Canadian businesses and consumers are required to deal with a big change regarding their country's currency. The Royal Canadian Mint recently announced that it will discontinue making the penny, as government officials deemed the one-cent coins cost more to make than they are actually worth. However, some citizens are not happy about the penny being phased out, as they still want to use it for cash transactions at retail locations throughout the northern nation. Although consumers are increasingly making payments with their credit and debit cards, there are still some shoppers who want to buy merchandise with cash, so merchants need to be prepared for the currency changes as well as be aware of customers' preferences. Retail accounting software can help companies effectively manage all transactions, and these platforms ensure businesses remain compliant with Canadian retail legislation.

Consumers plan to keep their pennies
Although the penny is currently being phased out and is no longer being produced by the Mint, there are many citizens who still want Canadian retailers to accept the one-cent coins in cash payments. A recent survey by the Bank of Montreal revealed that 73 percent of individuals expect businesses to continue taking the pennies, even after they have been fully discontinued. The Canadian Free Press reports that it is up to companies' discretion whether they want to process the coins in the future, and they can also choose how long to accept pennies.

The reason why many consumers still want the coins to be taken is because prices for goods and services will need to be rounded up or down to the nearest five cents for cash payments, according to the source. For shoppers using their credit and debit cards, product costs will still be reflected in cents.

The Mint has already stopped making pennies, and it is now collecting the coins in order for them to be melted down and the metal to be recycled. Although the use of the penny may still continue between consumers and businesses for the time being, government officials forecast that the coin will be fully phased out in the near future, the source reports.

Manage penny-free transactions with software
Whether merchants decide to forego taking pennies or to still accept them for customer convenience, retail point of sale software will likely come in handy. These platforms allow companies to accurately process all transactions, and as News Maker notes, retailers can significantly improve their cash flow by offering consumers' preferred payment methods.