PayComplete research: notes and coins alive and kicking but businesses must tap latest CashTech solutions

57% of businesses expect to never be entirely cashless despite the widespread adoption of electronic, card and mobile payments.

That’s according to a new research report from cash management solutions provider PayComplete which surveyed 490 cash processing and management decision-makers within the retail, hospitality, and leisure sectors from the US, UK, Germany, France, Italy, and Spain.

However, regardless of this staying power and continuing popularity with consumers, many businesses are still stuck with out of date manual processes for handling, storage, counting and reporting.

It has been found that 41% of companies still use manual cash handling processes, leading to many businesses spending over £400,000 a year on excessive security costs which could be slashed with the introduction of new CashTech solutions.

Globally, cash usage remains resilient, with estimates of $40 trillion of physical cash in circulation.

"Cash is alive and kicking in the 21st century. However, organisations aren’t giving it the attention it deserves. Just as card payments evolved from low tech systems like pen on paper slips to magnetic stripes and now fully interconnected electronic systems, cash is having its own digital revolution,” says Simon James, CEO at PayComplete.

“Previously cash management advancements relied on new hardware being deployed, but this piecemeal approach has created fragmented, Frankenstein cash estates that are inefficient and reliant on manual processes. It’s time for a new digital attitude to physical cash.”

A lack of automation is having a major impact on business operations leading to issues including cash discrepancies, security worries, and high cash management costs, which were ranked as the top three handling and processing challenges. 

High costs due to inefficient processes are a massive concern for businesses.

Research reveals that when over six people are involved in cash handling, the cost of security measures increases by over 380%, to an average annual cost of over £409,000. By reducing the number of people involved in handling, businesses can slash their operating costs while simultaneously reducing losses from risk, fraud, and theft by 280%. 

Jame adds: “Only a few (27%) forward-thinking businesses have fully automated their cash reporting with CashTech systems. This lack of automation when it comes to cash holds organisations back from reaching their full potential.”

“Cash management has left the Stone Age and entered the Digital Age. While some organisations are looking to steer customers down the route of cash payments due to their efficiency, the report reveals how others are looking to develop a dual strategy where the cash management processes are reviewed holistically and optimised with new technology to achieve levels of efficiency that have previously only been associated with card payments.”

He concludes: “Anyone who thinks cash is a relic of the past is in for a big surprise. But this doesn’t have to be a problem or challenge to overcome.”

“Adopting the latest CashTech solutions to automate and fully connect their cash estates, allows businesses to finally have a complete view of their payment ecosystem that combines electronic and cash payments together.”