Summer Savings

27 July 2021

summer_savings_blog_C04_02_1860x896_desktop

People always tell me that as a parent, Christmas is the most expensive time of year. If this is really true, then I am doing everything wrong over the 7-week summer vacation that my little boy is currently enjoying. Finding activities that keep him active, engaged, and sociable over these weeks is a challenge. Often, I must find organised things to do, whether it is an activity park, leisure centre, or a soft play area for those rainy days (of which there are many in a Scottish summer).

Of course, I use public parks - which are free - as often as possible. But there are occasions where I need to pay for the activities we are going to do. Many instances where I need to pay are relatively low cost. Typically, under £20 ($27). Seems reasonable, right?

Well, I thought the pricing was fair over this past weekend, then I looked at my receipt. I was charged a card payment processing fee on top of the cost of tickets. Incredibly, the cost of processing was more than 25% of the cost of the tickets themselves. This additional fee caught me by surprise and annoyed me when I quickly realised that it could have been avoided if I had been able to pay in cash.

A recent article in the Financial Times, showed that using cash is significantly cheaper for businesses than accepting debit or credit cards. This made for very interesting reading after the glance at my receipts, especially given that my experience was that the cost of using a card had made its way to me - the consumer.

Cash is nearly half the cost to process than a credit card for those lower value transactions and is nearly a third cheaper for businesses to process than a debit card.

A quick scan of the chart related to the cost of each payment method will tell readers one thing. Front office time and back-office labour are the major costs of cash in low volume transactions. The problem of dealing with low value transactions in cash is clear, and easily remedied, it’s the cost of dealing with cash in store. The solution is already available and does not require the reinvention of the wheel.

The solution exists. Cash recycling in both the front office and back office can dramatically reduce the cost of cash. These technologies can be deployed quickly, with the impact on both costs and customer experience becoming tangible instantly. Cash recycling solutions from Glory are intuitive for customers and store staff to use. Minimal training is required. Instant impact is inevitable.

Find out more about Glory cash recycling solutions that can impact your retail business today.

Contact us

Never miss the latest blog

Subscribe