When you plan a business event, your main priority is to provide networking and learning opportunities.
Yet, you need to make money at a successful event. No event is complete without vendors, and well-paid vendors are more inclined to come back for the next year. So, you want people to spend as much money as possible at the function.
The economy is unstable right now, and chances are slim that it’s going to become more reliable any time soon. That means it’s more important than ever to put the odds in your event’s favor.
Having ATM machines at your event is a sure way to help you make more money and let you repeat the occasion. Take a look at these eight reasons using ATM machines is good for business events.
You Can Partner With Cash-Only Vendors
One great benefit of business events like trade shows and conferences is that small vendors and entrepreneurs have an opportunity like no other to sell and spread the word about their businesses.
A hall of vendors at a conference is one of the few places you can expect to see small vendors holding their own, side by side with major brands. It’s a rare opportunity for small business success, especially in these difficult market conditions.
A business event is also a great opportunity to partner with restaurants and other local service providers.
Working with local vendors can be less expensive than hiring major brands and provides a refreshing variety of options for attendees. It also puts you in good standing with the community if you want to repeat your event in the same place. Some places also have incentives for businesses patronizing local shops.
All the benefits of working with small vendors and local businesses should be clear by now. If this doesn’t seem to have anything to do with ATM machines, think again – that couldn’t be further from the truth.
Small vendors and local businesses aren’t always able to afford credit card fees. Many smaller shops are cash-only to cut down costs.
It’s true that some attendees will have cash on hand when they show up. Yet, it’s less common to carry cash than it used to be. Based on the latest statistics, people who do have cash won’t have much and will run out of money after a purchase or two.
Having an ATM machine on hand for your event visitors makes refilling on cash convenient and easy. This makes doing business simple for cash-only vendors. With an ATM machine, business partnerships with small vendors are a breeze for you and them.
ATM Machines Encourage Spending More Money
Imagine someone browsing a vendor’s stand at an event. They see an item they like – but only have a credit card, no cash. Even if the business does take credit cards, it’s a hassle many consumers don’t want to bother with.
When rushing between seminars and other activities, stopping to swipe and sign or fill out a form isn’t practical. If that’s a participant’s only option, they’ll skip the purchase to make the most of the event. You don’t want your event to compete against your vendors – they should work together!
With an ATM around, you encourage participants to keep cash on hand.
There’s only one step involved in paying with exact change: forking it over. Even without exact change, a client in a rush can give the extra as a tip. The easier process makes participants more likely to buy.
Keep the Mood Positive
Consider the above scenario from another angle. An event attendee about to buy something with a card only to realize they need cash isn’t a happy camper.
If most or all vendors are cash-only, cashless event participants are, in effect, broke. Watching friends and coworkers buying things and participating in events from the sidelines is sure to put them in a bad mood.
Having an ATM on-site gives people who don’t tend to carry cash a chance to buy. ATM machine fees that might turn cheap spenders away on an average day aren’t an object when taking out cash is the only way to do everything their peers are doing.
Grumpy attendees who can’t participate might also put a bad name to your event. Not everyone will be happy about cash-only policies, but once they’re participating, they won’t complain about the $3 they paid to get cash out.
On the other hand, if your vendors don’t take anything but cash and you don’t provide a way for people to fill their wallets, you might get a lot of negative reviews. That could damage your reputation and the event’s future.
Keep People at Your Event for Longer
Not having an ATM at your event can send people out the doors, never to return.
If someone’s already upset that they don’t have cash, chances are they won’t want to leave to take out money and come back. Events that don’t allow re-entry or make coming back hard add an extra barrier for anyone who wants to exit to get money.
If you have an ATM at your business event, those guests won’t leave in the first place.
You Can Make a Profit From ATMs
If you’ve ever used an ATM that isn’t owned by your bank, you’ve paid a transactional surcharge.
The few dollars charged to make a withdrawal is a fee that banks and ATM-owners use to cover the cost of maintaining the machines. It also encourages people to bank with the company that provides the ATM. Banks often make ATM use free for their own patrons.
For you, it’s a way to profit from people taking out cash. ATM machines for sale are an often-overlooked investment. If your events get enough traffic, you can make the cost back in no time at all.
Another benefit of owning your own ATM machine is that you can use it at multiple events. Once your event ends, you can take a purchased ATM on the road for the next event, or back to your store for everyday business.
Having an ATM for all your events and retail locations will increase revenue. People who don’t want to rack up a credit card bill will spend cash both on events and on everyday purchases from your business.
Make Valuable Partnerships With Banks
Another benefit of having ATM machines at an event is the chance to partner with banks. Because banks make money from ATMs, you can often rent ATMs for no cost. This is because surcharge fees cover the costs associated with running the ATMs.
Working with banks to provide ATMs can increase trust between your business and the bank. This might make doing finance with those banks easier down the road.
The downside of working with a specific bank or vendor to rent ATMs is that you get a fraction of the surcharge money at most. The bank or vendor will take most of the fees that could otherwise go to your business.
To profit the most from an ATM, buy one. You won’t have to worry about renting down the road, and your business can charge and keep the fees.
Cash Is Good No Matter What Bank You Use
Another gripe for event patrons buying with credit or debit cards is that any given bank card isn’t accepted by everyone. Some vendors only accept Visa, while others only take MasterCard. Shops that take both might not take Discover or American Express.
It’s hard for event attendees to know what cards to bring. In most cases, people have no problem using their preferred cards no matter where they go. That makes running into a shop that doesn’t take the card a shock and even more disappointing.
Not only that, but it can be embarrassing and throw a patron’s mood off for the rest of your event. Encouraging patrons to carry cash avoids the issue.
Forget About Bounced Checks and Denied Cards
A great advantage of cash is that it doesn’t bounce. Anti-counterfeit technology is sophisticated, making fake money a tiny concern.
On the other hand, people lack funds in their accounts all the time. They may be trying to pull off a scam, but more often don’t know themselves. The chance of running into bounced checks and denied cards is much larger than the risk of someone trying to use counterfeit bills.
If you have an ATM on hand, people using cash instead of a card or check won’t so much as risk making a buy they can’t afford. Not only that, but with your own ATM or one rented from a trusted source, you’ll know all the cash within is legitimate. That makes for almost no risk of counterfeit money.
Excel in Business and Enjoy the Ride
These reasons to have ATM machines at your next business event will help you succeed. For more great tips to help you do well in business, check out other articles on this site.
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