Dual-purpose cash and check scanners can help businesses accommodate customers by allowing them to pay by their preferred methods, as well as provide back-office efficiencies. Many companies are rushing to implement mobile payments systems or other technology, but consumers are largely still using cash, especially for smaller purchases. In fact, U.S. shoppers use cash on average 23.7 times per month, according to Federal Reserve statistics. Food and personal care items were the most popular category, accounting for 14.3 of the times cash was used. Business Insider reported.
Not only do many consumers prefer to use cash to pay for goods and services, but recent high-profile data breaches at a number of retailers and restaurant chains may cause people to change their purchasing behavior. Cyber theft is on the rise, and a recent report from Center for Strategic and International Studies revealed 800 million consumers had their personal information stolen around the world in 2013, USA Today stated. With consistently growing concerns about the safety of financial information, more people are turning to cash.
Benefits of cash and check counters extend to companies
Even with current trends moving toward mobile and contactless payments, businesses still need to offer options for consumers who want to pay with cash or checks. Dual-purpose cash and check scanners make it easier for businesses to handle the back-office result of letting customers pay how they want. Additionally, these systems make it easier for business owners to count funds, leading to new levels of back-office efficiency. Companies can offer better service to shoppers without overextending their resources.
Consumer payment trends are constantly evolving, but cash is always going to be a major player in transactions. Older adults will likely continue to use checks. Implementing dual-purpose cash and check scanners can make it more efficient to handle business funds.
June 27, 2014