Technology is taking over and it’s transforming everything in our lives. This includes the way that we pay. Practically everyone has at least one debit or credit card now, and the popularity of mobile payments such as Google & Apple pay has been a game-changer. Card payments used to slow things down, but with contactless, the process is super easy and efficient.
Many people often don’t carry cash, and companies are evolving. Train stations now let you use your card instead of tickets, you now tap your card on buses instead of paying the driver, and even window cleaners have started taking a direct debit rather than cash in hand. Have you thought about adjusting how your business deals with transactions?
A lot of companies are moving away from dealing with money and over to a cashless payment system. This includes having a card machine, offering contactless and allowing mobile payments. But what are the benefits to a cashless payment system? We’re going to point out some of the main advantages you can expect when you modernise your business.
Make your business attractive to a busy lifestyle
People don’t want to carry cash with them everywhere they go now. They’d rather quickly pay with their debit or credit card so they can be on their way. In addition, more people want to use contactless too. A quick tap and you’re ready to go.
If your business doesn’t provide these facilities for card users, they’ll simply go somewhere else. In particular, if you have a rural business and there aren’t any ATMs nearby, you’re going to lose customers because they aren’t carrying cash; make the jump to a cashless establishment! This is going to cater to almost everybody. It shows that you’re moving with the times and investing in your business too.
A study by Visa found that customers actually spend more money when they use a card to pay. For example, people spent on average 40% more at a family restaurant. Thus, having a cashless payment system could actually encourage your customers to spend more on your products or services.
Create a more efficient process
Let’s be honest; nobody wants to stand waiting to pay longer than they have to. Everybody’s busy and they want to be in and out with their order – not waiting around in long lines. If they do have this negative experience, they’re more likely to visit a different place next time.
When customers are paying with cash, it can take longer to serve them. have you noticed that most people wait until the last minute to get the payment ready when paying cash, with card payments they tend to have it ready in their hand! Not only can it take customers longer to dig around in their wallets for the right change at the last moment, but it can also take employers longer to count the cash and coins they receive. Taking away the cash element can help to speed up waiting times, so no long lines with a grab and go system. lot’s of bars and clubs have already made the switch and claim it is making a huge difference to their business.
An insight report into consumer payments found that processing a contactless transaction only takes one to two seconds, compared to at least seven seconds for cash. You may think this isn’t a big difference, but if you’ve got a line full of people, this time will soon add up – the person at the back of the line will definitely notice the delay!
Less Stress for Employees
It doesn’t matter how much training an employee has had on the register, it can still be stressful handling a line full of customers. In particular, if they’re feeling under pressure or not very good at maths, counting out lots of coins and notes can be difficult.
Of course, you want to support your employees in any way that you can – and moving to a cashless payment system is going to improve stress levels at busy periods.
Accommodate mobile payment users
Nobody can leave the house without their mobile phones these days, and people are far more likely to accidentally leave their wallet at home than their trusty devices. This will continue to be the case as mobile payment methods are growing in popularity. More and more customers are choosing options like Samsung Pay and Apple Pay to make purchases, and it’s important that your business embraces this new technology.
By providing the facilities to make these payments possible, you can accommodate your business to everybody. This trend is going to continue to grow, so making the investment now will be worthwhile.
In some industries such as restaurants and bars, balances don’t always add up at the end of a shift due to what is often human error from mishandling change. It’s easy for an employee to make a simple mistake if they aren’t paying attention or are at the end of a long shift. By cutting out the cash element, this is much more unlikely, and everything is logged.
When you take digital payments from cards and mobiles, all transactions will be tracked and have a record. It’s all visible to look back on and can feed into accounting software to reduce the manual inputting of data.
Reduce the risk of theft
When you keep cash in your registers overnight, it can make your business a target for thieves. Nobody wants to have their establishment broken into their hard-earned money stolen. While you may think that this will never happen to you, there’s still a risk that it could.
One way to minimise the chances of this happening is by removing the cash entirely and going cashless! Thieves will be deterred from breaking into your business, and you can enjoy peace of mind.
In addition, removing cash from your business can avoid the risk of receiving counterfeit banknotes. Since you no longer deal with cash, all payments will come with card and security is high with electronic payment systems.
Think about your internet connection!
Going cashless is great, but you are then relying on a continuous reliable broadband connection for your business. You may think this option isn’t available if you are based in a rural area, but switching from traditional broadband providers to a wireless solution gives you a strong and secure internet connection when you need it most.
We offer affordable packages that can be cost-effective for your business including cheaper calls with our VOIP phone systems.