Cash counters reduce operational costs for businesses avoiding credit cards
Despite what recent technological trends may suggest, cash counters serve a valuable purpose when introduced into the back offices of small businesses. Credit card usage has increased dramatically in the last several years, and many enterprises have responded by introducing electronic point-of-sale systems into their establishments. However, there are plenty of companies who have resisted the large fees associated with credit and debit card transactions in favoring of accepting only cash. The owners of these businesses can maintain efficient operations by investing in technology that makes it possible to automatically count money received from purchases every day.
A recent article published in The Frederick News-Post, a newspaper based in Frederick, Md., highlighted the efforts of a local food and beverage establishment to host cash-only events on specific days of the week to limit the costs associated with credit card fees. The restaurant currently spends more than $2,000 each month for the ability to accept electronic payments from patrons. As a result, it is trying to raise customer awareness and encourage the use of cash over other transaction methods.
Current nationwide trends suggest similar efforts shouldn't be too difficult. In fact, a report from the Federal Reserve Bank of San Francisco argued that even though people use credit cards more frequently for large purchases, cash continues to dominate small transactions. The organization revealed that in October 2012, the average American shopper completed 59 transactions throughout the month - 23 of which involved paper currency.
If these trends continue, small-business owners will have good reason to open their minds to advanced technology that reduces the amount of time it takes to count cash in the back room after hours. With an automated money counter, employees can achieve accurate totals in minutes. By avoiding the need to dedicate overtime hours to performing these tasks manually, enterprises can also reduce overhead spending.
May 6, 2014