News & Events

News Hub

Business gets rid of card-only payment policies

Because electronic payments are so popular, some businesses have chosen to get rid of cash payments completely in the past several years. While this may reduce the need for the latest money counters, it can prove detrimental to companies whose consumers would prefer to pay with cash. The backlash some enterprises have seen has caused them to rethink their currency bans and once again allow customers to complete transactions with cash.

Lawrence-Dumont Stadium, home of the Wichita Wingnuts baseball team, recently announced that after a five-year policy forbidding anything but electronic payments, it would begin allowing visitors to pay with cash for the 2013 season. 

"We are very excited that fans will be able to use cash at our stadium this year," said Josh Robertson, the Wingnuts' general manager. "Total Venue Control has been a great partner of ours since the formation of the team, but with our agreement expiring after last year, we have decided to explore the benefits of providing a cash ballpark."

Old strategy controversial, inconvenient 
This move could serve as a benefit to park visitors and make their purchasing experiences easier. Under the old system, those who didn't have a credit or debit card were required to exchange their cash for special prepaid cards, which they could use to purchase snacks or merchandise within the stadium. Not only did this inconvenience some customers when they procured their card initially, it also forced those who used the entire value of their prepaid card and needed to make another purchase to spend more time adding value to it with additional cash. This system could have caused frustration for those who would have preferred to use cash or visitors who didn't want to spend time away from their family and friends or the game to reload their prepaid cards. 

Preparing to accept cash for the 2013 season 
As baseball season kicks off, concession and merchandise stands within the stadium will need to prepare to cope with cash transactions by preparing staff members and procuring the right cash counters to more quickly count drawers and determine daily revenues. Investing in the latest technology and using it is critical, especially for companies that have become accustomed to operating without cash. Not having the proper currency counting machine can lead to inefficient and time-consuming processes that are detrimental to business goals.

04/02/2013