In today’s turbulent economy, it’s up to business owners to look for new sources of revenue they can tap into without increasing their overhead. This is especially true in retail, where pandemic-related stay-at-home orders kept consumers home and unable to purchase from local brick-and-mortar businesses. While traditional bank ATMs are already a staple in retail environments, having a Bitcoin ATM in addition to your regular ATM can create a new revenue stream while simultaneously encouraging a new group of people to frequent your business.
Financial Benefits of Bitcoin ATMs
As we all know, the way you allocate your location’s square footage can make a noticeable difference to the bottom line, and small retailers have to make every inch count. With this in mind, it’s natural to wonder whether investing two full square feet of interior real estate on a specialized ATM will be worth it.
As every Bitcoin ATM company will handle things a little differently when it comes to the setup of the kiosk and its maintenance, here’s how it works with ATMCoiners: In exchange for two square feet of space near an electrical outlet, you’ll earn monthly rent simply for hosting the Bitcoin ATM and then an additional percentage off the transactions completed at your location.
We handle everything from setting up the internet for the ATM to its routine maintenance. This in and of itself is a boon for retailers currently responsible for the upkeep of the banking ATM they purchased for their location.
Community Benefits of Bitcoin ATMs
A recent Forbes article reported that at least 25% of Americans are considered unbanked or underbanked, meaning that they either lack access to a bank, are unable to open a bank account or simply prefer to do their business via cash instead. In 2017, the Federal Deposit Insurance Corporation (FDIC) surveyed Americans and found that 8.4 million households were underbanked. While we won’t know how that figure has changed over the last few years until the FDIC releases more current data, it’s reasonable to assume that, even in towns with a bank or two on every corner, a significant part of your community may not have a use for the traditional bank ATM you already have.
Unbanked Americans frequently rely on some combination of cash, reloadable debit cards and money orders to help pay for their everyday expenses without issue, but they may find things a bit trickier when they’re ready to purchase Bitcoin. For members of your community working on a cash-only system, ATMs like those provided by ATMCoiners allow the freedom to purchase Bitcoin without the hassle and expense of a reloadable card.
Although providing a service that benefits members of your community can be its own reward, Bitcoin ATMs that accept cash offer retailers a competitive advantage that’s worth looking further into. When you couple the increased foot traffic your new ATM will drive into your store with the revenues it has the potential to bring in, it could be the best use of two square feet of space your retail location has allocated yet.