Why Bitcoin ATMs are the Future of Banking Part 4

Why Bitcoin ATMs are the Future of Banking Part 4

Advantages of an automated Bitcoin ATM versus other payment systems.

 

Be biggest advantage of Bitcoin ATMs over a system such as M-PESA is automation. Traditional payment and loan systems still rely on banks or agents where users of the systems can deposit money and then transact using their phones.

Banks and agents employ people, which means all typical problems that occur when a company has a person running something, including potential mistakes and errors, theft and other problems with safety and security, and customer service that is not always reliable.

None of these issues exist with Bitcoin ATMs. This article will go into these issues in detail and show how and why Bitcoin ATMs are superior to existing systems.

 

Improved physical safety and security of transactions

While payment systems such as M-PESA in Kenya or Western Union in the United States are technically not banks and are financial transmitters, they still deal with cash and money in other forms, which is why their locations need to be physically secured. Securing a location that has employees working in it is typically much more expensive than securing an automated location for one simple reason: even if people work in just one room, the room is going to be physically bigger than an enclosure containing a Bitcoin ATM, which is why securing the room is going to be more expensive.

Another issue with securing a physical location that employs people is that people may break things. When creating Bitcoin ATMs and other kinds of ATMs, their designers realize that someone may try to damage the ATM, which is the physical enclosures of the machines are typically made of sturdy metal, the buttons are also made of metal and plastic, and so on. It is much harder and much more expensive to design an entire room or building in the same way.

 

Better quality of service

When a business employs a number of people who need to work at agent locations and provide service, the quality of service will not be stable because the supervision of such employees is typically very limited.

A person may be in a bad mood, not have a script about how he or she needs to interact with customers, or try to attend to personal matters while at work, for example, be on the phone and ignore the customers instead of helping them.

With Bitcoin ATMs, these issues do not exist. With a Bitcoin ATM, you can be providing support by either working together with a call center or opening your own call center and having your own employees answering the phone calls and helping customers. When an employee comes to work at a call center, the level of supervision can we very different. For example, you may ask your employees to leave their phones at special lockers, and have audio and video recording in the office. You or the call center that you are working with may also be able to provide in-person training, and up to this day in-person training is much more effective than trying to tech people remotely via online seminars and webinars.

 

Higher volume of transactions

A Bitcoin ATM can operate faster that a human being for a number of reasons. First, it will not make any mistakes when it comes to processing transactions and accepting or dispensing cash, while a human employee will be counting the money manually and need to recount the funds in an attempt not to make a mistake.

Secondly, at a location with people working there, employees may get distracted and/or get into conversations with clients, which is something that takes time. With a Bitcoin ATM, there is no way to waste time like this. If people need support, they can call a call center where you have employees that use scripts and where you can be recording and monitoring all the conversations.

 

Higher value of employees working for a Bitcoin ATM business

Because with a Bitcoin ATM you can automate most of the mundane processes that surround transactions, you can have employees performing higher value tasks, such as the tasks that require customer service skills or critical thinking skills.

For example, with a task such as accepting payments and counting money, there are only two parameters that make somebody effective. These parameters are the speed and accuracy of counting and both of these parameters have limits, meaning that a person can be counting money only so fast and accuracy is a binary parameter. It only has two values: either the person has counted the money correctly or not.

When people perform higher value tasks, they have more room for growth and improvement. They also get better at performing the tasks, which means that the value of their work and their productivity also go up. This is something that may help an owner of a Bitcoin ATM to build an entire network of Bitcoin ATMs, but when you have agents counting cash manually, the growth potential is very different because every new location needs space, a new agent, and so on.