This article is brought to you by Cash Depot.

Driving foot traffic in-store is necessary for convenience stores to thrive. But, many of the most in-demand consumer services generate longer lines or require more time from already busy staff.

Labor is one of the biggest challenges in retail, which is why many are turning to self-service kiosks like BANK IN A BOX. These kiosks can help operators reduce the tasks employees need to perform, allowing them to alleviate the burden and redirect attention to customer service. “In fact, 87% of customers enjoy self-service kiosks, many preferring them to face-to-face interactions, especially for financial services,” said Sean Burke, CEO of Cash Depot, citing data from Engageware.

Consumers are seeking self-service kiosks to conduct financial transactions beyond traditional ATM services, as are local small businesses in retailers’ communities, Burke said.

According to Burke, some of the services consumers and businesses are looking for are:

• Bitcoin purchases in cash: Standard ATMs can perform Bitcoin purchases with debit cards, but Burke said most consumers who use cards to purchase Bitcoin are more likely to make those purchases online, where fees are lower. “Cash Depot’s BANK IN A BOX system lets consumers use cash to purchase Bitcoin. It also offers more than one Bitcoin wallet provider, drawing more traffic by appealing to wallet holders from multiple crypto wallet brands,” he said. “Additionally, retailers don’t have to worry about their Bitcoin provider going out of business with multiple wallet options in one machine, and they can free up space in the store by getting rid of their current Bitcoin kiosk.”
• B2B Commercial Deposits: As bank branches close due to a lack of foot traffic and the growth in online/mobile banking, there are fewer places to conduct transactions. “Banks closing hurts small businesses, who often rely on their local bank branches to deposit their cash profits,” said Burke. “But if retail locations can offer cash deposits, they can become a centerpiece of the local community and serve as the business owners’ local bank branch. That will draw in local business operators … who may turn into customers, on top of the revenue your retail location earns from the regular use of the BANK IN A BOX for the business-to-business (B2B) deposits.”
• Bill Payment: Many consumers still pay their utilities and other bills in cash. By offering bill payment, retailers can earn revenue from bill payment convenience fees while drawing in additional customers.

“BANK IN A BOX offers all of these services as a self-service option for consumers and businesses, and can help make convenience retailers a destination for the necessary financial transactions they need,” said Burke. “Even better, BANK IN A BOX continues to update its software and applications to keep adding more consumer services so that retailers can continue to draw new foot traffic, increase profits, and do more with their cash management.”

This is part two of a two-part series from Cash Depot. Read part one here.