1/5/2004
A noticeable trend has emerged at the point of sale; instead of
using cash, people are using plastic to pay for purchases. According
to David Gosman, Senior Project Manager at Budget POS, "Credit
and debit card usage in retail stores has risen sharply in the past
five years compared to cash or check usage." The convenience,
ready source of spending and the benefits of paying by credit card
have been major players in the increase. This benefits the retail
purchase, because, "Customers are more prone to spring for the
impulse buy, pushing the average credit card sale 30% higher than
its cash counterpart."
Credit card and debit card processing times average 25-45 seconds
per transaction on a standard dial-up connection using old
technology. During the holiday season and other busy times of year,
these times can skyrocket due to congested phone and computer
systems. For many stores and restaurants, the delays have resulted
in longer lines and frustrated customers.
Budget POS, through a partnership with CoCard Systems, has
reduced transaction time to 2-5 seconds per transaction. Budget POS,
the developer of the Cash Register Express retail point of sale
system, and CoCard Systems provide the integrated online credit card
and debit card processing IN LESS THAN 5 SECONDS.
Rick Jernigan, Merchant Account Provider for CoCard, reports,
"Industry studies have shown that for every 10 seconds by which
retail stores speed their average checkout time, they can capture an
additional 1% in sales volume." Customers are more willing to
bring merchandise to the cash register if the line is moving fast.
Additionally, less time spent on checkout gives employees more time
to personally attend to potential customers. "20-30 seconds
saved can result in a two to three percent increase in sales."
About CoCard
CoCard is a full-service credit card processing and merchant
services provider, specializing in retail/storefront credit card
processing, Internet credit card processing and wireless credit card
processing. For more information, contact Rick Jernigan at (800)
317-1819.
