While small businesses like retailers, restaurants and many others put much of their operations in the public-facing area of their stores, there are plenty of back office needs that must be addressed for continued success. Dual-purpose cash and check scanners exemplify the internal, less-visible operational needs of small businesses: They provide important advantages in terms of lessening labor requirements on the part of staff and reducing the errors inherent in processes conducted by hand. With dual-purpose scanners in place, small businesses can handle sales spikes and everyday counting needs with more confidence and increased efficiency.
Despite the popularity of digital transaction methods that remove the need for users to carry paper money, bills are still an eminently popular choice for consumers. The Federal Reserve pegs the total amount of legal tender currently circulating at $1.39 trillion, a staggering amount that highlights the sheer number of bills in service. While it's true coins account for a percentage of the total, the much higher value of paper money means the vast majority of available U.S. currency is in the form of paper bills. What's even more impressive is the growth in the total amount of currency, both in the short and long terms.
Data from the Federal Reserve shows a dramatic increase in total physical money in circulation, rising from approximately $400 billion in 1994 to the current figure. Considering the total value of circulating currency first broke the $1 trillion barrier in 2010, it's easy to see how fast new money enters the market. That sort of growth should be expected in an economy like the U.S., but it's certainly worth noting - especially by small businesses. Retailers, restaurants and other smaller organizations must be prepared to contend with the growing amount of cash produced by the U.S. Mint and used by customers.
Dual-purpose cash and check scanners put small businesses in an advantageous position to contend with the rising volume of cash in circulation and to do so in an especially efficient manner. With the ability to scan both cash and checks, small businesses can deal with these two common forms of paper payment confidently. Secure in the knowledge that reduced labor needs, a variety of processing and recordkeeping options and greatly reduced chance for error, businesses become more successful with dual-purpose cash and check scanners.
February 18, 2016