In the United States, more and more retailers are experimenting with cashless transactions. The proliferation of credit and debit cards, as well as mobile and digital payment apps, takes us one step to a completely cashless society.
If you are wondering whether your small business should follow suit, the answer is absolutely. There are so many benefits to going cashless. It is time for you to consider payment apps and credit card processing for your small business.
Cash is Inconvenient
Going cashless will make purchases easier and faster. For one, consumers no longer have to carry around a certain amount of money in their pockets and pray that it will be enough to last them through the day. While ATMs are scattered across the nation, they have to withdraw money from their accounts.
In stores or restaurants, when it is their turn to pay, they have to pull their wallets out of their jean pockets or bags to get money. They have to count how much bills or coins to get. If they did not give the exact amount, your staff member at the cash register has to calculate and give the right change.
The process is not always short and quick. Sometimes, it takes time. The customer, for example, gives too many coins that the cashier has to count before they accept it as payment or there are not enough coins in the cash register. As a result, lines are formed. Other customers have to wait until their purchases are processed.
This is not good for business. Some people are in a hurry. Seeing a long line at checkout will discourage them from buying. They may also get annoyed and displeased by the long wait.
Going cashless ensures that the customers always pay the exact cost of their purchases. No change needed.
You Attract More Customers
More people are using credit cards and apps to pay for products and services. While the United States is still quite not cashless just yet, fewer Americans used paper money in 2019. Without the option to pay using their preferred method, you are turning them away from your store.
Offer more payment methods to convince potential customers to purchase from your small business rather than online or through well-known franchises.
Less Risk of Theft
Whenever there is money involved, there is always a risk of theft. You will have a better and more trusting relationship with your staff if they do not have to handle money.
Cashless payment goes directly to your account. There is no chance, therefore, that someone would pocket your profit without your knowledge.
You make your profit more secure if you go cashless.
Consumers May Spend More
The final benefit that may finally convince you to go cashless: research has proven that customers may buy more products when they use credit cards as opposed to cash.
Some people think that spending through a credit card is less tangible than the money they hold on their hands. Seeing the bills in their wallet disappear discourages them from making an impulse buy or try out an item they do not need.
When customers spend more, businesses earn more.
It is good for small businesses to adapt to changes in society. Going cashless may be the future. It is best to be prepared for the new world as early as today.