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?
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%|
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%|
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%|