It helps consumers save money.
According to a Bankrate.com survey
done in June, 24 percent of American adults say they have no money saved for an emergency, such as being laid off or a large medical bill. What is one of the strategies consistently recommended for saving money? Control spending by using cash
. In fact, Cardtronics’ 2017 Health of Cash Stud
y found that 75 percent of consumers believe that cash is the single-best payment method to keep them from overspending – and thus stay within a budget and save money.
It helps retailers build customer loyalty and increase sales.
According to Forbes contributor Richard Kestenbaum, building customer loyalty involves a number of things including understanding customers and their needs
. Withdraw Cash Wednesday reminds owners of establishments of one thing consumers don’t like: limited payment method choices, whether it’s cashless or cash only. For example, 89 percent of consumers like having the ability to use a variety of methods, our Health of Cash Study found, and 61 percent get upset when establishments don’t accept cash, regardless of their preferred way to pay.
And by encouraging consumers to withdraw cash on Wednesdays, retailers with in-store ATMs could very well see an increase in sales. For example, according to a study sponsored by Cardtronics and conducted earlier this year by independent research firm Scansion, when an ATM is in a drug store, the average spend in the store more than doubles from $17.76 to $36.65.
It reminds consumers of where to easily access cash.
According to the “Global ATM Market and Forecasts to 2022” report from firm RBR (Retail Banking Research), 66 percent of ATMs in the US are located away from a bank branch, with many of these offsite ATMs not owned by a bank. The same report predicts that as more banks transform or close branches, on-branch ATMs will diminish and offsite ATMs will grow. However, through surcharge-free ATM networks and banks partnering with independent ATM providers to brand retail ATMs, it’s becoming easier for consumers to find an offsite ATM that provides surcharge-free access to cash. On its website, Withdraw Cash Wednesday offers ATM search tools, with one being from our Allpoint surcharge-free ATM network.
So join us in marking Withdraw Cash Wednesday on November 22, and get your holiday shopping cash while you pick up those last-minute turkey trimmings.
Chief Marketing Officer