NEW YORK—Nearly six-in-10 businesses globally (57%) say they expect to never be entirely cashless. despite the widespread adoption of electronic, card and mobile payments, a new study shows.
The study, from PayComplete shows, found 41% companies still use manual cash-handling processes, leading to many businesses spending over $500,000 a year on excessive security costs, Chain Store Age stated in its analysis.
Other findings in the study include:
- 35% of organizations encourage buyers to use electronic payment methods to increase overall efficiencies, despite cash remaining a strong customer preference for payment.
- 34% of organizations say their biggest challenge is discrepancies when handling and processing cash due to low levels of automation.
- 31% of organizations say they are tightening processes and increasing staff training to offset their lack of automation
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