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POS
A Point of Sales or POS machine is an essential tool for retail businesses to make the process of sales and purchases efficient and seamless. Innovations in technology have made everything quicker and a POS machine is no exception. Devices synchronized with POS like barcode scanners, printers, card swipers, etc., reduce transaction time which in turn leads to lesser waiting time, improving the customer’s experience. This results in the ability to cater to more clients and that helps improve potential revenue for retail stores. While using a POS machine, most of the manual steps are done automatically and with precision. This reduces the margin of error.
Managing stock becomes easy when using a POS machine. The designated staff doesn’t need to physically keep a check on stock, instead, they have access to all the required information on the POS screen. This helps management keep a check and control on the stock.
Maintaining price consistency is also one of the main benefits of using a POS machine, it has the feature to access the digital product database, amend prices and apply the amendments across all business locations. Staff activities can be tracked on a POS, which helps the management in identifying strong and weak sales figures. The generation of accurate reports shows sales trends to identify areas of unnecessary spending and thus aid in taking the correct actions.
Managing stock becomes easy when using a POS machine. The designated staff doesn’t need to physically keep a check on stock, instead, they have access to all the required information on the POS screen. This helps management keep a check and control on the stock.
Maintaining price consistency is also one of the main benefits of using a POS machine, it has the feature to access the digital product database, amend prices and apply the amendments across all business locations. Staff activities can be tracked on a POS, which helps the management in identifying strong and weak sales figures. The generation of accurate reports shows sales trends to identify areas of unnecessary spending and thus aid in taking the correct actions.
ATM
An Automated Teller Machine or ATM is used widely around the world for various financial transactions, such as making deposits, transferring funds, balance inquiries and most commonly, withdrawing cash. Investing in an ATM machine is a profitable choice for retail business owners as it boosts their revenue streams. Having an ATM can attract more customers to a business and thus make more money for it. For private investors, an ATM is a very lucrative investment. It provides a steady stream of passive income and strong double-digit cash flow. Some important benefits include
1) Having an ATM at the place of business can increase revenue because of the commission earned on each transaction. This also includes new customers entering the business place.
2) Credit card processing fee is reduced because payments are made through cash which is withdrawn from the ATM installed in the business location.
3) Surveys suggest that 80% of the money withdrawn from ATMs is spent in the business place.
4) Reasonable increase in foot traffic.
5) Considerable increase in impulse purchases because a customer has cash in hand.
1) Having an ATM at the place of business can increase revenue because of the commission earned on each transaction. This also includes new customers entering the business place.
2) Credit card processing fee is reduced because payments are made through cash which is withdrawn from the ATM installed in the business location.
3) Surveys suggest that 80% of the money withdrawn from ATMs is spent in the business place.
4) Reasonable increase in foot traffic.
5) Considerable increase in impulse purchases because a customer has cash in hand.
Why own an ATM? Is investing in an ATM a good decision?
Definitely! ATM Machines are priced lower and have high returns. Even with the advancements in digital banking, cash will always rule. Due to the increased costs being a result of using debit and credit cards, businesses are looking for better alternatives. Instead of sharing profits, why not invest in one’s own business. Installing an ATM machine in a business place not only saves the money spent on credit card processing, but also earns money for the business owner! When a business purchases or leases an ATM machine, they have the option to select the surcharge amount. Every time a customer uses the ATM machine, the business gets to keep the surcharge revenue profits.
