Retailers increase efficiency, reduce financial errors with dual-purpose cash and check scanners
Dual-purpose check and cash scanners are often situated securely in a back office, away from the eyes of many staff members. Although these machines are often used by a select few employees, their benefits are undeniable. Retail businesses with physical storefronts must accept cash and checks to attract as wide a customer base as possible and maximize revenue. However, an increase in business can lead to additional processing time and increased errors in manual processes which are already labor intensive and prone to error. With two-in-one cash and check scanners, businesses reduce labor requirements, increase counting and sorting accuracy and enjoy the capability to electronically deposit checks as well. These machines are useful for businesses of all sizes, but small and midsize retailers can realize some the biggest benefits especially quickly.
Long-term trends indicate strong small-business growth
There's little doubt small businesses are a critical part of the U.S. economy. Statistics gathered by the federal Small Business Administration show long-term growth in the small-business field as a whole, with these companies accounting for more than half of all sales made in the country - 54 percent, to be exact - and 55 percent of all U.S. jobs. What's even more impressive is small businesses have provided almost two-thirds of net new jobs since the 1970s. Additionally, the small business sector rents between 30 and 50 percent of all commercial space, in turn supporting a variety of industries, from real estate to contractors and utility providers.
It's easy to see the upward trend small-business growth, and that development means more customers are interacting with smaller companies than in years past. For retailers, who account for a significant number of these businesses, it's critical to have the systems in place to efficiently keep up with growing sales and demand. Without the right strategy and tools to contend with a slowly but surely growing customer base and especially busy periods of operation, businesses can fall behind.
With two-in-one cash and check scanners, small businesses can significantly increase automation, reduce errors and keep the revenue cycle functioning regularly. By consolidating the traditional, separate and manual processes of currency and check handling into a single, technology-aided workflow, smaller retailers can realize significant improvements in efficiency. Dual-purpose check and cash scanners free up valuable resources and allow companies to make sure they provide the best possible experience for what is, on the whole, a growing consumer base.
February 22, 2016