Dual-purpose cash and check scanners maximize the benefits of increased retail spending
Good news for business owners: Consumers are spending more, which means retailers may need a little help from dual-purpose cash and check scanners to handle the cash flow.
Consumer spending is up, Ben Leubsdorf reported for The Wall Street Journal, citing data from the U.S. Department of Commerce's June 2016 Advanced Monthly Sales for Retail and Food Services report. June witnessed a 0.7 percent hike over the previous month's retail rate, Leubsdorf noted. The spending spike, which surpassed economists' 0.4 percent increase expectations for June, according to Leubsdorf, marks a turnaround from early 2016 fiscal disappointments and concerns regarding unemployment rates.
What's more, the wider economy shows promise. Despite predicted economic backlash following the United Kingdom's vote to exit the European Union, the U.S. economy appears to have stabilized. In combination with the year's slow fiscal start and concerns about the unemployment rate, the U.K.'s so-called "Brexit" largely colored economists' estimates of 2016 economic promise. The U.S. Federal Reserve decided not to increase interest rates in July 2016, anticipating a strained financial environment should the U.K. opt out of the EU, Jason Lange and Howard Schneider reported for Reuters. Following the June 23 Brexit vote, chances of the Fed hiking rates even twice, as planned for the year, seemed unlikely, Lange and Schneider noted.
However, according to CNBC's Patty Domm, economists now place the likelihood of the Fed raising interest rates in September is now almost 30 percent and at 49 percent for December. Although it's not a sure bet, an increased possibility of Fed interest rates rising indicates that the Brexit will not inflict permanent damage on the American economy. If the Fed does elect to raise interest rates, this would mark an enduring domestic economy prepared to weather international financial difficulties.
How dual-purpose cash and check scanners factor in
The conditions seem ripe for retailers to reap a profit in the last quarter of 2016. Many consumers, particularly millennials, as a 2014 study by the Federal Reserve indicated, still prefer cash over other methods of payment. For this reason, business owners are right to anticipate having a lot of cash on their hands. Investing in dual-purpose cash and check scanners counters will prepare retailers to efficiently tally up to 1,200 mixed denomination bills per minute.
In addition, these machines are able to capture full-sized images of each bill and offer counterfeit detection to prevent forged currency from staying in the mix. These features make dual-purpose cash and check scanners a solid investment for retailers, especially with a profitable economic environment on the horizon.