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Why the paper ATM receipt isn't going extinct

In the rush to go digital, FIs must not alienate the important segment of their customer base that still values paper ATM receipts.

March 30, 2015 by Ben Meeks — Owner, Brian Kirk Copywriting

Time might not be speeding up, but the rate of technological innovation sure is. Just 30 years ago people were hailing the advent of call waiting on their analog phones; now our phones carry all the information ever assembled and fit in our front pocket.

While ATM technology is not progressing at the same exponential rate as the smartphone, it is not dawdling either. The industry is evolving, and new innovations are currently on the rise.

So, how does this apply to ATM receipt paper?

There's no question that, like everything else, ATM receipts are going digital. But, 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. We 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. Computer files can be damaged or lost. It’s far more difficult to corrupt a printing system and tamper with a physical receipt.

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

1) Quality matters. Nothing will hurt your bottom line like downtime and costly repairs. Inferior thermal paper — or thermal paper that isn’t ideal for your machine — can jam and tear, clogging your ATM.

In addition, low quality thermal paper can have a rough surface and damage the glass print head, which results in premature 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.

2) Experience saves.In many ways paper is a commodity, so the final decision when choosing an ATM paper supplier often comes down 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.

3) Promotions pay. 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 products and loyalty programs to a highly targeted audience at the exact time that banking is top of mind.

Additionally, 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 rapidly, some things, including ATM receipts, will be here for years to come. The key is to make the most of them.

Ben Meeks is president of Graphic Tickets & Systems, a premier supplier of stock and custom ATM paper for financial institutions.   

About Ben Meeks

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Ben Meeks is president of Graphic Tickets & Systems, a premier supplier of stock and custom ATM paper for financial institutions.

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