The news that Walmart in the US is to roll out the ability for consumers to pay bills, of any description, in cash in-store was most welcome. By August 2021 Walmart customers will be able to take their cash and pay their bills faster than ever before in over 4,000 stores.
Currently 22% of the US population is un- or underbanked, leaving many of them to rely on cash to pay for all the goods and services that they require on a day-to-day basis. The ability to pay bills in cash is vital for those who rely entirely on cash. But it is also an important provision for those who choose to pay in cash for the numerous benefits it gives.
This service, offering the ability to pay bills in-store, is of course not something new. But it is, and has been, an important innovation in the countries and retailers that offer it. For larger retailers, this service increases their ability to become a “one stop shop.” The single destination for customers to fulfil all their needs, and of course for the retailer to increase their revenue. For the smaller retailer, there are real tangible benefits too.
Offering the ability to pay bills in your retail store can increase footfall. An uplift in sales can come with people browsing. It gives local stores something more important though. It gives them an opportunity to become a “hub” for the local community. By taking on these extra services and providing additional ancillary services that add value to the community, the store can become a vital part of the local area. To ensure that you are serving the widest range of customers, you need to make provisions for the acceptance of cash, like Walmart has.
But with these new offerings of additional services, come challenges. In the words of the rapper Notorious B.I.G, “More money, more problems.”
These challenges can impact your bottom line, staff retention and the customer experience. Longer queues and stock not on display can lead to missed sales opportunities. Staff under pressure can lead to them becoming unhappy and looking for other employment. By not having someone able to answer customer questions, or customers having to wait in longer queues, the customer experience is negatively affected.
Fortunately, Glory has a range of cash automation solutions that can help you to deal with these challenges. By automating the cash handling processes inside the store, the increase in cash becomes the boon you would expect it to be. Staff can become more productive than they were even before the surge in cash. The automation of cash handling gives them more time to focus on serving customers and ensuring they have the best experience possible.
Find out how Glory technology can make an impactful change to your business today.
