Phase out of the penny:
Retailer Feedback
RCC reached out to its members to ask about their plans for the February 4th implementation.
Here are the results:
Are you ready for the phase out of the penny starting February 4, 2013?
| Yes | 52.9% |
| No | 24.1% |
| Unsure | 23.0% |
When you run out of pennies, what approach will you take to round?
| Implement the federal government’s rounding guidelines for cash transactions | 56.4% |
| Round down all cash transactions to the nearest 5 or 10 cents | 19.0% |
| Don’t know | 19.0% |
| Other | 5.5% |
If you plan to round, how will you implement these changes in your store(s)?
| Change Point of Sale (POS) system | 24.2% |
| Round manually at point of sale | 66.8% |
| Other | 9.0% |
Can you provide an estimate of what these changes will cost your business?
| $0 - $5,000 | 81.5% |
| $5,000 – $25,000 | 11.0% |
| $26,000 - $100,000 | 3.5% |
| More than $100,000 | 3.9% |
