Dual-purpose cash and cheque scanners still needed given Canadian consumer transaction habits
While there has been an undoubtedly large swing toward web-based and mobile payment methods, Canadian consumers are still very attached to using physical cash and cheques to finalize transactions, further underscoring the need for retailers and small businesses across the nation to invest in dual-purpose cash and cheque scanners to help process these sales and keep the store operating efficiently and effectively.
This continued reliance on physical forms of currency by Canadians was recently highlighted in a report by Payments Canada that showed cash and cheques are still king, despite online modes growing in their popularity.
Dual-purpose cash and cheque scanners round out a business's capabilities
The Canadian Payment Method Trends report found 20.9 billion transactions were processed in 2015, amounting to a total market of $8.9 trillion, of which cash and cheques both took dominant, even if declining, shares of that market. For instance, while cash use has fallen over a four-year spell, it still made up 34 per cent of overall transaction volume, well ahead of the 24 per cent of second-place debit cards. Likewise, while cheque use has retreated some as a result of uptake of online and mobile technologies, cheques made up 44 per cent of total transaction value, keeping it at the top of the table. The report made special note that while indeed cheque use is not at the same heights, its share of value continues to grow thanks to continued use by Canadian businesses and enterprises.
The report said cash and cheques still retain such considerable rank in transactions because of how consumers shop. Even in a world increasingly gripped by online shopping and showrooming, proximity transactions, those most likely to include cash or cheques, are still the dominant force in shopping.
For any business to compete on all fronts of transaction processing it needs to invest in a dual-purpose cash and cheque scanner. As the report demonstrates, while such physical forms have ceded some ground to swelling online payment methods, they are still the go-to form of payment.