People are using credit and debit cards to make purchases more than ever. This means they are using cash, and ATMs, less often. What if there was a way to increase your ATM business’s profits this year and help your location? There is. New rules from MasterCard and Visa allow locations to offer a discount for cash that provide a win-win solution for you and your accounts. Here are three benefits that you have that can help you grow your ATM business.
Your Account Relationships
It can be hard to start selling merchant services to new accounts from a cold open. You likely know that better than anyone, but because you’ve formed relationships with decision makers with many of your ATM accounts, you have already opened the conversation for business. Offering your ATM customers the latest payment processing and point of sale solutions combined with offering a discount for cash is easy.
- First, start with partnering with a Merchant Service Provider that offers discount for cash point of sale devices that can actually save your merchant from paying customary processing fees. This works through new Visa/Mastercard rules that allow for cash discounts as an alternative when paying with cash.
- Begin cross selling Merchant Processing as a valued added service to help your merchants save money while building a deeper, stickier relationship to your ATM business.
- Provide signage to your Merchants to promote Discounts for customer who pay with Cash. Some Merchant Services providers offer free Discount for Cash signage when boarding a new merchant account and offer agent programs that include recurring residuals which pay higher commissions than traditional agent programs, so you can make even more money from each account.
New Technology That Encourages Cash Usage
Many businesses suffer from high credit card processing fees cutting into their profits. This is why new point of sale technology that encourages cash usage can be so beneficial. If the discount is less than the processing fee would be, the business makes more money on cash transactions, but the real value is the customer can opt to pay the credit card processing fees with unique Point of Sale devices and signage that prompts to pay fees when a card is used.
Discount for Cash Pricing is a Win-Win!
When a business offers a discount for cash for its products, it creates an incentive for customers to keep their cards in their wallets and pay with cash. However, many people no longer regularly carry cash. This is when they go to your ATM in the business to access cash to take advantage of the savings. This is good business for you and good for the merchant. Your ATM business makes money when customers withdraw cash, and your merchant services business makes money when customers opt to pay with credit on a POS device that you provide. Your ATM Business receives more traffic and builds deeper relationships with your Merchants, and your merchants save money by paying less in credit card fees as a result of the Discount for Cash.
By adding Discount for Cash Merchant Processing to your ATM business, you become a full service provider offering greater value to your customers, saving them money while maximizing profits at each location. That being said, it’s actually a win-win-win!