Mistakes happen. But when mistakes happen in a restaurant or retail establishment where 20% of the bottom line is fed by cash-carrying customers, mistakes can translate into big losses and even threaten a business’ survivability.
Self-service kiosks help minimize cash losses stemming from miscounting, mishandling and even theft.
While most devices at the point of sale only process electronic transactions, several units with Pye’s suite of self-service solutions stand out for their ability to accept payments with dollar bills, quickly and accurately counting inserted money and dispensing change as appropriate.
“More people handling money equals more chances for human error to enter into the mix,” said Jegil Dugger, founder and CEO of Pye. “It also becomes difficult to trace errors back to the source, which means it is difficult to fix them.”
In this age dominated by electronic payments, cash remains a force in businesses where bill totals are relatively small. CreditCards.com reported that cash is the preferred payment method even among credit card rewards members. Some 43 percent of shoppers opted to pay cash for purchases of less than $10.
More notably to the broader business community, 88% of consumers indicated that they use cash for purchases at least occasionally. That makes kiosks capable of handling bills more appealing – to both restaurant owners, retailers and consumers.
“Consumers aren’t carrying around huge amounts of cash with them, so they aren’t likely to spend huge amounts,” Dugger said. “Still, businesses need the ability to accommodate someone preferring to pay with cash. A solution that incorporates cash payments makes your kiosks truly self-service.”
