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(Hosting-NewsWire.com, May 14, 2013 ) San Francisco, CA -- The National Grocers Association along with Balance Innovation released their 2013 Grocery Retailing Payments study. The work was said to be designed in order to create a better understanding of the industry's payment practices in general. Such research focus would include practices that were related to all styles of payment, including check, debit cards, and automation payments. The study also looked at payment-related topics, such as coupon usage and e-commerce activity.
“There is a lot of uncertainty about the technical future of payment processing. While consumers have the most say in the success or rejection of future payments innovations, retailers must also keep a watchful eye on their costs,” said Peter J. Larkin, president and CEO of NGA, in a press release. “Costs related to employee handling can be an indication of the need to improve
payment processes and remove inefficiencies, such as the more streamlined handling of cash and checks.”
“Understanding the latest trends helps retailers optimize their own internal payment mechanisms to reduce shrink and inefficiencies and to meet payment processing needs,” added Shelley Bosler, senior vice president of Strategic Initiatives for Balance Innovations.
According to the research, over 60 cents of every dollar in sales is paid with credit or debit cards. Cash is the second-most utilized currency type, with 23.1% is utilized. Checks have fallen into the single-digit range. Checks do, however, hold the distinction of having the highest average value per check, at $63.21 per usage. The average for all payment types included comes out to $27.65 and over 11,000 transactions in total.
A third of all grocers have an online ordering system that is currently being used. Another 8% state they are planning to add an online ordering system by 2015. Over 70% of all cashiers are involved with counting of tills, while a majority of companies now have a second individual who
is in charge of counting drawers, often known as a bookkeeper or front-end manager.
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