Consumers now have several ways to make purchases at businesses, but enterprise owners should consider investing in dual purpose cash and check scanners to save time during back office operations. Even though electronic payments and digital currencies take up most of the headlines in the financial industry these days, a new study from the U.S. Federal Reserve System found that cash and checks are still an important part of daily transactions. This means employees may still find themselves having to process checks or count large volumes of cash on a regular basis for years to come. Leveraging the right technology will help companies in a variety of industries uncover simple ways to reduce costs.
Card-based payments are up, but cash and checks still popular
According to the Federal Reserve, overall card-based transactions have grown at a relatively steady pace in the last few years. Check use has evolved as well. In 2012, almost all checks were processed electronically, either through automated clearing house technology or with digital imaging. This growth in electronic payment processing hasn't necessarily corresponded with a proportionate decrease in cash, though.
The same report revealed that there were 1.2 billion debit card-based cash-back transactions in 2012. The average value of these exchanges was $116. In other words, consumers are using card transactions as a way to get a hold of more paper currency. Other studies have found that digital currencies, such as bitcoin, won't likely turn out to be anything more than a short-term fad in the future. A recent article from the USA Today indicated that the U.S. Internal Revenue Service officially announced that it will recognize and tax bitcoins as property, not currency. A study from the United Kingdom-based market research firm Populus found that global consumers are particularly wary of using these alternative payments on a regular basis.
What all of this means for enterprise owners is that back office processes will most likely look the same for the foreseeable future. As a result, investing in a dual purpose cash and check scanner to eliminate the need for manual counting or repeated trips to the bank will save money and enhance operational efficiency. Completing these processes can take a significant portion out of the day for staff members, no matter what the size of the organization. Automating time-consuming tasks is a smart long-term strategy that allows for a more effective use of resources.
April 29, 2014