A cashless society has never been more appealing. Due to the pandemic, more and more people are trading their notes for plastic and digital cards in fear of contracting an infection while transacting in person. And while this is not the ideal push the world needs to make the big switch, it’s enough impetus for both businesses and consumers to go digital.
In the UK alone, The Guardian reports that cash payments are in a long-term decline, falling by as much as 15% in 2019. The impact of the pandemic is predicted to accelerate this fall, and more consumers are expected to live a completely cashless life.
If you own a business that has yet to transition into a cashless system, you may be apprehensive to do so. So here are just some of the benefits you can enjoy when you go cashless:
Improves the speed of service
Cash may be king, but it can’t keep up with the pace of modern businesses. If you’re running a small business, you will benefit from going cashless as it reduces friction with your customers, increasing customer satisfaction. You’ll be able to serve them faster and more efficiently, which is a bonus, especially during busy times of the day or year.
Given today’s circumstances, the idea of a cashless society is no longer a fantasy, but an eventual reality. The New York Times notes that even pre-pandemic, cashless payments had become routine for many people, and it’s not hard to see why. FIS Global highlights how payments technologies provide a sense of security and convenience – something that consumers are prioritising more and more this year.
Offering what the customers want could potentially open your business up to new markets that you otherwise wouldn’t be able to reach. You’ll also generate more sales as consumers will feel safer when making transactions.
Speaking of security, keeping cash on-hand only increases the risk of theft. There are too many instances where criminals break into stores and take money from the register. Moving to a cashless transaction system will undoubtedly help reduce the risk of losing money to theft, as customers only need to use their cards to pay for goods. Additionally, Entrepreneur points out that going cashless also increases the safety of your employees, all while keeping your company assets secure.
Efficient account management
As mentioned in our post on ‘Summer Budget 2020: A Boost for Businesses’, getting to grips with your finances is more important than ever. With the threat of the world economy tanking, cashless transactions will allow you to take into account every penny spent since it’s marked digitally, giving you insight on where you have spent your money exactly. This is a significant departure from cash transactions, where it takes a considerable amount of time to collect, tally, and accurately record transactions. Cash can be a major blind spot as well, as opportunities can slip past if not accounted for properly.