The ATM plays a vital role in communities. In this blog you will learn a few ATM benefits and why they are important.
A few years back (try 50 years) the only way you could have access to cash would have been to trudge into town to visit your bank, which was not ideal for villagers and full time workers!
Whilst taking a soak in the bathtub, inventor John Shepherd-Barron devised, what is hailed as the world’s first automatic teller machine (ATM). This ran by recognising customer bank numbers through paper cheques which would be inserted into the machine. He pitched the device to the British bank, Barclays which accepted immediately. The first model was built and installed in London in 1967.
However, there are some conspiracies that suggest a man called James Goodfellow, (whom first patented ATMs that use actual pin numbers in 1966 a year before Shepherd-Barron’s!) is the real ATM inventor. He provided the ATM pin number and card ATM design that we use today.
As the only way you’d have access to cash before June 27 1967 was to visit your local bank when it was open, some would have to travel miles to their nearest town!
Carole Greygoose, now 68, worked at the branch in the cashiering department, aged 16, when the ATM was unveiled. She said “I don’t think anyone realised what a huge different the new machines would make to people’s lives.” Before, people would have to wait hours to be able to get out cash from the banks which closed at 3pm. Almost everyone worked past that hour and never had time, so having a machine that could give you access to cash when the bank was closed was a huge deal! That’s why they are important, there are so many ATM benefits..
Today, consumers are used to seeing ATMs in convenience stores, petrol stations or even at the local pub! These ATMs are important because they play a vital role in providing their communities with easy access to cash, without having to travel miles. Saving time and money!
Many customers struggle to find an ATM, particularly if they don’t know the area, or if the location is quite remote. So every shop that is able to offer a cash withdrawal service immediately makes itself a focal point for local trade.
If your business is located in a rural area, your ATM might be the only way for them to access cash. It’s hassle for customers to travel distances to the next town in search of a cash machine. They could have a cash solution right down the road on your property.
Research by, ACS Local Shop Report 2017 has found that even with the contactless card era, 76% of convenience customers still pay by cash! Having an onsite ATM will also increase footfall. 80% of users will revisit an ATM site at least once a week.
One of our customers, Mr. Thievanayagam Sivarajah from Nisa Local, in the village of Orton has said “There has clearly been a 10% footfall increase since the ATM was fitted. The machine is very important to the store and has helped to increase my profits.” You can check out more of our customer testimonials here.
ATMs are important to travelers. A lot of people focus solely on their financial situations when they are planning to travel abroad. One of the first things to do is create a budget plan for yourself. (So you know how much can be spent each day.) This way you can manage your accounts in case a certain activity, like bungee jumping, catches your eye.
Knowing where the nearest ATM is to your accommodation will benefit you in so many ways. If you’re wanting to check your bank balance but your phone has no signal, you can take your debit card to a cash machine so you can continue to follow your daily spending plan.
Travelers tend to carry cash around with them abroad because they can then budget how much they’re spending and it’s easy. But what if they come across an activity they want to try and do not currently have enough on them? They’re going to need a nearby ATM to give them access to cash. Local businesses and shops need to be prepared.
ATMs are important to businesses because they bring them so many benefits. ATMs help retail stores, hotels, café’s and more to increase their footfall, basket spend, customer loyalty, provides more security and saves them money on banking fees!
To find out in detail, how an ATM benefits a business check out this blog. Don’t worry we’re still going to provide you with the facts!
- It saves you £1,000’s every year on banking cash deposit fees! You fill the ATM each day with your business cash and then at the end of the day take it out to store it… meaning less trips spent visiting the bank to make costly cash deposits!
- Did you know 80% of users will revisit an ATM site at least one a week, increasing your footfall.
- An ATM in a convenience store increases basket spend by an average of 65%.
- 75% of people now expect a convenience store to have an available cash machine.
- More than half (58%) of convenience stores already have a cash machine.
- 76% of customers still pay in cash!
- Customers feel safer using an ATM in a trust environment (inside your business).
If you want to find out more interesting facts about ATMs you can check out our blog about the: History of the ATM.
If you have any other ideas on why ATMs are important in your opinion then get in touch! Tweet us today!
If you’re a business and are interested in one of our ATMs, please don’t hesitate to contact us!
If you’re a traveler, take our advice in making yourself aware of the nearest ATMs around your accommodation. Create yourself a sensible finance budget and… never be afraid of using a foreign ATM!