A new way to pay
Oct 05, 2010 Comments (0)
Retailers welcome the technology which is widely used across Europe, because it keeps cash secure from the moment it is received from the customer all the way to cash in transit, which at a stroke combats robberies and shrinkage, cuts the cost of handling cash and staff training, and improves the customer experience. Secure cash also enables retailers to boost turnover by keeping stores open longer without fear of robbery.
The system can be configured to suit any retail setting from stores of all sizes to fast food outlets and petrol stations, with smooth integration to existing EPOS applications. Cash is still used in the majority of retail transactions. According to the recent The Way We Pay 2010 survey by The Payments Council, cash is still popular in six in 10 transactions; and despite the growth in card transactions, shoppers still prefer to use cash to pay for their goods.
Cash payments accounted for 78% of Europe's 388 billion retail payment transactions in 2008 and the cost of distributing, managing, handling, processing and recycling cash and of accepting cash payments came to a total of 84 billion.