While some people choose to pay with credit cards, cash transactions are still alive and well, increasing the need for retailers to invest in a cash counting machine to speed along backroom processes. People have always enjoyed using cash for multiple reasons - it's accepted everywhere, purchasers can pay in full at the time of a transaction rather than deal with a credit card bill down the road, it's easy to manage and there's no risk of fraud. However, more people are also drawn to cash for another reason - its untraceability.
Avoiding constant marketing campaigns
People sometimes assume individuals who want to make anonymous payments have something to hide or are making illicit transactions, but that's not often the case. Those who rely on cash for this reason aren't necessarily making illegal or strange purchases; they may in fact be trying to avoid excessive marketing.
When buyers use their credit cards to complete transactions, companies gather plenty of data and know who is shopping in their stores, what they've bought, how much they spent and when they made the purchase. This allows retailers to better target consumers and try to lure them back into stores.
However, there are plenty of people who don't want to be targeted in this manner and have no desire to receive emails, postcards and other advertising from a company they've shopped with. When they use cash, their transactions are relatively untraceable and they can't be bombarded with marketing messages. As more companies use big data to analyze consumer shopping habits and reach specific customers, more people may turn to cash to avoid additional advertising campaigns.
Hiding a gift
Shoppers who share a credit card or bank account with another person know it's all too easy to see what their spouse or family member has been purchasing. This can make gift giving difficult, particularly if both parties check statements and transactions frequently. Rather than putting a present on the shared card and risk their loved one seeing the purchase on a bill, many people choose to buy these special items with cash because they can't be traced.
As many people look to make their payments anonymous, whether they hope to limit target marketing efforts or surprise loved ones on special occasions, it's especially important for businesses to handle these transactions appropriately. By investing in a cash scanner, a retailer can speed along processing and better assist those who want to use a more traditional form of payment.
August 1, 2013