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The article describes a real problem, but there are some items that make it obvious a little modernization could go a long way for a few of the businesses. The
by cowsandmilk 9y ago
The article describes a real problem, but there are some items that make it obvious a little modernization could go a long way for a few of the businesses.
They talk of cashing checks, and the end of the article makes clear that the peanut process business doesn't offer direct deposit to its employees. Having direct deposit isn't that complex compared to the rest of the business and would eliminate needing to drive long distances to deposit or cash checks.
Another thing, I'm a little surprised that the banks don't offer a drop safe w/ daily or weekly pickups even if they've eliminated a branch in a town. Much less expensive to install and maintain than an ATM, allows your business customers to drop off the cash each day.
- Broken_Hippo 9y agoI'm not surprised. To have a random drop box means you need to make sure it is at least as secure as an ATM - maybe more so. After all, businesses are losing their deposits, sometimes more than one if they only get it weekly. If it gets stolen, then what? Take the businesses' word for the deposit and give it to them or let the police handle it? For a small business, that could be catastrophic. On top of that, the boxes will need collected at some point, which means an armored car trip out to some small country town. By the time you are dealing with the theft thing and you are having an armored car daily or weekly anyway, it might be a little easier to just send the armored car to the businesses and let them take care of the security the other part of the day. As a bonus, some of the regional or national chains already have such systems in place in some stores (gas stations, pharmacies, fast food, and so on) so they will be pretty prepared already. The rest could have a drop safe installed on-site, probably renting it from the bank.