7-11 first installed ATM machines in all of their locations nationwide over 3 decades ago because they learned (maybe prior to anyone else) that customers apply their ATMs to withdraw money end up spending money inside the store.
Would you remember the saying about money “burning a hole in someone’s wallet? ”
Where ATM machines plus convenience store customers are concerned, the particular statement seems to ring true.
Not only did 7-11 learn that CREDIT customers spend money inside the store whenever they use a cash machine, but they actually spend 25% more on average than non-ATM customers. For many types of business owners, this can equate to additional revenues associated with several hundred dollars every month.
The use of cash machines as a means of personal banking has been a trend on the rise for nearly 20 years. In fact , 78% of all banking is done through privately-owned cash machines in locations such as gas stations, convenience stores, and bars & nightclubs.
Individuals do not go to banks the way they used to and stand in line to get cash. People are busy, and impatient, so most people get cash while doing other things like shopping or operating errands.
As a result, many people make decisions on whether or not to shop at specific stores or get gas from certain gas stations based on whether or not they have an ATM machine inside. It’s a fact that most customers expect businesses like gasoline stations, convenience stores, and bars and nightclubs to have cash machines.
Whenever you attract more customers with conveniences like ATM services, it’s easier to get repeat business from them and also have them coming into your business weekly and even several times per week.
For the customers that can 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.
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