Cash is no longer king – as a form of payment, that is. These days, most people are abandoning cash in favour of credit and debit cards, and other electronic payment methods to pay for goods or services due to a number of reasons. For one, carrying around cash when shopping can be fairly inconvenient and risky as it is prone to theft and often take time to access. Also, one needs to continually stop at the ATM to withdraw money before shopping.
Thus, as more consumers embrace cashless transactions, retail businesses – from supermarkets to coffee shops – should also adapt to this change and consider cashless payment systems for their transactions.
To help you understand why cashless payments might be a wise option for your business, here we list the top five business benefits of cashless payment systems.
- Faster transactions – Cashless payment methods, whether in the form of debit or credit cards or contactless smart cards, can only mean one thing – faster transactions! Customers no longer need to rummage through their wallets or purses to find bills or coins, and cashiers don’t have to spend extra time counting or double checking change. With a quick tap or swipe, customers get their purchase and retailers get paid instantly. This means less queuing for other customers, and the risk of losing patrons because of long lines can be further reduced.
- Increased sales – Businesses that accept cash-only transactions may be closing their doors and windows for potential sales and losing out on competitors. This as studies show that shoppers who prefer card payments tend to spend and buy unplanned items more than those who choose to carry cash. So why limit your customers’ purchase by the amount of money they have on-hand?
- Greater security – Keeping large amounts of cash in business premises also presents plenty of security risks, such as theft and robbery. By accepting cashless payments, such risks can be prevented as the level of cash kept in registers or stores will be lessened.
- Reduction of losses through human error – Since employees will no longer handle, count or transport tangible currencies, possible losses due to staff error will also be eliminated. This is because when a customer buys an item and decides to pay for his or her purchase via credit, debit or charge cards, the sales clerk would simply swipe the card through a machine, or commonly an EFTPOS terminal. No more receiving cash, counting change or even checking for counterfeits, saving not only money but time.
- Ensure customer satisfaction – Speed and convenience are two of the things that consumers value most. If your store is able to provide these, then you don’t only ensure customer satisfaction, but long term success for your business, most importantly. And of course, one effective solution to this is by offering various payment solutions, from cash to non-cash systems.
It’s easy to see why so many businesses are going cashless these days. Aside from streamlining businesses process, using cashless payment systems also helps ensure that customer expectations will be met; thereby, improving customer confidence and sales. So, don’t let your business get left behind. Look into advanced payment solutions for merchants, consult providers and specialists, and watch your business grow today!
Debra Wright enjoys a multi-hyphenated identity. She is an online marketing specialist, writer, cat lover, and aspiring cupcake critic. Wright’s articles about business tips and services draws on her passion for learning and dedication to share her discoveries to others. Get updated on what she’s discovering now @debrawrites
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