Consumers stick to cash, checks amid electronic payment security threats
Retail organizations that want to remain competitive should consider investing in dual purpose cash and check scanners to fortify their back-office processes. Many enterprises have focused heavily on implementing electronic transaction technology at the point of sale to keep up with consumer spending habits. However, amid a variety of point-of-sale data breaches at businesses around the U.S., many shoppers are still utilizing cash for everyday payments.
The New York Times reported that consumer fears related to the growing threat of cyberattacks have led many shoppers to avoid credit and debit cards in favor of more traditional forms of payment such as cash and checks. Citing a poll conducted by The Associated Press and GfK Public Affairs and Corporate Communications, the newspaper indicated that 37 percent of Americans have been limiting their transactions to currency in recent months. Nearly 50 percent of respondents claimed they were extremely or very concerned about the security of using electronic payments at a brick-and-mortar establishment.
Innovations in transaction technology often grab headlines, but consumers are typically much less willing to take these leaps when their own financial information is at risk. For example, even though Bitcoin has emerged as an alternative payment method, utilizing this new form of cryptocurrency is risky. In fact, Mt. Gox, a major Bitcoin exchange, recently filed for bankruptcy after losing roughly 850,000 bitcoins users had originally stored online in the company's system.
Retailers must be prepared to continue handling cash and checks on a regular basis. With a dual purpose cash and check scanner, employees can count bills and deposit checks in a matter of minutes as opposed to spending several hours completing the same processes manually. With this kind of technology, businesses will no longer have to worry about consumer behaviors negatively impacting their own back-office operations.
April 21, 2014