Providing Piece of Mind for Cash Handling Businesses
According to figures revealed by WorldPay, 75% of UK consumers said that a lack of alternative payment options suggests a store is ‘behind the times’. Further to this, 41% said the retailers they trusted the most were those that made it easy to pay by card as well as cash.
For cash-handling businesses such as small retailers, boutique shops and independent traders, these figures may cause alarm. However, with the right procedures in place such as providing a credible, professional-looking proof of payment these fears can be easily eradicated.
While card payment solutions may be a viable option for many businesses, some individuals may prefer using traditional cash transactions exclusively, such as cafes or stallholders who require payments to be processed quickly and easily. The majority of purchases made at a local sandwich shop, for example, are only likely to amount to a few pounds – with patrons typically using spare change to make a payment.
So, why don’t these types of merchants just accept card payments? Often it is due to the significant merchant fees and operational costs that many independent businesses, often operating with minimal margins, would struggle to make.
A key challenge for these cash handling businesses is the auditing process behind the scenes – how do businesses effectively monitor cash flow levels to ensure sufficient profit is being made? Cash counting machines such as those manufactured by Tellermate or Volumatic are tremendous assets in terms of streamlining the monotonous ‘cashing up’ process, however it’s important that all this information is name and date checked in order to identify discrepancies further down the line. Printed confirmation of counts is a great way of keeping track of takings and helping to forecast future goals.
Furthermore, results found that a fifth of those surveyed aged under 35 also found they would be concerned about the quality of products in stores that only take cash, while a further 22% said they had actually abandoned purchases when their preferred payment option hadn’t been available.
How can cash-only businesses respond to this challenge?
A printed receipt, while simple, can be the provision that ensures piece of mind for consumers, providing physical evidence of a proof of purchase should the product need to be returned or providing a documentation of payment for expenses or auditing purposes. Being able to process a clear, legible receipt will only encourage customers to make a repeat purchase – a key win for any small retailer.
Thermal receipt printers such as the Ap1300 and Ap1600 are lightweight, portable and a true asset to any small business looking to increase credibility and ultimately, sales. Many solutions can be integrated to existing ordering, marketing or e-commerce systems to help manage stock levels and profitability.
In an increasingly competitive marketplace, the cost for businesses of attracting a new customer is the greatest it has ever been. Maintaining the highest levels of customer retention whilst ensuring profitable trading should be the top priority for businesses of all sizes not least ones relying on the rather transient nature of cash-only purchases. A robust cash handling systems plus the ability to provide a printed receipt are simple ways to help achieve this.