In retail, options are mandatory

 

If you know anything as a retailer, it’s that shoppers want what they want when they want it. We want to shop from our couches at 11 p.m., or we want to drop into a store and have an experience; we want to get things delivered, or we want to pick them up the same day. We want every option so we can create the experience we want and need in the moment.

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It’s official: The cost of cash is more than you think

  


Get 10 retailers in a room and ask them what their most expensive form of payment is. What do you think they’ll say? I’d wager most of them would say credit – but they’d be wrong.


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Would your business stop accepting cash for $10,000?

 

Visa is offering restaurants $10,000 if they stop accepting cash payments from customers. It’s called the “Visa Cashless Challenge,” and it would force patrons of restaurants that accept the challenge to pay with a credit card or digital payment method.

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Solving c-store cash worries

 

CSP’s sixth annual cash management study revealed that, much like last year, convenience store owners and operators are by no means immune to the currency concerns plaguing other retailers. Respondents remain concerned about day-to-day cash handling issues:

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What does Amazon Cash mean to brick-and-mortar retailers?

 

There’s no denying Amazon has changed the retail landscape. When the site debuted in 1994 as a purveyor of college textbooks, primarily, nobody could have predicted the massive effect it would eventually have on consumerism in general.

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Generation Z: Cash or cards?

 

Today’s youngest generations with purchasing power, millennials (college students and young professionals) and Generation Z (junior high and high school students) are digital natives. They grew up with computers at their fingertips and in their pockets. 

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Fed survey: Cash remains most popular retail payment method

 

The Federal Reserve Bank of San Francisco just released preliminary findings from its 2015 Diary of Consumer Payment Choice, a study on cash that was originally conducted in 2012. This year’s study found that while the use of cash has declined slightly since 2012, it is still the most popular payment method among people of all ages, across all types of transactions. Of course, that means you’ll continue to accept, handle and manage it, which can be costly.

 

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Holiday spending | The effects of “falling back” and e-commerce

 

This year, holiday spending will increase once again – approximately 4 percent over 2015 – and is predicted to top $1 trillion for the first time ever, according to Deloitte’s recently released 2016 consumer survey. NRF’s annual survey found similar results – American consumers plan to spend an average of $935.58 this shopping season.

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EMV: Coming to a gas pump near you

 

The EMV deadline has passed for retailers, and dipping a chip card is becoming more and more commonplace for customers. Informed customers know the importance of moving away from the vulnerable magnetic stripe to the more secure chip, so it’s concerning to these customers when they have to swipe at the pump. There is a reason we have to swipe, and it’s a pretty good one.  

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Understanding retail credit card processing fees

You already know credit card processing fees can add up – and be confusing too. However, like death and taxes are to life, credit card fees are to retail: inevitable.

Inevitable doesn’t mean ignorable, however. One of the worst things you can do for your operation’s financial health is to pay these fees without understanding them, an oversight that can lead to overpayment and missed dispute opportunities.

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