QuotePro and Fiserv, Inc. (NASDAQ:FISV) today announced that they are facilitating faster, next-day availability of funds and helping mitigate security concerns for businesses that accept payments in cash.
QuotePro Kiosks are the latest generation of self-service machines that can provide a complete cashiering solution to businesses that accept payments via cash, check, credit and debit card. QuotePro data from more than 100 kiosks at businesses ranging from auto dealers to utilities and insurance companies, shows that when given a choice between cash, check, credit and debit card, 70 percent of consumers paying at these kiosks are choosing cash.
Providing faster access to the cash deposited in a kiosk is where Fiserv helps. Its CorPoint® cash management solution captures cash transaction data from the kiosk, enabling banks to provide provisional credit for cash deposited at a business location.
“Rather than waiting for cash to be manually deposited at the bank by staff or having an armored car service to empty the kiosk, process and deposit the cash into the business’s bank account, the provisional cash capability enabled by Fiserv technology allows for next-day availability of funds,” said Marco Freudman, CEO, QuotePro Inc. “That helps eliminate risk and improves cash flow. Our business clients have been asking for this capability, and we see it as a game-changer.”
Texas Auto Center is one of the first businesses to roll out the new capability. “We love our QuotePro Kiosks because they help eliminate the need for staff to handle cash, reduce errors and security concerns associated with cash payments, and they can make change. Adding provisional cash services makes it a complete solution for us. It substantially reduces our cash risk and improves availability to next day. We can reduce the frequency of armored car pick-ups and still have access to our cash flow,” said Mona Rodriguez, CFO, Texas Auto Center Dealership, 2017 NIADA Quality Dealer of the Year.
“For many retail businesses, cash is the dominant form of payment and innovations in self-service and technology help reduce the burden of managing cash payments,” said Pat Korb, president, Financial & Risk Management Solutions, Fiserv. “Faster access to funds, reduced overhead and enhanced security are key benefits for businesses, and consumers appreciate the flexibility and convenience to pay in the way they prefer.”