We Changed Our App Icons. Here’s Why
It was a moment every merchant fears.
Not long after I opened my gourmet grocery in Brooklyn four years ago, one of my suppliers mentioned that the big-time deli owner in the neighborhood planned to open a huge deli nearby, offering pretty much everything I sold.
At about the same time, a nice woman walked into my store and asked if I wanted to buy an ATM. I was skeptical until she showed me that a store down the street was bringing in $4,000 a month in income from his ATM. At $2,800 for the machine, I was sold.
But like so much in the crazy world of entrepreneurship, the ATM became way more than an income generator.
As many of you know, handling cash is a huge pain. It is time-consuming to count and risky to transport. I’d rather pay the 3 percent credit card fee than have to deal with the stress of bringing $10,000 a week to the bank.
After installing the ATM, though, it became my bank. I put all the $20s from the register into it and undercut the competition by charging $1 instead of $2 to withdraw cash.
All of a sudden, our problem wasn’t too much cash in the store. It was too little. We didn’t have enough $20 to keep the ATM stocked!
Overall, adding an ATM was a simple yet smarter business decision for us. Oh, and the foot traffic created by having the low-cost ATM in the neighborhood makes it a lot easier to compete with the deli owner down the street.
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