What are your goals and challenges at the point of sale?
Do you have issues managing cash? Or issues with cash shrinkage? Maybe you struggle because of setbacks
from rising labor rates, finding qualified labor, and managing operational costs. At APG Cash Management Solutions, we understand your cash management challenges.
The minutes and hours spent physically counting and moving cash is inefficient. This creates bottlenecks at the point of sale, which affects customer service, causes walk-outs and hurts your bottom line. At the end of the day, more often than not, the till count rarely matches the expected revenue.
With all the activities going on in a store it can be difficult to focus on and resolve the cause of cash discrepancies. But what if you had the data necessary to give you full cash visibility at the
point of sale (POS)? What if you could account for all the cash in your store from the time of tender to the time credit is made to the bank?
Retail payments are changing, yet according to the U.S. Federal Reserve there is $1.7 trillion cash in circulation in the United States as of January 2019. In fact, cash represents between 30 to 45% of all global transactions.1 Although there has been a rise of electronic payments, cash is still the most commonly used payment method in the world. In the U.S., cash accounts for roughly 30% of all transactions and 55% of purchases less than $10.3 The U.S. Federal Reserve predicts that cash will grow an average of 2.4% per year from 2016 to 2021.2
Despite the growing popularity of electronic payments and a preference by many consumers for payments with plastic, cash isn’t going away any time soon. Millennials use cash five times more than mobile payment platforms. About 55% of small businesses prefer cash transactions, refusing to accept payments in plastic so they don’t have to pay credit card fees.5 The San Francisco Federal Reserve Bank Report stated that over seven in ten people use cash for in-store purchases. Among different top cash spending categories, fast food accounts for 41% and convenience and gas stations account for 33% of cash transactions.6
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