Creating cash handling efficiencies

Convenience stores across the globe are experiencing a transformation from once fuel-driven landscapes to offering essentials that consumers once acquired from retail stores. C-stores face an abundance of macro-industrial and micro-level issues from labor costs, data security breaches, credit card fees, crude oil price stagnation to health care reform, overtime regulations, and cash shrinkage.

The convenience store industry processes approximately 160 million transactions a day and touches $1 of every $31 in the U.S. economy. U.S. convenience (gas stations) consists of 153,000 stores and accounts for $650 billion in total sales according to NACS/ Nielsen. North American convenience stores decreased by 1.1% in 2019 as most industries did. 80% of U.S. convenience stores (122,000) sell fuel and 62% are dominated by single-store operators (95,000 stores).

Convenience stores (gas stations) dominate cash payments with 63% of all transactions – the highest among retail verticals. With a small store footprint, shoppers on-the-go can quickly grab food, gas, household essentials and more with typical transactions under $50. As cash is the most popular payment method, c-store owners naturally require durable POS solutions that diminish their cash handling challenges. In this setting, manual cash handling leads to high labor costs and cash discrepancies which impact their bottom line. Store owners also experience threats of robbery, internal theft and counterfeit cash. APG Cash Drawer provides multiple solutions to help reduce cash management issues in the convenience industry.

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