While mobile payments reign supreme, dual-purpose cash and check scanners play an active part in how companies run and operate. How much do American consumers love cash and checks? According to Forbes, more consumers are comfortable using cash and checks because they view them as safer alternatives to PayPal, Apple Pay and Google Wallet. Consumers are increasingly concerned with the cybersecurity of their payment options. Physical cash and checks alleviate these concerns because consumers can hold them close to the body physically, making them difficult to steal.
While more businesses than ever are preparing to take mobile payments, the focus should shift towards accepting payment options that are already widely used in other areas of the world. For example, EMV cards have picked up in usage in Europe over the past decade and are considered a standard payment option today. In October 2015, the U.S. government required all retailers to accept EMV cards. EMV cards, cash and checks are altogether used more frequently than mobile payments. Because of this, an investment in a dual-purpose cash and check scanner will prove useful for any business.
Whether businesses prefer it or not, cash and checks will be accepted by businesses for some time to come. Processing checks and cash is a necessary function for all businesses. Unfortunately, this is a process prone to human error and it can rob managers and business owners of valuable time needed for other pursuits. Dual-purpose cash and check scanners not only process cash and checks efficiently, they also scan the bills individually for fraud and send that data off to banks immediately. These machines also keep photographic records of each deposit. Business owners can use this feature to see which customers deposited a check. As another bonus, dual-purpose cash and check scanners can detect counterfeit checks and bills with their advanced technology. This helps keep businesses safe from fraud and prevents fake money from penetrating the U.S. economy.
Businesses want to adopt the newest technologies to stay ahead of their competitors. While offering EMV-chip card compliant ATMs to accepting mobile payments, businesses must also remember the purchasing power of checks and cash. It is always within a business' best interest to invest in dual-purpose cash and check scanners.
May 5, 2016