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"Cepeban": Institute of Higher Technological Education
"Cepeban": Institute of Higher Technological Education
“CEPEBAN”
SPECIALTY : ACCOUNTING
SEMESTER : II IV VI
Evidence learning: Make an exposition about the importance of ATMs in the modern society
A few years back (try 50 years) the only way you could have access to cash
would have been to trudge into town to visit your bank, which was not ideal for
villagers and full time workers!
However, there are some conspiracies that suggest a man called James Good
fellow, (whom first patented ATMs that use actual pin numbers in 1966 a year
before Shepherd-Barron’s!) is the real ATM inventor. He provided the ATM pin
number and card ATM design that we use today.
As the only way you’d have access to cash before June 27 1967 was to visit
your local bank when it was open, some would have to travel miles to their
nearest town!
Carole Greygoose, now 68, worked at the branch in the cashiering department,
aged 16, when the ATM was unveiled. She said “I don’t think anyone realised
what a huge different the new machines would make to people’s lives.” Before,
people would have to wait hours to be able to get out cash from the banks
which closed at 3pm. Almost everyone worked past that hour and never had
time, so having a machine that could give you access to cash when the bank
was closed was a huge deal! That’s why they are important, there are so many
ATM benefits..
Rural areas
Many customers struggle to find an ATM, particularly if they don’t know the
area, or if the location is quite remote. So every shop that is able to offer a cash
withdrawal service immediately makes itself a focal point for local trade.
If your business is located in a rural area, your ATM might be the only way for
them to access cash. It’s hassle for customers to travel distances to the next
town in search of a cash machine. They could have a cash solution right down
the road on your property.
Travel
ATMs are important to travelers. A lot of people focus solely on their financial
situations when they are planning to travel abroad. One of the first things to do
is create a budget plan for yourself. (So you know how much can be spent each
day.) This way you can manage your accounts in case a certain activity, like
bungee jumping, catches your eye.
Knowing where the nearest ATM is to your accommodation will benefit you in so
many ways. If you’re wanting to check your bank balance but your phone has
no signal, you can take your debit card to a cash machine so you can continue
to follow your daily spending plan.
Travelers tend to carry cash around with them abroad because they can then
budget how much they’re spending and it’s easy. But what if they come across
an activity they want to try and do not currently have enough on them? They’re
going to need a nearby ATM to give them access to cash. Local businesses and
shops need to be prepared.
Business
ATMs are important to businesses because they bring them so many benefits.
ATMs help retail stores, hotels, café’s and more to increase their footfall, basket
spend, customer loyalty, provides more security and saves them money on
banking fees!
To find out in detail, how an ATM benefits a business check out this blog. Don’t
worry we’re still going to provide you with the facts!
It saves you £1,000’s every year on banking cash deposit fees! You fill the ATM
each day with your business cash and then at the end of the day take it out to
store it… meaning less trips spent visiting the bank to make costly cash
deposits!
Did you know 80% of users will revisit an ATM site at least one a week,
increasing your footfall?
An ATM in a convenience store increases basket spend by an average of 65%.
75% of people now expect a convenience store to have an available cash
machine.
More than half (58%) of convenience stores already have a cash machine.
76% of customers still pay in cash!
Customers feel safer using an ATM in a trust environment (inside your
business).