As noncash payments take the lead some merchants are deciding that they no longer want to accept cash. But while there are costs to managing cash (and digital payments, too, obviously), there can also be a cost to a brand for refusing to accept it.
Shake Shack founder Danny Meyer recently penned a blog post giving three reasons why his restaurants were going cashless. Consumers pushed back, giving one reason why they hated the idea and, in the end, their wishes prevailed.
SURVEY: Level Four finds ATM security is top concern for U.S. consumers
CHARLOTTE, N.C. — ATM software provider Level Four Americas LLC found in a recent survey that 67 percent of U.S. adults who use financial institution with ATMs would be likely to switch FIs after an instance of ATM fraud or a data breach.
According to the survey, which was conducted by Harris Interactive, nearly one in four (24 percent) banked Americans would be likely or very likely to consider switching primary FIs after an ATM-security compromise. The survey findings highlight that FIs are in jeopardy of eroding consumer loyalty with each instance of fraud at the ATM. "With cases of ATM fraud steadily on the increase, financial institutions require solutions that enable them to quickly identify and mitigate fraudulent activity at the ATM," said Steven Lund, president of Level Four Americas. "Because consumers rely on financial institutions to safeguard their privacy, allowing fraud to occur at any level is unacceptable. Investments in technology solutions that assist financial institutions in the elimination of security breaches pay for themselves many times over."