Retail ATMs have been losing surcharged transaction volume steadily for years. Prior to COVID, the drop was an average of 3% year-over-year. In 2024, reports from top industry associations showed surcharged transaction volumes had dropped by an average of 12%, a historic high. How can retailers and ATM operators recover both revenue and foot traffic lost from reduced ATM transactions? By branching out with their ATM functionality of course! Here are three services modern ATMs can add that can help draw foot traffic and make more money.
Bitcoin Purchases...with Cash
Today even standard ATMs can support Bitcoin purchases with debit cards. But most consumers using cards to purchase are more likely to make those purchases online, where fees are lower.
Unlike those debit-only services, Cash Depot’s BANK IN A BOX ATM+ program lets consumers use cash to purchase Bitcoin. The program offers more than one Bitcoin wallet provider, too. This multi-wallet interface is capable of interfacing with several top Bitcoin providers – an approach that delivers two significant advantages for retail ATMs:
- It draws more traffic by appealing to multiple wallet holders
- There are no worries about your Bitcoin provider going out of business when you have multiple options all in one machine
Additionally, retailers can free up valuable store space by integrating cryptocurrency services directly into their ATM and eliminating standalone Bitcoin kiosks. This creates a one-stop financial service center that attracts tech-savvy customers who might otherwise never visit the establishment.
Commercial Deposits
Bank branches are still closing at a rapid rate. Lack of foot traffic and growing mobile application use are pushing branches to close their doors. This directly hurts small businesses, who often rely on their local bank branches to deposit their cash profits.
Now your retail locations can be the local bank deposit branch, instead. By offering commercial deposit services through advanced, cash-deposit-taking ATMs (like the BANK IN A BOX ATM +), your retail location can:
- Become a centerpiece for the local community
- Draw in local business owners and managers who will often take additional time to shop
- Earn additional income from commercial deposit participation
Small business owners typically visit bank branches weekly or even daily. By providing deposit services, retailers can capture this regular traffic and convert these business customers into shoppers. Business owners also tend to have higher disposable income, making them valuable customers for any retail establishment.
Bill Payment
Many consumers still pay their utilities and other bills in cash. Now, with cash-deposit-taking ATMs, you can offer that as a self-service at the machine in your store. This service is particularly valuable in communities where unbanked or underbanked populations are significant.
By offering bill payment services, retailers can:
- Become a regular destination for bill payment service users
- Earn money from convenience fees
- Create cross-selling opportunities with customers who visit monthly for regular bill payments
Bill payment services can even attract customers who might not otherwise use an ATM for cash withdrawals. This expanded customer base creates new revenue streams while increasing store traffic that can lead to additional purchases.
Combat Dropping Transactions with Expanded Services
As traditional ATM usage continues to decline, retail ATMs must evolve beyond simple cash dispense. BANK IN A BOX ATM+ provides unique opportunities to retailers with its multi-denomination cash-acceptance and recycling capabilities and robust back-end infrastructure. This robust setup allows the BANK IN A BOX to boast many fully operational features including cash Bitcoin purchasing, commercial deposits, bill payment, and a growing library of profit-building applications.
Retailers might be facing a future of ever-declining ATM surcharge revenue. But that doesn’t mean they can’t fully leverage their ATM space. By converting the standard retail ATM into a BANK IN A BOX, retail locations can recoup transactions and profits while driving foot traffic back into their stores.