Recently we have seen great deals on EFTPOS being made available for our clients. Now by the nature of how EFTPOS works, it is easy to determine its costs to your shop but have you ever asked yourself what the cost of cash is? These costs are often hidden.
The problem is that cash handling is very labour intensive. The big cost is that it requires the most expensive employees in the shop to prepare the float, balance the count and transport cash back and forwards from the bank, which of course means that these employees are not available for profitable customer-facing transactions.
If you are interested, I think you will find this interesting report. They estimate that it costs about 4.7% of the takings which is I think on the low side. They do however have a spreadsheet so you can use it to determine your figures. Please add a few other items like security cameras and safes to determine your figures. Then let me know.