Factors to Consider When Opening a Bitcoin ATM Business Part 2

Factors to Consider When Opening a Bitcoin ATM Business Part 2

Threshold resistance and customer service

 

Most regular ATMs are located in the lobbies of stores and banks, so that they are easy to see. When considering the placement of a cryptocurrency ATM, you need to understand that cryptocurrency ATMs are different from regular ATMs, so placing a cryptocurrency ATM in the most accessible and visible area may be a great idea from the visibility and publicity standpoint, but not the best idea from usage standpoint.

One of the biggest differences is popularity and ease of use. No matter where you are in the United States, there are a lot of bank branches and ATMs everywhere. Even if you are located in a rural area, there will be grocery stores, bank branches and gas stations that will have regular ATMs, many of which operate 24/7. However, this is not the case with cryptocurrency ATMs. It is very possible that if you decide to open a cryptocurrency ATM, your ATM will be one of the first cryptocurrency ATMs in your area. Because of this, it may people some time to figure out how to use the cryptocurrency ATM. With a regular ATM, a person typically approaches the machine, gets the cash within a few minutes and leaves. Figuring out how to use a cryptocurrency ATM, especially for the first time, may take longer.

Typically, people like to have a degree of privacy when figuring things out for the first time. For this reason, if you place you cryptocurrency ATM in a lobby, users may feel what Alfred Taubman, who developed some of the biggest retail malls in the United States, has been calling threshold resistance.

Taubman was applying the term to people passing by a store and looking through the window. Threshold resistance is what they needed to overcome to enter the store. This resistance is one of the reasons why with most modern stores the door is close to the windows, so that when a person wants to walk into a store, he or she can just walk in, without having to find the entrance or thinking that somebody will try and sell something immediately after the person walks into the store.

Threshold resistance is something you need to think about when deciding on where to place your cryptocurrency ATMs. If users need to take their time to figure how things work with the ATM, then placing it right in the middle of foot traffic may not be a good idea and users would appreciate a degree of privacy.

With cryptocurrencies, some users may also not want others to see that they are buying cryptocurrencies. One of the issues here is that transactions are irreversible, which is why you need to pay special attention to safety. Threshold resistance and safety are very important, which is why the next issue that you need to pay attention to when opening a cryptocurrency ATM business is customer service.

 

Customer service

We live in a society where buying anything and everything is becoming easier and easier. Even as little as a few decades ago, a person needed to go to a store for most of the purchases. There is no such need today because most of the products and services are available on the Internet.

Not only that, but the competition is also increasing. Today, if a person wants to buy a dress shirt, he can simply type the keyword “dress shirt” into a search engine and get hundreds of results. A person that prefers to go to a store is still likely to use a search engine, type “buy dress shirt near me“ and get a list of stores.

The same is, or will be true soon, about cryptocurrency ATMs. You may be the first to open a cryptocurrency ATM in your area, but it is only a question of time when your competition will catch up. For this reason, relying on the fact that you are the only one at the moment if you are, indeed, the only one, is not a sustainable competitive advantage. Offering lower fees is also not a sustainable competitive advantage because if someone decides to open a cryptocurrency ATM to compete with you, they could intentionally make their fees to be lower than yours to lure the customers for whom the fees are the most important priority.

Because of all of this, it is critical that you have excellent customer service and customer support. It is best if you create instructions on how to use your cryptocurrency ATM and have them on the ATM, on the screen on the ATM with step-by-step instructions, on your website, and possible on YouTube showing how someone is using the machine.

This way, your customers will be able to watch the video from the comfort of their home and using the machine when they do so in person would feel much less scary and very familiar.