SOURCE: Balance Innovations LLC

Balance Innovations LLC

October 08, 2014 10:05 ET

New White Paper Examines Effects of Cash Back Transactions

LENEXA, KS--(Marketwired - Oct 8, 2014) - Cash back from a debit purchase at a retail store is a convenience for customers, but it can create operational headaches for the retailer. A new white paper, "Cash back: Consumer-friendly or cash office nightmare?" examines how retailers can set policies that provide this service to customers while also protecting their cash on hand.

Balance Innovations' recent survey of 1,665 shoppers revealed that 26 percent of consumers get their cash from transactions at a retail store and that millennials use this service more than any other age group.

Respondents also indicated that they felt cash back was convenient (89 percent), a good way to get a small amount of money (90 percent), and more personally safe than using an ATM (74 percent). 

If this trend continues, retailers could find themselves keeping unnecessary cash on hand in anticipation of cash back requests. But with analysis, retailers can maintain appropriate cash reserves and still accommodate their customers.

"Cash back presents an issue for any store," said Dennis Lindsay, chief financial officer for Nugget Market, Inc. "As a retailer, you want to provide a service that keeps people coming back, but it can be a challenge to balance cash supply and demand. In our case, it is now cash deliveries, rather than cash pickups, that drive our armored service."

The white paper can be found on the Balance Innovations website, along with other recent research pieces by the company.

About Balance Innovations
Balance Innovations is the leading developer of reconciliation and cash office management solutions for the retail industry. Our solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash office management operations. Balance Innovations' premier product, VeriBalance, is an easy-to-use software solution that is helping retailers across the United States and Canada increase profitability and improve operations by reducing labor, bank fees and shrink while standardizing and enforcing best practices and corporate policies. Other products include: vbEPIX™, an electronic check processing solution; vbSecure™, an electronic-safe management product; vbScout™, a self-checkout management tool; and vbInSight™, a corporate reporting product. Customers range from independent grocers to Fortune 50 retailers. For more information, visit www.balanceinnovations.com.

Contact Information

  • Contact:
    Diane Collins
    Director of Marketing
    913-599-1177