Several individuals and societies have made a step forward towards adapting to current times and have chosen to go cashless. Consumers have realised how going cashless allows you to have added security, easier portability and make quicker payments. However, should businesses also adapt? Entrepreneur’s Syed Balkhi provided important reasons for why small firms should take on this opportunity and go cashless.
It could be said that cash payments have become a thing of the past – they still take place, but they are becoming less frequent. Therefore, for a small business to go cashless, it would mean that the firm is making a step towards contemporary times. By going cashless, you are joining the trend and mirroring bigger businesses that have taken such a step before.
Who said that shopping in person takes time? Queuing to pay can get boring and frustrating, but by going cashless, you are offering another payment method that will fasten the pace. It is more efficient. Moreover, a number of businesses have chosen to remove cashiers, allowing customers to checkout themselves. This is a faster method and also minimises any idle time. 43% of American internet users said that they prefer to checkout their products themselves rather than waiting in a queue for a cashier to do it for you, according to eMarketer.
Cash payments are tangible. You need to look after each coin and note, make sure that the correct change is given and that nothing is misplaced. Digital payments remove such problems. Looking after your accounts becomes simpler as you would have copies of all digital transactions made, organised by date. It also facilitates spotting trends or opportunities that would improve your business.
Lastly. just how going cashless adds security for individuals, it also works the same for businesses. There are less risks for money to be being taken by acts of crime, as there will not be any money to take!