This #SHRM19 Interview is with ATMatWork, a provider of onsite, convenient ATMs on-site at work. Below is a Q&A with Alicia Blanda.
Who is ATMatWork!? Tell us everything, just as you would someone approaching your booth and asking you this question at the 2019 SHRM Annual Conference and Exposition #SHRM19 in Las Vegas.
In today’s tight job market, companies need to get creative to attract and keep talented employees. And, with Millennials and Gen Z entering the workplace, they are looking for more than just a paycheck. Some companies offer benefits like pet insurance, flexible hours, mental health days and more. ATMatWork offers employers a cost-effective benefit that will save their staff time and money – easy cash access by having an ATM on-site.
Let us in on the magic. What’s the ATM process like at ATMatWork? How do you utilize your own tech and processes to save your employees in ATM and banking fees?
Despite the rise of credit cards and digital payments, cash remains the number one payment instrument in the U.S, according to the Federal Reserve’s Diary of Payment Choice. Cash representing 30 percent of all transactions; 55 percent of transactions under $10 and 32 percent of payments between $10 and $24.99.
Employees are using ATMs – and the fees they pay for going to the closest ATM can add up quickly. The national average for withdrawing cash is $3.50 and financial institutions charge an additional fee of as much as $2.50 on average for using an out of network ATM. That’s $6 for withdrawing $60.
ATMatWork offers a number of surcharge-free options that allow staff to get cash for lunch, vending or the weekend at no charge. And, some of the options available also save employees the banking fees as well. We offer Brinks paycard fee-free ATMs, bank or credit union branded ATMs, machines that run surcharge-free networks or free for everyone options.
Here’s an example of how ATMatWork saves employees money.
A Corpus Christi, a Texas-based company, that employs around 700 workers in two full-time shifts, was looking for a better way to pay their employees and save them money. Aware of the fees their employees paid to cash checks, management decided to make the move from paper checks to Brinks Money paycards.
However, that was only one piece of the solution. They also needed a way to make it easier for their employees to access their funds without having to pay ATM fees and save them time ‒ especially since hourly employees only have a 30-minute lunch hour.
After reviewing the variety of options ATMatWork offers, the human resources director decided on a surcharge-free ATM that would provide free balance inquiries for everyone, and fee-free cash withdrawals and no out of network ATM fees for the majority of their employees – both those who had bank accounts and those who participated in the Brinks paycard program.
Installation of the ATM in the breakroom was an immediate success. On average, employees complete 1,600 transactions every month, withdrawing as much as $100,000 a month and save in excess of $4,600 in fees. Having the ATM in the breakroom also saves employees a great deal of time because they no longer have to leave work to obtain cash for lunch, vending or leave early on payday to go to the bank.
What are the biggest challenges companies face when implementing ATMs at work? How do they overcome those challenges?
Installation of an on-site ATM is easy, hassle-free for management and can be completed in two weeks. ATMatWork owns and manages the machine so there is no extra work involved for management. All the employer needs to provide is an electrical outlet and a place to put it. ATMatWork also provides custom marketing materials to help HR professionals promote the benefits of having an ATM on-site.
What do you wish more HR professionals and recruiters knew about ATMatWork?
Cash remains the number one payment option for Americans, with Millennials relying on cash more than any other demographic. And the less an employee makes the more they rely on cash.
According to the FDIC National Survey of Unbanked and Underbanked Households, 32.6 million U.S. households are unbanked or underbanked. In 2017, the survey estimated 25.2 percent of Americans had either no access or limited access to a bank account or used alternative means such as paycards or pre-paid cards, to access their wages. Virtually all unbanked or underbanked employees belong to households making less than $50,000 annually. These workers, which can least afford it, are subject to fees for check cashing and ATM fees.
Having a surcharge-free ATM on-site is a benefit that companies can offer their employees that will allow them to keep more of their hard-earned wages. It’s affordable as well. In most cases, the cost of having an ATM on-site is less than what the company pays for just one employee to have health insurance.
How important are benefits like this in employee retention?
The cost of ATM fees and out of network fees charged by an employee’s financial institution can quickly add up, and they know it. If the employer is offering this service, staff are less likely to switch jobs for an extra dollar an hour, especially if their potential new employer does not offer an ATM on-site.
HR Directors know their employees are using the ATM and understand the benefits once they see it in action for themselves. We frequently get calls from HR professionals, who have switched companies, wanting to add an ATM.
For anyone who won’t be able to make it to the ATMatWork booth in Las Vegas, what do you want them to know?
Give us a call at 866.440.4700, send us an email at firstname.lastname@example.org or visit our website. We’ll be happy to walk you through the many benefits of having an ATM on-site for employees and the surcharge-free ATM options we offer. Our staff goes above and beyond and will work with you to find the best option to fit your employees’ needs.
Visit the ATMatWork Booth #3126 at #SHRM19!