Fall musings here. Penny production is ceasing and it raises the couple questions.
1. Do channel partners (MSPs, VARs, resellers care?
2. And do the clients of these channel partners care?
Jim Roddy, President & CEO for the Retail Solution Provider Association (RSPA) weighed in. “Our VAR and ISV members are mostly focused on electronic payments because solution providers receive a slice of that revenue.”
Coinstar - a recent article on the demise of the penny extensively quoted the CEO of Coinstar.
Your can read the full article HERE.
The article highlight us to be mindful of was those penny filled jars around your house are worth more than you think averaging $58 each. Coinstar charges a few to convert but your credit union might do it for free (however you might have to roll your coin).
A Coinstar machine often seen at your grocery store.
A broader discussion is about the use of currency> Here are four thoughts that come to mind.
- Cannabis. Because of Schedule 1 and other restrictions, this is a cash business. And I’m sure the change can get down to the penny.
- Salt Lick BBQ and other restaurants. Here is the Texas Hill country, for decades the Salt Link only took cash. It was to boost profitability and the curmudgeon couple that started and ran it likely didn’t trust those evil banks and slept with cash in their pillow cases. Just saying.
- Tipping. I’ve seen it and done it. A cash tip goes to the server directly and is likely not reported as income ;)
- Identity protection. I met up with a successful entrepreneur (had a home and business alarm company) in Boston for lunch and coffee. He paid cash for everything ‘cause he didn’t want to leave no trails online. Interesting.
So looks the penny will go the way of the olde Five and dime stores demise (yeah kids won’t get that). Are Dollar Stores gonna disappear in the future (yikes). And what does this mean for penny stocks?