The important role that ATMs play in this age of financial digital transformation cannot be overstated. With the continued digitization of banking, the speed and convenience of ATMs – as well as the changes occurring in consumers’ expectations – make the ATM the “go-to” device for acquiring cash.
Cash remains important for many consumers in the U.S., and is used in nearly one-third of all transactions. American consumers use cash for roughly half of all transactions valued at less than $50.
Demand for cash and cash-like payments instruments remains strong, and totals over a trillion dollars in the U.S. annually. The demand for cash and cash-like products will remain strong for quite some time.
The Evolving Role of ATMs
Today’s ATMs can play different roles for different organizations, such as community banks, credit unions, and independent ATM deployers (IADs)/independent service operators (ISOs).
For larger banks, having, or partnering with, a large ATM network can expand their reach and reinforce their brand and core messaging. This can also reduce capital and operating costs and help boost profitability. Such a strategy can also allow access to areas that are outside of their traditional branch footprint.
For community banks and credit unions, ATMs can serve in similar roles, as well as being an important marketing tool. For the latter, message boards and ATM wraps can help spread or reinforce institutions’ messages.
No matter the organization – or the customer profile, cash remains important in our society, with many consumers choosing ATMs as their preferred way to access their money.
Why Partner with Southern Merchant Services?
Choosing the right partner can be critical to meeting customer satisfaction goals and help to increase revenue and overall profitability for the underlying organization. Partnering in general adds a layer of subject matter expertise that can be called upon to augment existing services and introduce new capabilities.
However, there are additional advantages that can be realized by partnering with Southern Merchant Services (SMS). In addition to offering access to more than 17,000 ATMs, SMS offers a wide range of value-added products and services.
Examples of SMS differentiators include a lower cost structure for customers, increased revenue potential by offering a generous share of ATM revenues, advertising, brand awareness and expansion, and analytics capabilities
Regarding additional revenue opportunities, SMS customers can receive 100% of ATM surcharge, minus a small processing fee, by using SMS ATMs for transaction processing and services. This offers the potential for significant incremental revenue opportunities for SMS customers.
The wide range of services offered by SMS is impressive. In addition to providing machines and installation services at client’s locations, SMS offers transaction processing and maintenance services, and shares ATM surcharge fees based on the number of transactions.
SMS helps small business owners focus on their core business by alleviating issues associated with the operation of their equipment. The company is committed to supplying only the best in customer service and support. It provides all customers with 24x7x365 service by their certified and well-trained technicians. By keeping their ATMs in peak operating condition, they are able to minimize downtime, increasing revenues and profits.
To this point, the company offers a comprehensive maintenance program to its customers for a nominal fee. With the high cost of ATM parts and labor to repair the machines, many customers opt for their no-hassle maintenance program to give them peace of mind. If something goes wrong, SMS will repair it.
The SMS maintenance program is charged on a per-transaction basis, making it painless to the ATM owner. Another important factor to consider is that if an ATM is not covered under the manufacturer’s warranty or an extended warranty, it may be down for a few days. Depending on part availability, that will most likely end up costing more than the warranty would have. Consequently, working with SMS offers an added level of protection from costly downtime.
In addition, other services offered by SMS include:
· Access to credit card processing solutions to merchants of various sizes and industries we deliver more to help businesses grow.
· Acceptance of credit card payments with:
· Low payment processing rates
· EMV-compliant systems
· Free setup and hardware options
· No long-term contract options
· Access to a dedicated business consultant
Closing Comments and Recommendations
The ATM continues to be the foundation for self-service banking, and has become a vital tool for accessing cash for today’s connected banking customer. It is also critically important to the success of outreach for banks, credit unions, and independent deployers in meeting customers’ needs.
To best leverage the power of today’s ever-evolving ATMs, Southern Merchant Services can offer a wide range of products and services. SMS can help make the purchasing, placement, and operation of their ATMs effortless.
SMS can help with the acquisition process by offering both purchasing and leasing services and guidance. An added bonus is the fact that with SMS, all ATM surcharge revenues, minus a small processing fee, goes to customers. SMS can also help with placement, offering guidance on machine type, location selection, and other services for machine at client’s location(s).
Partnering with SMS can make life easier for ATM operators of all sizes. No matter whether help is needed in such areas as ATM planning, acquisition, placement, and maintenance, SMS stands ready, willing, and able to assist. SMS can truly be one of the most valuable partners to financial institutions. Contact us today to get an ATM in your location!