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Streamlining retail operations with cash and cheque scanners

Streamlining retail operations with cash and cheque scanners

Dual-purpose cash and cheque scanners offer a benefit to nearly all retail businesses, an advantage that few other tools and systems can provide across such a wide spectrum of organizations. The retail industry is especially diverse - there are few requirements beyond being open to the public and selling them some kind of merchandise.

Because of the wide variation between different retail businesses, it can be difficult to pinpoint areas of general improvement. There are a few commonalities that exist, however, and addressing issues that arise in them provides a widespread benefit across the industry. One such area for improvement is the management of incoming cash and cheques. With nearly all businesses accepting these physical forms of payment, having the right platform in place to efficiently organize and track them is critical to success.

Dual-purpose scanners address common needs

There's no doubt payments with electronic components - from the need to scan and transmit data from a credit or debit card to fully digital payment options - have grown in popularity in recent years. The "2015 Canadian Consumer Payment Choice Study," the most current version issued by business payments company Total Systems Services, notes a sustained increase in the use of credit and debit cards. That trend shows no signs of going away any time soon, and mobile payments are also growing in terms of preference among the general public. However, that doesn't mean retailers should expect cash or even cheques - which TSYS said account for only about 1 percent of total payments - to disappear, especially in the near future.

For merchants, cash and cheques can be the most labor-intensive forms of payment to deal with on a day-to-day basis. Businesses have to schedule time for employees to regularly sort, count and secure them and, depending on volume, these tasks can take up a significant amount of time.

Dual-purpose cash and cheque scanners take what can be a major obligation of employee time and labour and make it a mostly automated process, with staff simply and quickly supervising the workflow. With an efficient solution in place to handle these forms of payment, retailers no longer have to worry about excessive labor requirements or a need to spend valuable time on counting and associated tasks every day. Instead, they can be confident in their new, streamlined process and more efficiently handle cash and cheques.

September 29, 2016