Increase In ATM Withdrawals Could Mean Opportunity To Sell Cash Management Solutions
By Cheryl Knight, contributing writer
With more and more to mobile and online sales, cash transactions and ATMs should be a thing of the past — but not according to Retail Banking Research.
A new report, Global ATM market and Forecasts to 2019, focuses on how ATM usage and the cash withdrawn from them increased on a worldwide level in 2013.
Cash Withdrawals Increase
According to a Point of Sale News article on the report, cash withdrawals at ATMs around the world were up 9 percent over 2012 numbers. Roughly 87 billion cash withdrawals occurred worldwide in 2013 compared to 80.8 billion made in 2012. In addition, the amount of cash withdrawn increased by 1 percent to $13.4 trillion for 2013.
An APG Cash Drawer white paper “Cash Management Solutions: The Emerging Opportunity for POS Dealers” states cash transactions amount to about 40 percent of all sales — with many of these transactions for amounts less than $10. Also, a 2012 Intuit study found 55 percent of U.S. small businesses don’t accept credit cards.
Keeping Track Of Cash
Cash management solutions can help your customers solve challenges associated with handling cash — namely errors and theft.
The BSM article “Benefits Of Cash Management Solutions For VARs” touches on some solutions:
- Weighted compartments within a till that measure the weight of bills and coins, providing an accurate count.
- Cash recyclers that provide a hands-free alternative to physically handling cash.
- Smart safes, which function as a sort of “reverse-ATM,” verify and count bills.