Blog Post

5 Ways Everyone Wins When Your Business Embraces Cash

  • By Admin
  • 05 Mar, 2020
Bank Teller Counting Money — San Antonio, TX — South Texas Business Systems Inc

Should your business still embrace cash as a payment method in this modern day and age? Although it might appear to be on its way out, cash is still the preferred means of buying a wide variety of things for many of your customers. Why is this? And how can your business benefit from promoting cash customers?

1. Cash Has No Added Costs

While each customer has many choices about how to pay, cash is consistently the option with no added fees. Your customer won't pay interest on their purchase, exchange fees, or overdraft charges. And you as a business won't have to deal with swipe fees and electronic transfer costs.

All this money saving is particularly good for businesses that have a significant number of small value items for sale. A person may not be as tempted to buy a small-dollar item if they have to deal with PINs, signatures, or interest fees. Simply handing over a $5 bill is easier, faster, and more likely to result in impulse purchases.

2. Cash Isn't Tracked

Electronic forms of payment must, by their nature, be tracked and tallied. That data is made available to all users with the right access as well as bank associates and even authorities at times. Cash, on the other hand, is discreet and private. This appeals to many customers, ranging from those who simply value their privacy to family members who want to make surprise purchases for parents or spouses.

3. Cash Works When Other Methods Don't

Any number of failures can cause electronic payment options to stop working or experience glitches that turn customers away. But cash doesn't need electronic devices, power, the internet, or a working website. This is an important distinction both for you and for your customers. You keep your business operating even during emergencies and people can get what they need.

4. Cash Is Open to All

When you choose not to accept cash, your business discourages certain pools of paying customers. This could include older, less tech-savvy customers as well as those who aren't served well by modern banking systems. Could your business benefit from appealing more to these types of customers? Then you want to promote it as an easy and safe way to pay.

And while it may seem like all young people use apps to transfer money among themselves or to pay small vendors, many are still carrying around cash for smaller purchases. No matter whether they earn it or their parents give them the cash, it often burns a hole in their pockets in a way that virtual money doesn't.

5. Cash Is Simple

You don't need a business degree to work with cash. As a business owner, you receive the face value of each purchase immediately. Unlike credit or checks, cash generally doesn't have a waiting period before you can access it through the banking system. And you don't need to do any special transactions in your accounting books in order to account properly for expected income or to coordinate with apps.

Your customers also benefit from the simplicity. Many people who have budget challenges use cash as a way to limit their spending. And customers who don't want to have to track their spending often prefer the simple math involved in knowing how much they've spent or have remaining.

Which of these benefits of cash transactions could aid your business the most? Whether you want to encourage a larger pool of customers, keep your books simpler, or ensure business continuity, embracing cash is an easy way to do it.

Want ideas about how you can equip your business to promote cash payments? Start by talking with the physical money experts at Banker Money Counting Systems today.

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Right now, in your convenience store, you and your employees might count and handle money the oldfashioned way. A currency counter might not seem like a necessary investment, but it's worth the cost. These are a few reasons why these devices are particularly useful in convenience stores.

1. Detect Fake Bills

Because of the sheer number of transactions that are often done in a convenience store throughout the day and because of how fast these transactions usually happen, convenience stores can be at more of a risk of receiving counterfeit bills than many other businesses.

If employees use a currency counter when accepting larger amounts of money, they can quickly check to make sure that the bills they are being given are real.

Even if money has already been accepted by employees and is being counted at the end of the day, the counterfeit detector on your currency counter machine can help you catch fakes so you'll avoid taking them to the bank or keeping them in circulation.

2. Save Your Employees Time

Your employees probably have a lot of responsibilities in your convenience store. Having to spend a lot of time counting money takes away from the other things that they may need to be doing. If you have a currency counter that they can use, employees can make quick work of counting money so that they can quickly move on to the next task.

3. Get Money Put Away Quickly

Convenience stores are at a great risk of being robbed, so taking steps to help prevent theft is important. One of the key things that you can do is to keep a limited amount of money in your cash register drawers. Having employees put money in the safe once they accumulate a certain amount helps decrease the risk of theft, and if theft does occur, it helps minimize the loss.

If employees have to count money by hand each time that they put it in the safe, the money will be left out for longer. Also, robbery may be more tempting if employees are seen visibly counting large sums of money in the store.

With a currency counter, employees can get money counted and put away very quickly and discreetly. This helps keep both employees and the money in your store safe.

4. Prevent Human Errors

Your employees are probably pretty adept at counting money. They might do it all day long when they accept money from customers. This doesn't mean that they can't make a mistake, though, especially if they're in a hurry. Wet bills or brand-new, crisp bills can easily get stuck together, making it easy for a person to make a mistake, for example.

Currency counting machines have high accuracy rates, though. If your employees always use a currency counter when counting money, they will help decrease the chances of a mistake being made.

5. Avoid Spreading Germs

It's no secret that money is often covered in germs. Your convenience store employees obviously aren't going to be able to avoid coming in contact with money, but you should still minimize the spreading of germs.

After all, your employees might prepare hot dogs or other foods for your customers, and you don't want them to spread germs that can make someone sick. You don't want your employees to get sick either.

With a currency counter, you can help minimize how much physical contact your employees have to have with money.

A currency counter is a great investment for any convenience store, whether it's a small, rural convenience store or a large truck stop on a major interstate. Contact us  at The Banker Money Counting Systems to find out more about our currency counting systems and how they can improve your convenience store.
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