AZ Digitals Blog

ATM Business like many businesses is surely a good idea for any business when we are living ideally in the retail and business world. It is not only a good thing from the business point of view for vendors. But, also a source of convenience and approach-ability for the customers.

According to a Market research report, most retail shoppers prefer not to have cash with them. Thus, when they enter the retail store, they have a planned budget.

Hence, they are well aware of their feasibility requirements, and how much amount of cash they need for shopping. The following are the options that are the best from the marketing POV;

1. Increased Foot Traffic In an ATM Business
2. Increased Sales Because of An ATM
3. Customer Retention
4. Surcharge Revenue
5. Reduced Card Fees

INCREASED FOOT TRAFFIC IN AN ATM BUSINESS

The need for customers in-store is a mandatory requirement for all store businesses. Having a well-advertised ATM business is an added advantage that will definitely bring customers in-store. Especially true when either your own business or those around accept the cash transactions.

The potential customers will be increased automatically if there is an ATM  present tangibly at your store. This will in result give you an opportunity to make higher sales.

Increasing foot traffic is the best approach according to marketing and promotions. Additionally also enhances the customer’s approach towards satisfaction.

INCREASED SALES BECAUSE OF AN ATM

Having an ATM business in your store will automatically increase your sales and will give you direct profitability. Therefore, customer satisfaction markers will be automatically increased due to fruitful options in-store.

Research studies have shown that ATM users will spend up to 25% of their withdrawal. Also adding to this, it is in the same store the ATM is located. Combined with more foot traffic, this could increase your sales a significant amount.

Also depending on the type of the retail market, the spending, the discount offers, exclusive deals, seasonal deals are all areas where the customers will spend money and automatically they need cash for that. Although the POS systems are a source of reduction in cash payments.

Still, most people in many countries prefer cash payments due to many security reasons. A desirable marketing strategy is the best way for increased sales and foot traffic.

Related Article: HOW SMART POS TERMINALS CAN HELP YOUR BUSINESS GROW?

CUSTOMER RETENTION

To retain valued customers is most company policy. Hence, customer retention is important especially for valued customers. Customer value is linked to branding significance.

When a customer enters a retail store or a market they are positive. Most of them assume they will find everything inside, including an ATM machine.

The visibility of products for customers shopping in-store is the key aspect of a good marketing strategy. Customer’s value can increase with significance after a customer starts browsing in stores.

Ideal deals and attractive discounts are elements that attract customers shopping in-store. While the customers use the ATM machine, most of them prefer to get cash with free payment options. As an example i.e. no surcharge at all on taking the cash from the ATM.

Naturally, if they don’t find an ATM they will have to leave costing time, and making them uncomfortable. This also creates an opportunity for the customer to change their mind and not to make the purchase.

Hence, from a simple marketing theory, having an ATM business in your retail store is preferable. Thus, an outlet or shop will definitely prevent customers from leaving to gather the funds necessary for the purchase.

Customer retention is not only impactful in any form of business whether large or small. Therefore, it is also a mandatory requirement while sustaining businesses. It helps in creating a brand image in the eyes of the customer.

Therefore, brand loyalty and values are the keys to retaining customers for a longer length of time. One cannot object a good paying customer, just as the phrase goes “THE CUSTOMER IS ALWAYS RIGHT”.

Hence, valuable customers if given their due importance are a good source of business. As an example in the form of shoppers, referrals, and word of mouth marketers i.e. Viral Marketing.

SURCHARGE REVENUE

The transaction fee is charged when the ATM business is purchased or leased with variables applied. This fee then goes directly to you providing your business with an additional revenue stream.

While you spend some time and money on ATM maintenance, it is minimal compared to the income the machine generates. If you chose to have an ATM placed, instead, you still get a percentage of the revenue.

Additionally, you will not have to do any of the ATM maintenance. Either way, this is a great new revenue stream for your business.

This is the best way to generate revenue through a surcharge amount. Therefore, every time the transaction is made it is the amount generated each time.

The surcharge fee can also be a sum of the transaction fees and the basic nominal surcharge amount. Hence, it is also depending on transactions per day i.e. daily basis. Something to know how ATM generates money in a busy retail environment.

REDUCED CARD FEES

As a merchant, you are probably familiar with the fees that will be deducted. However, you must have to pay for purchases made with a debit or credit card. While the amount of each fee depends on the total purchase price.

Even small fees can add up to a significant amount increasing the total charges. Installing an ATM business will increase cash transactions as an automatic measure. Thus, saving your money by reducing the number of debit or credit card fees.

This reduced card fee is hence a bonus in the competitive ATM operational environment. Thinking from a profitability approach, the priority of installing an ATM is recognized with the reduction in card fees.

There are many essential aspects that make or break a successful e-commerce business. A supply of high-quality products, an effective marketing strategy, great packaging – you name it. No less important is figuring out how to ship your product from point A to point B, at the same time keeping the shipping costs for both parties as minimal as possible.

Shipping costs not only affect the profitability of your business, but they are also the number one reason why online customers abandon their shopping carts. All the more reason for keeping them under control as much as all other operating costs.

To calculate your shipping costs, or even just estimate the approximate price to ship a given package, you will be needing to consider the following factors. Let’s start with:

Package dimensions and weight

This is one of the main determining factors for your shipping costs. To put it simply, the larger the package, the more you’ll have to pay for shipping. The same goes for package weight – a heavier package will cost more to be delivered.

While you cannot affect the weight, you do have a say over what type of packaging to send it in. The package size should be big enough to hold your products, but relatively smaller to protect your product from unnecessary shaking and damage.

A good idea is to stock several package sizes and packaging materials so that you can select the most appropriate for each of your products.

Distance

Apart from the size and weight of the package, the departing location and destination are also an important cost factor. The further the package travels, the higher the cost of shipping.

To see how distance will affect your shipping costs, you can use an online calculator – like the one on eShipper, a Canadian shipping company that provides shipping solutions across Canada, the US, and internationally.

Or create your own free eShipper online account to get access to a more extensive calculator where you’ll be able to see a list of competitive rates from trusted carriers like FedEx, UPS, and others, see a breakdown of prices and compare them by carrier, service, estimated transit time, etc.

Regarding the distance traveled, it isn’t much you can do here. However, when your business grows big enough, it might be time to start thinking about using a fulfillment warehouse by analyzing past sales and their destinations, reducing your shipping costs overall.

Tracking & Insurance

Insurance and tracking are two very important considerations that offer a great deal of security but might increase your total shipping rates.

Tracking almost always comes at some additional cost. At the same time, it can be important for not only proving you sent the package but also for the customer experience.

In the case of most carriers, insurance and tracking is relatively inexpensive and covers your expenses in case one of your packages gets lost or damaged. Shipping services like UPS offer complimentary coverage, but only cover your merchandise up to a certain amount.

For low-value, high volume shipments, consider using eShipper’s SmartPost tracking that offers competitive prices for full tracking to 28 countries and domestic.

If you’re shipping items of higher value or packages that are easy to break, consider purchasing additional insurance or even using a third-party insurance provider like ShipSurance or Insureship that will cover all your packages automatically.

Also, read the related blog: CONVENIENCE RETAILERS WELCOME TO LOWER CREDIT CARD FEES

Customs & Duties

If you’re selling across international borders, one of the biggest challenges you’ll face is dealing with customs and duties.

Usually, when there are additional customs fees or taxes involved upon the arrival of the package, your customer will be responsible for them. To avoid confusion, include that information on your website, for example, a shipping policy page. Here’s an example by a brand that creates inspirational posters:

International Shipping Costs
Shipments outside of the USA may incur customs fees depending on your country of residence. The fee may vary depending on your order value, country limits, and other factors.

Startup Vitamins does not take responsibility for possible fees.

Make sure to explain as clearly that any taxes or duty fees are shipping costs that are beyond your control and not something you will earn a commission from.
To get an idea of what fees might occur, check out resources like:

1. The USPS Customs Information

2. UPS Import and Export Guide
3. FedEx Guide to Customs
4. Canada Post Customs & Duties Information

Handling

If you have employees handling your package prior to shipping, remember to account for this when determining total shipping costs. Even if your business is a solo job – your own time is valuable too.

To figure out handling shipping costs, there’s a simple formula that you can use. Multiply how long it takes to package an item and divide that by 60. Then, multiply the number you got by an hourly wage.
•If it takes 20 minutes to package and send an item, divide that by 60 and get 0.33. If the hourly wage in your company is $10/hour, multiply that by 0.33 and get handling costs – $3.30.

Conclusion

As you can see, figuring out your shipping costs is not as simple as you may think, as there are many changing variables along the way.

If you need any help, you’re welcome to contact us at eShipper for recommendations on what packaging might be the most suitable, yet money-saving to keep shipping costs on the down low and for other tips and tricks for best shipping experience.

This piece is a guest blog written by a representative from Arka, the packaging experts who take a highly personalized approach in creating custom packaging for your brand while making it their mission to give you both affordable pricing, and quick turn-around time.

AddÉnergie is getting $4.5 million from Quebec, $1.5 million from Ottawa,
as well as an undisclosed investment from Quebec’s pension fund manager. The Quebec and federal government along with the province’s pension fund manager. They are investing new money into a Quebec City-based company with Govt. back-up. A company that makes charging stations for electric car. Hence, Quebec will invest $4.5 million in AddÉnergie, acquiring a stake in the company. While, the federal government will give the company $1.5 million said the representatives. A statement from both governments at a joint press conference.

At the same time, the Caisse de dépôt et placement du Québec. They also announced an investment in the electric car company, i.e. its second. The dollar value of that investment was not disclosed.

Louis Tremblay, the company’s president and CEO, said AddÉnergie plans to use the money to support a plan. He also claimed that they intend to double the size — and production — of its factory in Shawinigan.

The new investments will also help the company “maintain our competitive advantage”. Furthermore, continue its expansion into the United States, Tremblay said.

In use in Canada and the United States built by AddEnergie are the recharging stations. Hence, there are currently 13,000 electric car recharging stations with Govt. backing.

AddÉnergie also operates the Flo network of electric car charging stations. Step-wise, which it says is the second-largest network of electric car charging stations in North America.

The company also makes charging stations for electric car used by Hydro-Québec in its Circuit électrique charging network.

The federal government announced that it will be giving $5 million to Hydro-Québec to expand that network. A huge step immensely showing the back-up of Govt. w.r.t. the circumstances.

QUEBEC SUSTAINABILITY EFFORTS:

Electric Car is a huge step in terms of the environmental factors and improving the climate change issues. Thus, the backing by the Government in this regards will definitely help in making Quebec a pollution free province. A plan that is for the sustainable future and environment of Quebec making it safe for all. Quebec, is indeed a rich province highly attracted by many migrants.