Dual-purpose cash and check scanners help tax offices cater to the elderly
Dual-purpose cash and check scanners let companies create alternative payment options for tax offices wishing to cater to older individuals. With most of the world's marketing focus on millennials and and Generation Z, many businesses and tax offices forget to cater to older individuals. According to U.S. News, there will be more than 72.1 million elderly individuals over the age of 65 in 2020. These men and women will use older payment methods such as checks and cash to pay bills and file taxes. As the buying power of millennials grow, businesses must recognize that older individuals pay their bills differently than millennials or generation Z. To make sure all older Americans are paying their taxes on time, dual-purpose cash and check scanners are a worthwhile investment for tax offices and municipalities.
Why use a dual-purpose cash and check scanner?
Dual-purpose cash and check scanners are helpful for tax offices and municipalities because many Americans still pay both taxes and bills with hand-written checks. Although checks are continuously being phased out by digital banking methods such as mobile banking or ATM usage, checks and cash will always remain in people's pockets because they are widely accepted. According to eMarketer, mobile spending only only $8.71 billion dollars in the United States out of our $16.8 trillion dollar GDP, a small fraction of the payment coin in America. Only 7 percent of the total population in the U.S. uses mobile payments today as their primary payment source, or 23.2 million individuals.
There are 76.4 million baby boomers still spending and creating business in the U.S. according to the Population Reference Bureau. These older individuals will continue to pay with methods that require pen and paper. Dual-purpose cash and check scanners can help tax collectors and tax offices take in any payments that are not made online by young individuals with ease. These cash and check scanners can keep detailed digital records of how many checks are processed, the amount on each, and their bank routing numbers to make sure all billing is accurate. Cash counting features can even scan serial numbers to check that all bills are in fact reputable. By investing in these scanners, municipalities and tax offices can speed up operations and take time for what matters in their business.