York Department Store does 50 percent of its business on credit and frequently has to tolerate slow-paying customers and those who simply do not pay. Now it would like to facilitate immediate cash purchases for customers who don't like to write checks or to carry much cash with them. What would you recommend?

Question

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Buying a point-of-sale terminal allows the store to accept debit and credit card payments, which provides an immediate cash purchase option for customers. This option does not require the customers to carry cash or write checks, making it convenient for them. Additionally, the store can reduce the risk of slow-paying customers and non-payment, as the payment is made immediately at the time of purchase. ATMs and electronic bank tellers are not suitable options for immediate cash purchases, and using bill-payment-by-telephone can be inconvenient for some customers. Automated clearinghouse is also not a suitable option as it is mainly used for electronic fund transfers between banks.

York Department Store Does 50 Percent of Its Business on Credit