ATM machines turned 50 in 2017. In today’s world of digital banking and online retail, these machines are adapting to the global trend. Are you interested in a countertop ATM? Who can help you with this? Just read below and you’ll know.
Modern Payment Processing: ATM Machines
In December 2018, the payments study by the Federal Reserve revealed showed that ATM withdrawals at large banks dropped by 2.8% during 2016 – 2017.
In the same month, the Pew Research Center reported the results of its online-shopping and eCommerce study. The latter revealed some interesting facts. Namely:
- 24% of US adults didn’t make any purchases using cash during a typical week.
- 39% of survey participants didn’t worry if they had no cash with them.
According to the Federal Reserve Bank research:
- Cash is still the most frequently used payment option and accounts for 30% of all transactions. By the way, this number was 31% in 2016 and 33% in 2015.
- Cash makes up 55% of transactions under $10.
- 77% of payments are complete in-person, with cash representing 39% of the volume.
- Consumers prefer cash mostly when completing smaller transactions.
- Respondents aged 18 – 25 and those aged 45 and older go for cash about 34% of the time to process transactions.
- The volume of ATM withdrawals grew 3.6% during 2012 – 2015, 3.9% during 2015 – 2016, and 0.5% during 2016 – 2017.
David N. Tente, S.D.-based ATM Industry Association’s executive director, notes that though there’s some decline in cash-withdrawal transactions in the Fed research, the amount of money taken out by people has increased.
ATMs Trying to Stay Relevant: Countertop ATM
In the US, the total number of ATMs was almost half a million, as Daryl Cornell, of ATM manufacturer Triton Systems’ chief executive officer, mentioned in 2018. Cash accounts for 80% of transactions, according to a director of marketing at one of the payments companies in the US.
Today, mobile banking and payment services such as Venmo are surging in popularity all over the world. So, ATM providers are using advanced software and self-checkout so that to survive the growing competition in the field. On the other hand, manufacturers are offering new features, including cardless ATMs and features that can help merchants connect the machines to mobile phones.
Well, who can help you with the latest merchant services? Why not turn to First American Merchant to get the most advanced payment processing solutions, including a countertop ATM, to take your business to the next level? FAM is also a BBB accredited business funding provider that can easily approve you for merchant funding services, such as the cheapest cash advance in the space.
To sum up, in the modern fintech world, cash tends to adopt new forms of payment. The same happened with checks and online payments, credit/debit and prepaid cards, as well as mobile payments. When it comes to ATMs, they continue to play an important role in the payments industry. Only, to stay relevant, they need to never stop evolving.Get Started Now