to complete their transactions with you. They don't have to drive to a bank and return to pay you when they see something they want to purchase. This is especially helpful if customers are not familiar with your area and don't know where to find the nearest ATM.

4. Drawing customers to your store. Some consumers looking for an ATM will be attracted to this service and may stay in the store to make a purchase. This is especially true if you keep the ATM fee low in comparison with other ATMs in your area.

5. Offering coupons and other special offers. ATM machines can also be programmed to offer targeted coupons and talk about store promotions while the customer is waiting for his or her money. This is another way that an ATM can increase your sales.

While adding an on-site ATM may not be the right choice for every retail business, giving your customers easy access to their bank funds can increase your sales, help keep your customers happy, eliminate the risk that comes with accepting checks for payment, help to draw new customers to your location, and even make you a little extra money in fees.