For the many small businesses that continue to make transactions with paper checks, a dual-purpose cash and check scanner can improve efficiency.
Though a wide range of payments technologies have emerged over the years, the paper check remains a popular means to make purchases. According to the Federal Reserve's 2016 Payments Study, 17.3 billion checks were used as payment in 2015. While this was 2.5 billion fewer than during three years earlier, the pace at which check usage is declining appears to be slowing down.
Though the frequency of check use is decelerating, they continue to be an important piece of the overall payments landscape in the U.S. As such, retailers can improve their business by investing in a dual-purpose cash and check scanner to count up all transactions from a period of time and ensure accuracy.
Consumers today have several options for when they need to make a payment:
Each of these forms of currency have their own unique pros and cons. Cards and apps require specific technology on the retailer's side for consumers to use them. For many small businesses, investing in this technology isn't worth the price. For every transaction, a percentage is lost to processing fees.
In these cases, consumers are left with the options of cash or check. One is just as simple as another, but according to a survey conducted by Bankrate, the majority of Americans have less than $50 in their wallet. To make a purchase for more than $50, the easiest thing to do may be to write out a check.
It may be intuitive to believe that evolving payments technology would make checks less practical payment solutions. Just the opposite is true. In fact, changes in payments technology and regulations have benefited check-writers everywhere.
Payments Journal pointed out that up until 2001, checks needed to be taken to a bank to be cashed. In many instances, this meant checks needed to be physically transported via truck or plane across the country. However, changes to the U.S. Commercial Code now allow for checks to be processed with an image of the document itself.
Technology updates complemented this regulation change by allowing consumers to cash checks using just a photo taken on their mobile device, or businesses to process them through electronic images taken on site. A dual-purpose cash and check scanner, such as the JetScan iFX i100 from Cummins Allison, allows businesses to take advantage of this benefit by capturing images as quickly as 400 items per minute. This makes business operations faster, more efficient and more accurate.
June 2, 2017