Article

Where do paper ATM receipts fit in a digital world?

Like cash itself, paper ATM receipts will continue to be the preference of many consumers, so make the most of yours.

November 8, 2013

by Mike Andrews, VP of sales and marketing, Graphic Tickets & Systems

 Digital technologies are rapidly changing the way financial institutions interact with their customers. With most transactions now occurring online, there is a push to digitize the records of transactions as well, most notably financial statements and receipts.

There are several advantages to digitizing financial forms. They are more cost-effective for the institution, oftentimes more convenient for the customer, and are easier on the environment. All good things.

But, the world is not quite ready to become completely digitized. And, in the rush to migrate everything online, financial institutions should make sure they don’t move so fast as to alienate an important portion of their customer base that still values paper bank statements and ATM receipts.

Following are a couple of reasons why providing ATM paper receipts still makes sense during this period of transition;

• We are creatures of habit, and ATM paper receipts are familiar. They are real. People can hold onto them and file them away for future reference, if needed. Old habits die hard.
• ATM paper receipts are more reliable and trustworthy than their digital counterparts. Digital systems can be hacked. Texts and emails can be deleted. It’s far more difficult to corrupt a printing system than tamper with a physical receipt.

Let’s consider the worst case scenario — with all digital recordings of bank statements wiped out, a paper statement would be the best way to validate one’s existing balance. People who rely solely on online banking and digital records would have a far more difficult time proving how much money they had in their accounts. This is important to people, and until digital systems can be proven to be fraud-proof, people will feel more confortable having a physical record for back up.

So, its safe to assume that ATM receipts, and other physical financial forms, aren’t going anywhere — not for a while, anyway. The focus, therefore, should be on how to optimize the ATM receipt paper you do use. Here are a few tips:

1. Purchase thermal paper — When it comes to ATM receipt paper, you’ll want to make sure that you’re sourcing quality thermal paper. Thermal paper is superior to regular bond paper in that it produces a higher quality product, is faster, more precise, and will save you from having to use, and maintain, ink cartridges and real ribbons, which will become more costly over time.  
2. Focus on quality — Nothing will hurt your bottom line like down time and costly repairs. Inferior thermal paper, or thermal paper that isn’t ideal for the specifics of your machine, will jam, tear, and clog your ATM at an infuriating rate. In addition, low quality thermal paper can have a rough surface and cause permanent damage to the glass print head, which results in pre-mature replacement of this costly part. So, by all means, get the best rate you can find. But remember, you get what you pay for. Opt for quality.
3. Look for a negotiated cost — In many ways paper is a commodity, so the final decision when choosing a thermal paper supplier often falls to cost. Many suppliers are willing to offer discounted prices in order to get your business in hopes that they can keep it. The more established suppliers, however, are often able to negotiate better prices for their ATM paper, which results in lower costs over the course of time. In addition, suppliers with a long track record in the industry are better able to anticipate price changes and help customers prepare ahead of time. So, pay close attention to the experience of a thermal paper supplier when considering proposals.
4. Make the most of the real estate — The paper ATM receipt is one of the more effective and cost efficient forms of advertising available to financial institutions. For a nominal incremental printing cost, financial institutions can use the back of the receipt to promote their products and/or loyalty programs to a highly targeted audience when banking is top of mind. And ATM deployers can sell the space on the back of the receipt to prospective advertisers to help offset their paper expense, boosting their bottom line.   

While the role of paper is changing at a radical pace, some things, like ATM receipts, will be here for years to come. The key is to make the most of yours.

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cover photo: courtesy Graphic Tickets & Systems

Graphic Tickets & Systems is a provider of stock and custom ATM paper solutions. The company helps FIs enhance ATM paper transactions by making them more meaningful, valuable, effective and profitable. Visit them at graphictickets.com.

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