More consumers using cash, checks after retail industry data breaches
Part of running an efficient enterprise involves the ability to respond to changing consumer behaviors, and dual purpose cash and check scanners can help the owners of small and midsize businesses do just that. As much as electronic transaction-processing technology has advanced in recent years, the growing presence of cybersecurity issues and point-of-sale data breaches has led many Americans to favor paying with cash and checks as opposed to credit or debit cards. However, these payment methods often require employees to dedicate several hours in the back office every day to sorting checks or counting currency before storing it in cash registers overnight. Investing in an automated machine can help businesses prepare for these long-term changes without sacrificing productivity.
Last year's nationwide POS cyberattack at Target stores has had a direct influence on shopper behavior. Fox Business cited data from a report published by the data science company Feedzai that found 22 percent of consumers surveyed have focused on using alternative payment methods since the breach to avoid the risk of having digital bank account information compromised. Forty percent of those interviewed claimed they are now making more cash purchases than ever before. Other studies have found similar results. Forbes reported on findings from the software provider Balance Innovations that revealed only 39 percent of nearly 1,500 grocery shoppers have confidence in the security of electronic payments.
Enterprise owners can use dual purpose cash and check scanners to keep their operations running at full speed despite these large-scale changes in consumer behavior. Automated machines eliminate the need to devote long hours manually counting currency or taking trips back and forth to the bank every day. Employees will also see store-wide improvements in productivity by getting rid of wasteful practices.
March 24, 2014