As consumers increasingly rely on digital payments, many wonder if cash is on its way out. However, cash is still widely used, especially for smaller purchases. And with bank branches closing across the country, retailers have an opportunity to fill the gap by offering convenient cash access services.
Self-service cash recycling kiosks enable retailers to provide valuable services to customers while earning fees that boost their bottom line. In past articles, we’ve discussed specific services consumers want to see from self-service financial kiosks. In this post, we’ll talk about three MORE services that can build even more revenues and opportunities for convenience stores, supermarkets, and other retailers.
Banks Depend on ATMs More Than Ever
An ATM Marketplace report reveals some interesting ATM and self-service trends. It found that 53% of banks say they depend on ATMs more today than in the past for delivering banking services to customers. As banks close branches and focus on streamlining their operational processes, they are also relying on more advanced ATMs and financial kiosks to continue providing services. This presents a big opportunity for retailers.
By hosting a cash recycling kiosk, retailers give banks more ATM access points to serve customers. In return, retailers collect a fee in exchange for the use of their on-site financial kiosk equipment and services. With banks needing self-service kiosks more than ever, retailer-hosted machines can ensure consistent revenue from bank fees over time.
Local Businesses Need Banking, Too
The declining number of bank branches also impacts local small businesses. A Federal Reserve study found that 20% of small businesses are located 20 minutes or more from the nearest bank. Rural businesses average even farther drives. This distance leaves local business owners, operators, and employees facing higher risks and costs when transporting store deposits or other funds.
Retailers can provide a valued service to these small and mid-sized businesses by enabling easy local cash and deposits access at self-service kiosks within their stores. Cash recycling systems like BANK IN A BOX allow multiple business customers to conveniently make cash deposits and withdraw working capital right at the retail host location.
In addition to goodwill and increased store traffic, retailers can charge small business customers reasonable participation or transaction fees. Serving as the local cash access point delivers retailers a dependable new profit center.
Multi-Denomination Transactions Attract More Customers
Another smart retailer strategy with cash recycling systems is offering withdrawals and deposits in multiple denominations. While $20 bills are popular, not all customers want to exclusively deal in twenties.
When given the choice, customers often prefer getting lower denomination bills for smaller purchases. And the ability to deposit loose small bills along with larger ones in one transaction provides real convenience.
Industry research shows that supporting multi-denomination transactions with a cash recycling kiosk can increase purchase volume by 3% or more. More denominations mean more flexibility for customers, resulting in more transactions and ultimately greater revenue for the retailer host.
BANK IN A BOX gives retailers new ways to build recurring revenues with self-service
As consumer banking habits change, innovative retailers have an opportunity to provide much-needed cash services to customers and businesses in their community. Hosting a cash recycling kiosk like BANK IN A BOX meets the demand for convenient local cash access while turning a nice profit through earned fees. By supporting multi-denomination transactions, offering cash services for nearby small businesses, and giving banks expanded financial services access, retailers can maximize their cash recycling investment and their long-term recurring profits.
Learn more about transforming your stores with BANK IN A BOX!
TLDR: Retailers can earn even more recurring revenues by leveraging cash recycling self-service kiosks for consumer & small business banking services while increasing consumer transactions through multi-denomination withdrawals and deposits - with BANK IN A BOX!
