No matter what new payment processing technology enters the small-business marketplace, store owners in a variety of industries continue to rely heavily on cash-only transactions. In fact, many small enterprises across the country have become more resistant to electronic payment methods in recent years. Investing in a reliable cash counting machine to handle backroom processes is a smart move for local shops that continue to reap the benefits of avoiding the complexity of credit card technology.
Fewer headaches in the back office
According to Spectrem's Millionaire Corner, an online publication covering financial issues in the wealth and retirement industries, today's small-business owners are increasingly attracted to the simplicity of limiting their operations to only accept cash payments. Even though industry experts have generated a substantial amount of hype surrounding advancements in transaction technology, holding off on incorporating these tools into daily operations does not necessarily result in any lost business. Instead, small shops may even be saving more money in the long run by sticking to cash as a primary transaction method. For example, Millionaire Corner said implementing new credit card machines can be a time-consuming process that ultimately disrupts business - especially if owners come across glitches and experience a learning curve associated with the new technology. Electronic payments are also susceptible to credit card fraud and other complicated risks that can severely damage a company's overall profitability.
Cash dominates the small-business landscape
Entrepreneurs in the U.S. would rather avoid such problems altogether. Millionaire Corner cited data from the software company Intuit that said there are nearly 27 million independent shops throughout the country. Of those, 15 million only accept cash from customers. Businesses that process a large number of small transactions on a daily basis are in an especially prime position to benefit from avoiding electronic payments. The Scottsbluff Star-Herald, a newspaper published in Scottsbluff, Neb., said a local coffee shop recently made new efforts to encourage customers to use cash to reduce the costly fees associated with processing credit cards. The owners of Cappuccino and Company established a minimum for paying with cards after growing frustrated with the amount of time necessary to understand the ins and outs of its electronic systems.
As more small businesses across the U.S. discover the benefits of sticking to cash, advanced money counters can help owners and employees save time performing essential backroom financial processes.
December 3, 2013