As a bar owner, when you think about buying things for your bar, you might think about pool tables, neon lights, or audio-visual equipment. Even though all of these things can make a great addition to your bar as well, there is one other option that you might not have thought about: an ATM. However, there are a few reasons why it can be wise to install an ATM in your bar. These are a few of them.
1. Encourage Cash Purchases
If your bar is like many, you might accept credit and debit cards from your patrons. After all, failing to do so could result in you losing a lot of business. However, many business owners prefer cash whenever possible, since credit card processing fees can really add up. If you have an ATM in your bar, you might find that more of your customers pay for their drinks, snacks and other purchases in cash. This can save your bar money in processing fees and can allow you to have access to your profits right away as well.
2. Encourage Patrons to Tip Employees
As an employer, you probably want to ensure that your employees are tipped fairly, such as your bartenders and bar backs. A lot of people like to leave tips in cash, and many bartenders and other tipped employees prefer cash tips as well. If you have an ATM in the building, this can help encourage your patrons to take out a little bit of cash to leave in tips for your employees. This can benefit your bar because it can result in happier, better-paid tipped employees.
3. Make a Profit Off of Each Transaction
When you think about making profits in your bar, you might think about making profits off of beer, shots, cocktails and bar food. However, you can bring in an additional revenue stream if you put in an ATM. You can generally set the machine so that you make a certain profit off of each transaction. Even though the profit might only be a few bucks per transaction, it can really add up to a nice profit in the long run, particularly in a busy bar.
If you have never thought about having an ATM installed in your bar, you might want to think about doing so. In fact, these are just a few of many reasons why it can be a smart investment for any bar owner to make.Share