Despite the growth of alternative payment methods, a vast majority of the global population still pays in cash. While many tech-savvy consumers opt for cashless transactions for convenience, there remains a certain level of comfort and practicality when paying in cash.
Why People Still Pay with Cash
There is a certain kind of control that comes with carrying cash. Expenses are limited to the amount of money you have on hand. This is a contrast to credit card purchases, where there is a higher ceiling that can lead to overspending.
It’s quite challenging to transition into a cashless society when there are still many people—largely those who are economically disadvantaged—who don’t have bank accounts, credit cards, or smartphones with which to register and use e-wallets.
In addition, security is a major consideration. Digital transactions involve sacrificing privacy and increasing exposure to hacking.
Some people just feel safer by keeping technology separate from their finances.
A Cash Management System to Automate Payment Transactions
Cash payments are here to stay, but retailers can still leverage technology to ensure seamless transactions. The solution? A system that marries the advantages of cashless transactions and the practicality of cash payments.
SafePay is a point of sale cash recycler that accepts and automates cash transactions while limiting cash handling between the customer and store employee. It is a versatile system that can work with or without employee assistance. It’s all about the convenience of the buyer.
What are the advantages of such a cash management system?
Efficient Cash Automation
A robust cash management system such as SafePay includes physical and digital components. A note and coin recycler accepts cash, and each transaction is recorded by the store’s point of sale system. Since the cash handling portion of the transaction is the responsibility of the consumer, this all but eliminates any payment disputes between the consumer and the store employee. This frees up employees to focus on more important store tasks.
SafePay effectively replaces tills, which minimizes cash exposure at the counter. Since each cash transaction is closely tracked and recorded, incidences of internal theft are all but eliminated. After cash is collected, the notes are secured in a cassette or thermally sealed plastic bag for safety.
With Tidel SafePay, businesses can provide versatile services to their customers. The system can be deployed a number of ways, including:
- As a self-checkout system
- As an assisted self-checkout system
- As a cashier-facing, in lane cash recycler
SafePay’s adaptability enables retail stores to deploy it where cash automation is most needed.
The Bottom Line
There is no doubt that cashless transactions are convenient. However, as long as there is an economic divide and security issues germane to online transactions, millions of consumers will still pay for their goods with cash.
Retailers must ensure that cash payments are more secure and convenient for their customers and employees. SafePay enables retailers to optimize their labor usage by shifting the responsibility of cash payments onto the customer, freeing them up to handle more important, value-adding tasks, all while enabling a greater overall security profile for the store. Furthermore, SafePay provides an effective and trusted way for the self-service customer to pay for their goods with cash.