Dual-purpose cash and cheque scanners help businesses better manage incoming funds
Dual-purpose cash and cheque scanners offer many benefits to the businesses that use them, from highly accurate counting of incoming funds to reducing the time employees need to spend dealing with such tasks. Serial number capture and counterfeit detection are two other major advantages provided by cash counters.
However, some businesses are weary of making an investment into these powerful tools because of perceived changes in the way Canadians make purchases. The rapid change seen in consumer spending preferences, where electronic payments have grown to take up a sizable percentage of total transactions, can discourage organizations if they think consumers are quickly abandoning cash. The actual situation is a little more complicated - while cash and especially cheques have declined in popularity as payment choices in recent years, the two forms account for a significant percentage of total spending in the country.
Cash counters remain relevant despite a fragmenting payments landscape
Cash and cheques have seen their pieces of the total payments pie shrink as consumers receive more options and enthusiastically adopt some of them. However, cash is still commonly used, and cheques haven't disappeared from the payments landscape. While cheques account for just a few percentage points in the payments mix, according to a Bank of Canada report, the use of bills makes up more than 40 percent of all spending by volume. Together, these two traditional forms of payment represent close to half of all transactions across Canada.
The data analyzed by the Bank of Canada compared payment use and volume in 2009 and 2013 and examined more recent research from 2015. Some of the most recent information available from the bank contained interesting indications about perceptions of cash. Comparing cash to credit and debit cards in a preference survey, the central bank found cash held favorable ratings in four major categories: ease of use, cost, security and acceptance. While ease of use and acceptance were only rated slightly higher in terms of relative preference, cost of use and security had noticeably larger margins.
While the decline in cash and cheque use can't be ignored, it's not as if these forms of payment - especially in terms of paper and polymer bills, which still make up the largest single payment segment - will disappear any time soon. Businesses need to be prepared for long-term shifts in the popularity of various forms of payment, but they also need to recognize the reality of the situation and invest in solutions to manage the considerable amount of cash many will continue to receive for some time to come.
With dual-purpose cash and cheque counters in place, businesses know they have a solution in place to manage the physical payments that regularly flow into their cash registers. Increased counting capacity, very high accuracy and counterfeit detection are just a few of the benefits provided, not to mention freeing employees to focus on other tasks that need a human touch.