Today, American consumers have many options to make payments. Online services such as PayPal or Venmo allow shoppers to pay for items using only a few keystrokes. If pushing a button is too laborious, individuals can simply wave their phones over scanners to make in-store purchases with Apple or Android Pay. Then there’s the handy debit and credit card that have been recently given the secure “chip” upgrade international shoppers have enjoyed for years. With so many advancements, it would be easy to assume traditional payment methods – such as checks or hard currency – have fallen out of favor. While that may be true for the former, trends in technology are playing a prominent role in keeping cash king.
Online data breaches at national retailers such as Target and Home Depot have put many consumers’ credit card information at risk. These threats influence shoppers’ payment decisions when making in-store purchases, with many opting to pay with cash to limit their exposure to theft.[1] As a result, stores may need to strongly consider adopting cash management solutions that can help a store deal with a large influx of physical currency. Not only can an advanced cash management solution provide effective theft deterrence, it can also streamline operations to help brick-and-mortar stores thrive in the digital era.
E-commerce channels such as Amazon have seemingly upended the landscape of brick-and-mortar stores. However, the reality is Americans still make 90% of their purchases in physical shops.[2] To compete with online counterparts that enjoy lower operating costs, brick-and-mortar retailers will need to become more efficient. This involves deploying smart technologies to help maximize costs savings. Smart cash management systems that are fast, accurate, and easy to use help ensure the success of physical retailers in an online age.
As one of the world’s leading manufacturers of cash management systems and robbery deterrent products, Tidel is aware of how technology can improve efficiencies, save costs, and increase safety among retailers. After clothing retailer Abercrombie & Fitch installed Tidel’s Series 4 system in nearly 500 of its stores, the company achieved improvements in operations, cash handling, and transaction accountability.[3] The Series 4 boasts a groundbreaking design, and innovative features for enhanced serviceability and greater usability.
While technology has resulted in the digitization of payment systems and the transformation of how shoppers consume in the modern world, it has also enshrined the relevancy of cash and the need for effective cash management. For nearly 40 years, Tidel has supplied retailers with superior cash management solutions and theft deterrent devices. We continue to develop innovations to help our customers optimize, protect, and automate their cash management environment. To learn more about our offerings, visit us at tidel.com today.
[1]www.fticonsulting.com/~/media/Files/us-files/insights/articles/damage-data-breaches-retail-sector.pdf
[2] www.usatoday.com/story/money/2015/11/25/why-retailers-still-want-you-in-stores/75999548/
[3] https://www.tidel.com/case-studies/