Now that he’s reinvented the ATM, BanQone President and CEO Julius Cato shares the company’s plans for the ED Expo and for their future.
(NOTE: This story appears in the September 2024 issue of ED Magazine.)
Reimagining the ATM for nightlife entertainment, BanQone has developed technology that not only liberates club staff from constantly breaking large bills into singles for customers but also earns the club additional income. Part ATM, part change-maker, the Rain Maker Kiosk’s unique bill-breaking technology is a game-changer in the industry.
Dual revenue streams
Unlike typical ATMs that only dispense a single denomination of bills, the BanQone Rain Maker Kiosk allows club-goers to receive a portion of their ATM cash withdrawals in singles, providing them with cash to tip bartenders and dancers. With the ability to withdraw up to $1,000 per transaction, patrons can access more money to spend at the club than with any other ATM.
In addition to earning money from fees associated with withdrawals, clubs will also make an income on “change-making” transactions. If a customer has cash on hand when they walk into the club, the BanQone Rain Maker Kiosk handles the mundane task of making change in just seconds.
This is a win-win for both the club and the club-goers. Customers prefer using the kiosk, as it’s much faster and more convenient than waiting for change from a bartender or server, especially at peak times. Additionally, having patrons use the kiosk for change frees up club staff to focus on making food and drink sales.
“We’re going to be, and maybe we already are, the most innovative cash in transit and ATM company servicing the industry,”
– Julius Cato, President and CEO of BanQone
Developing innovative technology
When speaking to Julius Cato, President and CEO of BanQone, he shared that he has big plans for the company over the next few years.
“We’re going to be, and maybe we already are, the most innovative cash in transit and ATM company servicing the industry,” Cato says. “We’re going to continue to come out with innovation under the Rain Maker brand that provides change and cash, putting money in the hands of customers so they spend more and spend faster in each of these establishments.”
While Cato was tight-lipped on exactly what kinds of products BanQone has in the works, he did mention that his customers would be among the first to try it out.
“As our new products come out, the people who’ve bought a Rain Maker may get free access if they’re interested in being a beta site,” Cato explains. “We make our money on the relationship, not on the hardware.”
ED Expo promotions
Since appearing at last year’s ED Expo, BanQone has grown significantly and now has the national capability for delivering cash and change in 40 states. They also now offer financing options for those who qualify, with terms that allow the club to break even on the first month of service.
Those attending the ED Expo in Dallas will get to see the Rain Maker Kiosk in action and learn about BanQone’s promotion on the Rain Maker XL Kiosk. They’re also offering a blowout sale on traditional ATMs where clubs can get a free ATM if they use BanQone as their full service provider. Be sure to stop by BanQone’s booth or give them a call for more details!
For more information, visit banqone.com.
