Retailers can save themselves more than £3,000 a year by installing an ATM in their store.

The advice came from Ewan Ogilvie, managing director at YourCash Europe, as convenience stores employing members of staff aged over 25 were hit with a 50p rise in the national living wage this month.

Ogilvie said its retail customers save thousands of pounds in bank charges as they use their cash to fill their ATMs instead of banking it.

On top of the saving, retailers regularly earn £100-£200 a month in commission for transactions. “More than 50 of our customers earn over £5,000 a year or more. That flows straight to their bottom line,” he said.

He urged retailers to seriously consider the benefits of an ATM.

“Customers now expect to see an ATM in their local convenience store. It’s an expected service, just as you’d expect to get a loaf of bread and a pint of milk. If you don’t do it then I’d suggest somebody else down the road will and that’s not great for your business,” he added.

“I would encourage retailers that if they’ve not got one, they should look at getting one very closely, whether it be a self-fill model, or a fully managed model.

“It can save you some money, it can earn you some money, and in the highly-competitive retail environment it’s got to be something that convenience retailers should consider.”