Local Bank Closure: Opportunity for Retailers

Local Bank Closure: Opportunity for Retailers

Every now and then, news pops up that there has been another local bank closure, especially in rural areas. We know that this may cause a panic but we have the solutions to help retailers and customers!

In 2017 at least 800 bank branches were shut down in the UK, at a rate of more than two a day! Natwest owner, RBS is top of the bank closures list shutting 244 branches in 2017 with plans to shut another 259 outlets in England, Scotland and Wales, cutting around 680 jobs! It seems like there won’t be any left!

The Irish Times has also reported that as many as 30 of Ulster Banks’ in the Republic are under threat of closure this year.

Retailer Solutions:

If you run a shop, be it convenience, clothing, charity, antique, you get the idea… you’re most likely to deposit your cash at the banks, right? What if there’s a local bank closure in your area? Are you going to travel all the way into the next town with all your cash? (No you are not!)

This will be a recurring issue for rural areas with all of the local bank closures, but you mustn’t panic! There are ways around this. You could just change banks if there is another in your town… However, for those small villages who do not have a bank and have to travel as it is, they need other solutions.

We suggest, why not scrap the whole cash banking palaver altogether?

If you’re securely recycling your business cash inside your store, these local bank closures won’t seem so bad! You can benefit your store and your customers if you were to install a cash machine into your shop. Think about it this way, if your local banks are closing, where are customers going to take out cash? It becomes a sticky situation for the both of you. But, if you were to provide an ATM service you can benefit each other…

Here’s How:

80% of ATM users will come into your shop to use your ATM at least once a week, driving footfall. Alistair Bradbury of Best-one in Manchester reported to us that he can “easily and conservatively say that an ATM is driving 15% – 20% of the footfall into the shop”. So not only are you providing a needed service to your customers but you are increasing footfall into you store! It’s a win – win!

Research has found that even with the contactless card era, 81% of convenience store customers still pay by cash, so you can guarantee that they will want to use your ATM. And once they do, they won’t be able to resist all the sweets and chocolates in store! Did you know that having an ATM in a convenience store increase basket spend by an average of 65%?! Now how can you argue with those figures…

“For it is in giving that we receive.” – Saint Francis of Assisi. By giving your customers a free, necessary service, in return you will be saving money on banking fees. By filling the ATM each day with your business cash you will be making less trips to the bank to make those costly deposits saving you £1,000’s every year! All you have to do is load your takings into your ATM each morning, the machine totals the amount that was dispensed the previous day and YourCash will transfer that amount into your bank account.

We hope that after reading this blog, what you thought was a ‘dreaded’ local bank closure, is now an opportunity for your store and your customers! If you’d like to find out more about the benefits of ATMs or even what ATM would be best for your shop just click here.

If you’re looking for more information you can also contact us via our contact page or give us a call on 0800 032 0707.

Remember that when one door closes, another opens!

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