Dual-purpose cash and check scanners allow businesses to accommodate changing consumer trends while keeping overhead costs low. A number of recent high-profile data breaches have damaged customer satisfaction and created a shift in the way people make transactions, potentially causing more people to pay with cash. According to big data analytics firm Feedzai's "2014 Consumer Reaction to Financial Data Breaches Study," 22 percent of consumers changed their purchasing behavior after these incidents. Of this group, 40 percent reported using cash more frequently to protect their financial information.
"Fraud prevention is now a matter of predicting complex consumer behavior based on changing sentiments," Dr. Pedro Bizarro, chief data scientist of Feedzai, stated in a press release. "These findings show that consumers believe it is the merchant's responsibility, but really it is a collective problem that the industry needs to understand in order to distinguish customers from criminals and keep payment data safe."
Not only could data breaches change how shoppers make transactions, but they also could have more significant costs for retailers. If companies don't have the right solutions in place to accept cash and check payments, employees may need to spend more time in the back office. Businesses place themselves at risk for inaccuracies when workers are in a rush to count funds from the cash register shortly before or after closing.
Feedzai's research indicated that nearly one-third of American consumers would stop buying from a company that had experienced a security breach. This highlights the growing awareness of cyberattacks and the importance of financial security among consumers. People will be far less likely to shop from retailers that they believe could place their personal information at risk, and this could harm company revenue.
Cash and check scanners enable retailers to serve a wider audience and improve satisfaction
As customers continue to use cash and checks for their transactions, retailers of all sizes need to ensure they have the right systems in place to collect consumers' payment methods of choice. Dual-purpose cash and check scanners can enable businesses to better accommodate varying customer preferences.
Many consumers will appreciate the option to pay for purchases in various ways, especially people who are highly concerned about the personal financial risks from data breaches. This can boost customer satisfaction and make shoppers feel more confident about purchasing from a company. In addition, these solutions benefit businesses because they give managers the opportunity to boost back-office efficiency. With automated systems, employees can scan cash and checks more accurately and productively.
May 28, 2014