How Cash Automation Helps Retailers Combat Labor Shortages
Paypod: The Labor Shortage Solution
With labor shortages in the United States reaching a record-high1, retailers across the country are feeling the pressure. Summit Gasoline, a convenience store and gas station chain with locations on the West Coast, is no exception. With a lack of cashiers to serve customers, Summit had to find another way to keep checkout lines from stretching around the store and customers abandoning their carts. That’s why they invested in Paypod™, a cash automation solution.
Summit serves as a testament to the longevity and relevance of cash, with the currency accounting for 50% of their sales. But as the store grew in popularity, they struggled to find enough cashiers to handle cash during transactions. This resulted in customers that were purchasing just a handful of items having to endure long waits, and in some cases, abandoning their cart.
That’s why the president of Summit invested in Paypod™ for his stores. With this cash automation self checkout system, customers could skip the lines, insert their cash and be on their way.
“They especially come in handy during rushes when we have anywhere from 6-8 customers standing in each line with three cashiers working,” he said. “We placed two Paypods next to those lines so that anyone paying with cash can get in and out quicker.”
What is Paypod?
Paypod is a cash automation solution by CPI that makes cash handling easier and safer than ever. Retailers are constantly looking for ways to reduce wait lines and drive store efficiency, which is why we designed the industry’s most sophisticated, seamless and secure cash handling device.
Paypod is designed to deliver maximum flexibility that can work with any store’s needs. Whether a retailer wants to create a fully custom solution, add cash to their existing design, or automate cash handling in attended lanes, Paypod can handle it with ease.
Overcoming Labor Shortages
Retailers have been feeling the burn of nationwide labor shortages, with 70% of them expecting these shortages to hamper their store’s growth.2 As of 2022, there were 4.6 million more jobs than there were potential employees.1 When there aren’t enough employees, lines grow longer and customers grow frustrated, opening the door for higher levels of cart abandonment and reduced profit. Retailers are left with limited options to solve these issues: either raise wages or support existing employees with technology that enables stores to increase operational efficiency and improve the customer experience.
Self checkout has become a popular tool to combat labor shortages, and while many stores have adapted it, systems that don’t accept cash are only solving half the problem. With over a third of transactions under $25 being made with cash,3 stores that specialize in small purchases (like c-stores) are reliant on cash-paying customers being able to checkout with ease.
Optimizing Labor Usage
Utilizing a cash automation solution like Paypod allows cash-paying customers to avoid long lines and breeze through the checkout process. Paypod also removes the need for cashiers at attended lanes to manually handle cash transactions. Instead, stores can redeploy their labor to focus on tasks like inventory, shelving, and most importantly, interfacing with customers.
A study found that over 40% of consumers are willing to pay more for excellent customer service and increased convenience.4 Transferring employee responsibilities from handling cash to assisting customers does more than just improve the customer experience – it presents an opportunity for increased revenue.
Maximizing The Benefits of Self checkout With Paypod
Cash handling is a time-consuming, error-prone, and resource-intensive task, and with a labor shortage, it can become an even bigger strain. Paypod reduces the cash handling burden on stores by automating the entire process and making for a speedier checkout. Providing the utmost security, Paypod is fit with a lockable enclosure door, lockable banknote recycler cashbox, and a dual-locking feature on the coin recycler.
Regardless of store size, Paypod is available in several designs that can fit in any existing counter. The new Paypod Compact is the most space-efficient design yet, allowing retailers to make the most of their floor space.
For easy management of checkout systems, retailers can take advantage of Simplifi software in conjunction with Paypod. This allows them to remotely manage connected devices in order to see critical errors/warnings, receive notifications and clear issues remotely. From installation to maintenance, our in-house service team is there with stores every step of the way to ensure that their systems run as smooth as possible with minimal downtime. With solution, software and service offerings, CPI provides retailers with a holistic all-in-one solution to their self checkout needs.
Your Trusted Partner
Payment is the natural starting point for any checkout strategy. With decades of technical expertise and a carefully curated network of strategic alliances, CPI has been the payment solutions provider of choice for top retailers. To learn more about our cash automation solutions, visit our website.
1US in the Middle of Biggest Labor Shortage Since WW2: Goldman Sachs (businessinsider.com)
22022 retail industry outlook (deloitte.com)
349 Percent of U.S. Consumers Pay with Cash for Purchases Under $10 | San Francisco Fed (frbsf.org)
4Experience is everything: Here’s how to get it right (pwc.com)