If you own a business with a physical location, then a bitcoin ATM is an excellent way to take advantage of the current cryptocurrency craze. Although the recent media attention and hype act as excellent "free" advertising, a bitcoin ATM is also an investment in the future. Getting the most from placing one in your business means planning ways to maximize your revenue over the long term.
You might have plenty of ideas for how to get the most value from your ATM if you're already a cryptocurrency wizard, but what you aren't familiar with the ins and outs of bitcoin? This guide will help you understand three options for getting the most benefit from your ATM, even if you're a cryptocurrency newcomer.
1. Research Transaction Fees in Your Area
As bitcoin and other forms of cryptocurrency become more popular, more and more business owners are beginning to recognize the value of having an ATM on-site. More significant popularity means more users and more potential revenue, but it also means more competitors. You should always begin by researching your area and determining how many nearby businesses also have on-premise ATMs.
You can use this information to determine the transaction fees charged by your competitors. Remember that even if you don't research this information, your users will. Keeping your prices too high might drive them to other businesses, ultimately lowering the income you can expect from your ATM. A little research ensures that your ATM remains competitive with others in your area.
2. Know Your Users' Needs
Bitcoin ATMs broadly fall into two categories: one-way and two-way. One-way (unidirectional) ATMs allow users to purchase bitcoins, while two-way (bidirectional) machines provide a cash-out option. Two-way devices are more flexible, but they may not be worth the added cost and hassle if you don't have many users who want to sell their cryptocurrencies.
By conducting a little local market research and determining your users' needs, you can decide if a one-way or two-way machine is a better fit for your business. You should have a rough idea of how much additional revenue you can expect by choosing a bidirectional machine instead of a unidirectional one.
3. Market Your Services
Many bitcoin ATM providers will list your business on their own directory, and some may provide additional marketing. These perks can help users find your ATM, but you shouldn't rely on them. Instead, making your new device a core part of your business marketing, and make sure your existing customers can learn about the ATM and how it can benefit them.
Simply placing a bitcoin ATM in your business can help you generate some extra revenue, but taking these additional steps ensures that your new machine can grow to become a core part of your business's future. Contact a bitcoin ATM service provider to learn more.Share
22 July 2021
It would be impossible to learn all that there is to know about finance within a single lifetime. But luckily, you don't need to know all of the specific details to do a good job of managing your own money. A good, functional understanding of the basics will take you far. You want to know about budgeting, interest rates, how to apply for a loan, and how to save for the future, right? Those are all topics covered in the articles on this website. After spending a few hours here, you should have a good understanding of the basics and be prepared to learn more.