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Small businesses can efficiently process currency of loyal customers with cash counters

Small businesses can efficiently process currency of loyal customers with cash counters

Cash counters are integral tools small businesses can use to maintain efficiency and compete with bigger companies.

Being smaller in size and product offerings does not prevent small businesses from being successful. According to a recent poll from the Royal Bank of Canada Small Business Banking, Canadians are avid supporters of small businesses and are willing to go out of the way to support their local merchants.

Cash counters can aid small businesses streamline fund processing

A July study by RBC Small Business collected responses from 2,000 participants across six Canadian provinces and found that an average of 88 per cent of Canadians support local businesses when they are able to.

Another 55 per cent said they had no issue paying more for a service or good provided by a local vendor; this percentage increases to almost 70 for the millennial demographic.

"Canada's small businesses are the driver of our local economies and when given the choice, Canadians want to support their small and local businesses," said Jason Storsley, vice president of small business at RBC, in a company press release. "Owners and operators need to capitalize on this affinity for small businesses by satisfying consumer needs."

The study also found that 63 per cent of Canadians have thought about opening their own business, and of this number one-third have actually bought or opened a small business at some point. For millennials, almost three-fourths have given thought to being to a small-business owner.

According to Business News Network Canada, July saw lending to small businesses reach its highest point in last 18 months on the PayNet Small Business Lending Index. 

Canadians are enthusiastically supporting their local businesses and helping them grow. Although these businesses may not be as large as some, their revenue streams, created by ardent customers, can be just as consistent overall. Its also crucial for those Canadians opening businesses of their own to be capable of handling the monetary support of their customers. This means resources such as cash counters can play important roles in helping small-business owner efficiently process transactions involving paper and polymer bills.

November 15, 2017