Going cashless, is it right for me?
We are now two months in to a new decade and the UK has finally got some closure over Brexit and everyone is looking forward. Many businesses are now opting to adopt a cashless infrastructure. When was the last time you actively purchased an item and paid in cash? For me personally, juggling a young family, it is rare for me to carry cash these days as I find the efficiency for paying for goods using contactless technology or the traditional Chip & PIN much easier. In the last decade we have seen a plethora of advances in wallet payment technology including Apple Pay, Samsung Pay, PayPal and Google Wallet. In this blog we’ll look at the various benefits it brings, and how it could boost your business.
Going cashless can boost checkout efficiency
We all live in a fast paced environment where customers want to pay for goods and services quickly and efficiently. Customers today are invariably busy, and don’t want to spend time waiting in line to check out for a simple day-to-day item. You are seeing more and more organisations promoting wave and pay literature to promote a better customer experience. The UK is embracing payment technology, and the reality is more and more of us are now using less cash than previously. It is imperative for any business owner to keep up with the trend and follow suit to ensure they don’t fall behind competitors.
Less trips to the bank makes accounting easier to manage
If your business accepts cash payments, staff have to count out every penny and occasionally have to get notes verified. This isn’t only time consuming, but can be frustrating if there are lots of people in the queue. It also means there are lots of trips to bank the cash which again takes more time and effort. Going cashless means each transaction is processed quickly and can also help with safety as there will be no cash on your premises meaning there should be less chance of your business being targeted whilst also potentially reducing your annual insurance premiums.
Each card transaction provides an authorisation code that can easily be tracked and recorded and this carries less room for error. The speed of processing a card payment or other digital transaction should mean less work for your accounting team.
Nothing beats convenience, what costs are involved to go cashless?
Some business owners are deterred by the costs involved for accepting card payments due to their relatively small turnover. We would always advise shopping around as different companies offer different products, not all of which are suitable. Some feel the costs and charges associated with card transactions just aren’t feasible. It is important to make the most of every sales opportunity and by not accepting card payments are you potentially alienating customers from shopping with you. Many customers now like a spontaneous purchase and if they don’t have cash on them that means your business may well miss out.
Embrace the future of a cashless society
If your business has now decided to go cashless in 2020 and wants to start accepting debit and credit cards contact us now. We work with businesses big and small and have various options for sole traders too.