Summer travel increases need for better business transaction management
As the summer vacation season kicks off, more families will be frequenting hotels, restaurants and retailers, and they'll be spending plenty of money in the process. Local companies need to be prepared for an influx of business from travelers from across the United States and around the globe, which will make it important for them to optimize transaction processing strategies with a dual-purpose cash and check scanner.
Travel on the agenda for many families
With the economy showing signs of improvement, more people may feel financially comfortable to indulge in a summer vacation, especially if they skipped their annual trip last year due to budget restrictions. In fact, research from Ameritrade shows 78 percent of Americans will take a trip in the coming months and one in four of these will spend more on travel this year when compared to 2012.
"While uncertainty remains, there have been good indicators that the economy is getting stronger and Americans are starting to feel more optimistic," said Carrie Braxdale, managing director of investor services at TD Ameritrade. "That optimism can help fuel spending, so it's not surprising to see that so many people plan to travel this summer."
Travelers often rely on checks, cash
While credit cards are a popular way to complete transactions, more traditional forms of payment are common among those traveling, especially if they're far from home. Vacationers may rely on checks and cash to complete payments if they want to avoid racking up interest charges on their credit cards and instead pay for their vacation on the spot, rather than receive the bill a month later. Many also rely upon these forms of payment because they may be unsure of whether their cards will be accepted at smaller retailers in other cities. Customers visiting from other countries may choose cash in an effort to limit the number of overseas transaction fees that may be placed on transactions they complete.
Tipping is another reason many travelers look to cash rather than cards or mobile payments. Most vacationers tip taxi drivers, helpful hotel attendants and restaurant servers, and they may find it's simpler to pay their entire bills with cash, rather than tip with hard currency and put the rest of a tab on a card.
With more people now preparing for their summer vacations, businesses across the country will need to prepare for additional business and implement the use of the latest cash counting machine and check scanner.
June 11, 2013