This article is brought to you by Cash Depot.

Convenience stores continue to evolve into destinations, with foodservice and other amenities drawing in customers. One traffic driver that may not be top of mind for retailers is financial services—which could not only bring customers through the door, but create additional profit streams, according to Cash Depot.

“Retailers used to think of cash management as back-office infrastructure. Today, it’s becoming a front-of-store traffic driver,” said Doug Marquis, chief revenue officer for Cash Depot. “The biggest shift happens when retailers stop thinking in terms of transactions and start thinking in terms of reasons to visit.”

He said that adding services such as bill pay, digital currency transactions and mobile top-ups can bring new customers into stores and create repeat visits among consumers that habitually use those services. Crypto and digital currency transactions specifically are a driver for “digitally engaged” customers.

Multi-service kiosks also extend dwell time to increase usage and profit, he said. Longer dwell times can lead to bigger baskets and more impulse purchases by consumers. Additionally, self-service kiosks can grow revenue through a growing number of financial services without adding labor.

“Each service alone drives activity, but they also work together to act as traffic multipliers. When combined, they create a destination ecosystem,” Marquis said.

According to an analysis of retail locations that implemented financial services conducted by Cash Depot, combined service offerings outperform single-service deployments.

“Consumers want one-stop convenience and self-service tools that reduce friction,” said Marquis, citing data from PYMNTS Intelligence that 66% of U.S. consumers prefer self-service kiosks. “When customers know they can solve multiple financial needs in one stop, your store stops being a waypoint and becomes a destination.”

Operationally, he said retailers need to think about the strategic shift from managing cash flow in the store to becoming a one-stop financial hub for consumers. Adding financial services doesn’t need to add complexity, he said, because retailers can leverage their existing cash flow.

“BANK IN A BOX makes all of this possible. It enables cash recycling between store operations and consumer transactions, offers multi-denomination withdrawals and consumer deposits, and presents a growing library of financial services, including Bitcoin, bill pay and more,” said Marquis. “The next phase of retail cash management isn’t just about reducing costs, it’s about boosting revenue and giving customers a reason to come to your store.”

This is part one of a two-part series brought to you by Cash Depot. Learn more about how cash management can help you earn money in part two.