How to stay on top of cash in a digital world
When it comes to payment, the future is digital. It is now possible to pay for almost anything digitally and for many of us paying with cash is an inconvenience. It is even becoming common for traditionally cash based businesses like taxis to have digital payment options.
There is no doubt that in the UK we are moving away from cash payments at a rapid pace and with figures from 2015 showing that, for the first time ever, digital overtook cash as the most popular payment method, this looks set to continue.
However, while the market trends all point towards a reduced cash society in the future, it is at present impossible to ignore cash. Around 1 in 10 small business refuse card payments and with costly public projects like the rollout of the new polymer £10 and £20 notes scheduled to take place in late 2017 and 2020 respectively, clearly the Bank of England still believes that cash has a role to play in our society.
As a result, for companies that supply payment equipment, the market is now particularly challenging. The market trends point towards a reduction in demand for traditional cash handling equipment, but it is also too early to stop offering cash handling equipment altogether. Furthermore, existing equipment still needs to be maintained on customer sites, despite the fact that the market is shrinking.
Part of the problem is that as digital payment becomes more prevalent, cash equipment maintenance takes place less frequently and as such maintaining a skilled field workforce to complete these jobs is gradually getting more expensive. For this reason, partnering with the right company to provide an outsourced technical resource can be very beneficial. A lot of the maintenance that takes place on customer sites is simple. For example, cash registers may need cassettes swapping or small parts replacing, all of which can be completed according to a job script.
It might not be possible to move entirely away from having skilled engineers to complete the more technical maintenance of cash handling machines, but having access to a flexible outsourced workforce can be greatly beneficial for smaller jobs. The right partner will be able to charge on a case by case basis, so you can save on the cost of maintaining these gradually diminishing jobs and start using your skilled resource to focus on the more relevant digital payment alternatives.
ByBox has a technical resource that can help with this kind of work and we have experience in dealing with cash handling machinery following the rollout of the polymer £5 last year.
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