Grocery stores anticipate increase in check payments during the holidays
Investing in an advanced check processing machine ahead of the holiday shopping season is a smart move for grocery stores and supermarkets that expect an increase in in-store activity toward the end of the year.
Businesses that sell fresh produce and other food items experience some of the biggest spikes in revenue during November and December as consumers around the nation prepare for family holidays. For example, households often make several trips to the local supermarket during the weeks leading up to Thanksgiving so they can place orders on turkeys and ensure they buy all the food they need before it sells out. The Boston Globe reported the holidays often represent a particularly stressful time for consumers, which has a profound influence on the ways they shop for food. Many shoppers are looking for particularly high-quality ingredients or visit stores with long lists of specific items they need to find. Paying for these items with checks may be ultimately convenient, especially if individuals are trying to avoid crippling credit card debt during the holidays.
According to the insurance company COUNTRY Financial's latest security index, which measures sentiments among consumers in regard to spending habits, a large majority of Americans are adamant about spending their money more wisely this year. In fact, more than 56 percent of respondents claimed they are not willing to take on any additional debt as a result of gift purchases or other shopping expenditures.
In anticipation of these trends, grocery stores and retailers have unique opportunities to streamline backroom financial processes by investing in high-quality check scanners. Because of an increase in check payments, many companies run the risk of incurring additional overhead costs by devoting long hours to the task of depositing payments at the end of the day. However, a reliable check scanner can result in significant cost savings and offer stores the chance to take full advantage of an increase in revenue.
November 22, 2013