5 Reasons for ATM Cash Management
Automatic teller machines (ATM) sound maintenance free until you have one. Then, you realize that you have to make sure your ATM has enough cash on hand to serve your customers. However, you cannot have too much cash. If your ATM has too much, you interest and insurance costs would increase without end, despite the lower delivery costs. If there is not enough, you will end up paying for it in additional deliveries, unplanned deliveries, and customer dissatisfaction.
With cash costs adding up to one-third of your ATM operating expenses, you have to accurately predict your cash needs to alleviate the hassle, streamline your organization, and reduce costs. With the growing pressures on your budget, you need a cost-effective solution to improve your ATM network.
ATM cash management lets you do that. With the right management tools, you will know when to restock your ATM machines with cash on how much. You get the optimized ATM network you want with reduced logistics costs without reducing your levels of service.
Here are 5 other reasons to use an ATM cash management system:
- Cash is king. Financial institutions stock 40 percent more cash in their ATMs than they need, tying up cash that you can use elsewhere. ATM cash management reduces the excess cash reserves with accurate daily cash demand forecasts.
- More ATMs increase your operating costs. The number of ATMs in the world grows daily. Experts predict there will be over 3.2 million ATMs in service by 2016. All those ATMs come with a price. ATM cash management lets you control the rising costs now before things get worse.
- Lower costs. ATM cash management tools use sophisticated mathematics to evaluate your ATM cash transactions and demand patterns to optimize your cash reserves across your network.
- Improved ATM service. ATM cash management reduces personnel time and servicing costs while ensuring you have the right amount of cash where and when you need it.
- Improved customer service. With the current state of the economy, your customers rely on their cash to make purchases. ATM cash management makes sure you never run out of cash when your customers need it the most.
As your ATM network increases, you will need ATM cash management solutions to reign in your ever-growing costs.
If you offer cash management to your customers, and would like to have a similar article to this, contact me and we can work something out.