Tag: Benefits of ATMs at work

  • Reward Essential Workers with Added Benefits that Don’t Affecting your Cash Flow

    Offices, schools, manufacturing plants and distribution centers have all had to implement changes this year. It would be hard to find an industry that hasn’t been affected by the global COVID-19 pandemic. Now more than ever work-life balance can be a struggle.

    Many employers want to show appreciation to staff members – especially essential employees – but are restricted by cash flow. While raises and hourly increases may not be feasible, there are a number of ways to show your employees how much they mean to the organization such as adding new benefits or incentives that won’t breaking the budget. 

    Bonus & Incentive Pay

    While increasing pay may not be on the table right now, now is a good time to consider bonuses or incentives. Let’s face it, 2020 has rocked the entire world. Right now, everyone could all use a bit of a pat on the back for a job well done. But beyond that, rewarding efforts, especially if you can mold those incentives around a team. Not only do incentives and bonuses help to build loyalty but, when executed properly, employers who put in incentive programs can also expect to see anywhere from a 25-44 percent boost in performance, according to one study.

    Flexible Schedules 

    Now that the shock of transitioning teams and services virtually has (hopefully) worn off a bit, it is time to reconsider what the office schedule looks like going forward. Even after the country reopened, many large corporations have decided to keep as many of their workers as possible remote. While not feasible in every industry, now would be an opportune time to open communications with your employees around what future schedule suits them and how they feel they can contribute to the bottom line with a more flexible schedule.

    Every company will navigate this differently, what is important is including your employees in the discussion and understanding their collective needs. Building an environment that not only fosters communication, but spurs creativity will impact productivity and the bottom line. 

    Many human resources professions find workers suddenly more loyal after implementing flexible schedules. Zippia reported, “one survey found that 82 percent of professionals surveyed would be more willing to stay with their employer if they were offered flexible scheduling, while 39 percent reported rejecting a promotion or hiring offer or quitting a job because it didn’t allow for flexible scheduling.”

    Added Benefits

    How to better prepare for unimaginable financial crises needs to be paramount for both employer and employee going forward. Having a valued financial partner that works for the employees is one way to show you care for your team’s well-being and is exceptionally easy. ATMatWork can match your company with banks and credit unions that bring solutions directly to your doorstep. For starters, putting up a surcharge-free ATMs in the workplace can immediately save your employees money. To see how one company utilized this partnership, download our case study.

    Banks and credit unions not only provide savings, but they will consistently educate your employees and help prepare them for whatever the future may bring. Partnering with ATMatWork means you have immediate access to financial pros for questions that can reduce the financial stress of employees. Many offer programs and discounts for the needs of employees that will bring the overall financial wellness of your company to a healthy level. From savings to mortgages, your company will have a team working on your behalf.

    Although life is certainly not “normal” this year, there are simple ways you can reward your staff, especially those who are considered “essential,” navigate the new COVID-19 normal without added costs and raises across the board.  

    To set up a 10 minute custom consultation, email us at sales@atmatwork.com. We’ll be happy to walk you through the many benefits of having a workplace ATM and the surcharge-free ATM options we offer.

  • Using ATMs to Promote Financial Literacy

    One of the silver linings of the financial recession in the mid-2000s was that it was supposed to have taught consumers a hard lesson about the dangers of debt and other financial issues.

    However, statistics from CareerBuilder show that 78% of U.S. workers live paycheck to paycheck and one in four don’t save. And while most people acknowledge the need for emergency savings and a retirement plan, few understand how to attain those goals. A limited number of Americans can successfully implement a budget, leaving many adults in debt with no understanding of how to dig themselves out.

    In a 2015 study by FINRA, participants were asked five questions covering aspects of economics and finance encountered in everyday life, such as compound interest, inflation, risk and diversification principles, the relationship between bond prices and interest rates, and the impact that a shorter term loan can have on total interest payments over the life of a mortgage. Only 37% of participants were able to answer four or more of the five questions correctly – indicating that the majority of Americans are financially illiterate to some degree.   

    Americans Look to Banks & Credit Unions for Financial Planning

    A study by Raddon found that 55% of consumers are more likely to turn to a bank or credit union for resources on financial literacy than a financial adviser.

    The report also suggests banks and credit unions have an opportunity to entice consumers to switch financial institutions by engaging consumers with financial education. And, the best way to market retirement and wealth management programs is in small digestible chunks of information.

    However, the study also notes that financial institutions struggle internally with their support of financial literacy programs, mainly because these programs are expensive. Justifying the cost of educating account holders on financial literacy to upper management can be difficult since return on investment is difficult to document.

    ATMs as a Marketing Channel for Financial Literacy

    Banks and credit unions have been exploring the unique marketing capabilities ATMs offer such as customized screens and signage that help them enrich the consumer experience for some time. As a critical touch point for account holders, ATMs can also be used to educate consumers and market financial planning programs with little or no extra cost to the financial institution.

    Self-service options are also vital to the way younger generations, especially Millennials, manage their money, with statistics showing that mobile banking users are more likely to visit an ATM than a branch ‒ which strongly suggests ATMs are the perfect channel to market important financial services.

    Marketing financial planning programs while consumers are actively accessing their account and considering their personal spending habits makes them more likely to remember the services offered. The ATM also allows financial institutions to track participation in variety of ways, such as requests for information using a unique landing page URL, QR code, Text/SMS response or promotional code on the ATM wrap, screen and the receipt.

    Engaging Consumers at Work

    Employers all over the country are beginning to see the opportunity to enhance their workplace benefits by offering ATMs on-site. The practice is beneficial to employers and employees alike as it provides easy cash access in a secure environment and allows staff to better manage their time.

    By partnering with local companies, banks and credit unions can offer ATMs that allow surcharge-free transactions for account holders, increase brand awareness for the unbanked or competitor-affiliated user, and market their institution with financial education and retirement planning information in the environment where consumers are most likely to engage – the place they make their money.

    To help financial institutions better market financial education, ATMatWork offers:

    • Customized ATM wraps that can include a QR code

    • Rotating ATM screens and welcome screens customized for the institution

    • Static or video signage

    • Receipts that include promotional offers

    • Attached brochure holders for educational materials

    Partnering with local companies to provide employees with easy cash access with an ATM is a valuable resource that banks and credit unions can also use to offer information vital to raising Americans’ financial literacy. And, with ATMatWork’s unique programs it is hassle-free and cost-effective.

    Our experts have more than 100 years combined experience. ATMs is all we do! Contact us today to find out how we can help you build a bank at work program that delivers results.

  • Give Your Paycard Employees More Money…Without Spending a Fortune

    The mortgage crash of 2008 did a lot more than cause a recession. It created a long-lasting anti-financial institution mindset in a large chunk of America’s younger generation. This change in behavior has led to a gradual increase in the un- and under-banked throughout the US – a number now floating around the 15 million mark.

    As Millennials begins dominating the workforce, many employers are faced with the dilemma of finding ways to pay them. Where many in older generations enjoyed the benefits of direct deposit, a lack of bank accounts for younger workers has resulted in a surge of payments by check. However, a study from Workforce Institute at Kronos reported paychecks arrive late for about 15% of Americans and 25% of respondents reported regular receipt of incorrect payment.

    It is for exactly these reasons that many businesses have come to rely on the ability to direct pay employees. But, with the rise in un- and under-banked workers, employers are struggling to bring all of their employees into the digital payments fold. The solution for many? The paycards or payroll card.

    The idea behind use of paycards is simple. Employers have an electronic way to provide fast funds disbursement as well as an easy way to quickly resolve pay discrepancies. In return, employees have immediate access to their funds on payday, rather than having to take the time to deposit or cash a check. As an added benefit, most paycards utilize the rails of major card networks, allowing the cards to be used for debit transactions.

    But, just like checks, paycards are not all sunshine and rainbows. Similar to some bank accounts, there are many paycards that also issue fees to their cardholders. Some of the most popular fee-incurring situations include an ATM usage fee, card replacement fees and low balance fees. In some cases, there are additional charges for not using the card over a certain period of time. In short, they may “have their money” but they have a great deal of difficulty accessing it without loosing a chunk of their earnings to fees.

    Fortunately, there are several easy ways for businesses using payroll cards or paycards to help their employees avoid fees while better managing their funds.

    • Promote Use of Surcharge-Free ATM Networks – Most major paycards are also members of one or more surcharge-free networks such as Allpoint, MoneyPass and CU Alliance. These networks provide nationwide cash access at participating ATMs. Employers can provide a link to the ATM the locator app and information for any network associated with their payroll cards as well as maps, flyers and other reminders to their employees paid via paycards.

    • Encourage Financial Health – Employers can host workshops and knowledge sessions for paycards employees that help inform attendees about the steps to financial health and freedom including budgeting, investments and knowledge of the fees associated with their payroll cards…as well as ways to avoid them.

    • On-Site ATMs – An ATM in the workplace provides safe, secure access to cash in a convenient location. The machine can be loaded with one of the surcharge-free networks associated with the paycard in use on-site, offering employees a fee-free way to access their funds – on payday or any day.

    Employees often need access to their money right away. However, without a bank account to initiate direct deposit, paycards are one of the only ways to ensure this convenience. Helping employees avoid these additional costs through education, information and on-site ATM programs not only encourages financial independence – it puts more money in the employee’s pockets.

    One of the hottest new benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.

    ATM options include:

    • Surcharge-Free for Everyone

    • Allpoint or MoneyPass Surcharge-Free Networks

    • Bank or Credit Union Branded

    • Generic ATM

    And best of all the ATM is hassle-free and, in most cases, less than what you pay for insurance for one employee each month.

  • Millennials Are Changing the Workplace & Demanding More Amenities … including ATMs at Work

    Millennials have begun to take over the workplace. Pew Research indicates that workers between ages 18 and 31 constitute approximately 33% of today’s workforce. As older generations reach retirement age, those numbers are expected to rise to 75% by 2030. Along with other distinctive changes wrought by America’s largest living generation, Millennials are changing workplace culture by expecting more amenities in the workplace … including being able to do their banking at online and having access to ATMs at work.  

    Millennials are work martyrs who routinely work longer hours and use less vacation than co-workers belonging to older generations, according The Harvard Business Review. A recent study by researchers at Melissa Data found that relocating for a job is more common among Millennials than any other generation, and more than 50% have moved within the last two years. In an uncertain economy, workers are flocking to urban areas in search of better jobs and better wages.

    Millennial’s banking habits

    Interestingly, the TD Bank Checking Experience Index reported that only 24% of Millennials change primary bank accounts when they move. That may be because banking is not one of the amenities Millennials seek out close to their homes, preferring instead to conduct business online. Consequently, online banking has become popular as a financial management tool with this generation. At least 81% of Americans have done their banking online at one time or another, and alternative methods, such as PayPal and Google Wallet, are increasingly becoming more popular.

    Millennials use cash more than any other demographic

    However alternative payment methods such as PayPal aren’t the only payment choices Millennials use. According to the Federal Bank of San Francisco’s 2015 Diary of Consumer Payment Choice, Americans between the ages 18 and 24 used cash more than any other demographic. In 2014, Millennials used cash 38% of the time and 32% showed a preference to cash over debit or credit cards, checks, and online payments.

    All consumers value banking solutions that are convenient to their lifestyles, and ATMs offer quick cash and a range of options that are easy for busy Millennials. Like all technology in the last two decades, ATMs have advanced by leaps and bounds, and Millennials grew up using ATMs. Going into a financial institution is not always an option; ATMs provide services that can be accessed 24/7, making them the preferred way to easily obtain cash.

    Considering the urban geographical preference for Millennials and their banking habits, it is clear that having an ATM available at work would benefit the average Millennial and the companies that want to keep them as employees.

    ATMatWork provides surcharge-free ATM solutions for employees. One of the hottest new HR benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular pay cards and bank at the more than 1400 financial institutions that are part of the network.

    And, best of all the ATM is hassle free and in most cases is less than what you pay in insurance for one employee a month.