If every customer paid with a card, retailers would be happy. You see, handling cash at your business can actually cost you money. Think we’re exaggerating? Research from IHL Group reveals the true cost of cash for retail stores runs anywhere from 4.7% to 15.3%. That hurts, especially in retail, where margins are notoriously slender.
There are two distinct problems associated with handling cash. The obvious one is that cash is easy to steal. The not-so-obvious issue — and the one that is costing you the most — is the time you’re spending dealing with cash. IHL Group suggests that automating this process can help a store recoup as many as 500 labor hours each month. We thought that was certainly worth looking to, so we did. Here's what we found.Read More