13 Oct Higher Average ATM Processing Fees will not Scare off Customers
Thanks to a recent Bankrate.com study of ATM transaction fees and bank overdraft fees, there have been a number of media reports about a rise in these rates over the past year. This may give some business owners pause when considering whether to install their own ATM equipment. Some may be concerned that the publicity for these higher rates will cause customers to balk at using out-of-network ATMs.
But it is as true as ever that Cash is King, and ATM transaction fees are simply a necessary expense for some consumers. For others, the modest cost is easily outweighed by the convenience of nearby ATM processing. This is especially true for those areas where the transaction fees are lowest. Surprisingly, San Francisco has the lowest average rates in the nation. But there’s good news for people considering ATM processing in Ohio. Cincinnati is number two on that list, with average rates just a penny higher than San Francisco’s.
That means that even among people who are aware of the recent average rate hikes, customers will be considerably less wary about using ATM equipment in Ohio, as opposed to in highest-rate areas like New York City and Atlanta. But even if you’re considering ATM equipment for a business in one of those areas, the news is not necessarily bad. It simply means that you have to be especially careful about choosing ATM processing with highly competitive rates.
That is something that Cash is King ATMs guarantee, so whether you live in an area with low or high average ATM processing fees, you can draw customers to your ATM ahead of others by making it known that the convenience of ATM processing will cost them less money at your establishment than at your competitors.