The technology for managing digital payment transactions is now prolific and increasingly the preferred option. Most people have credit or debit cards and growing numbers of consumers use smartphones and wearable technology to pay for goods. Making payments from bank to bank is on the rise. Then there is cryptocurrency, a digital transaction system that has no physical equivalent. The giant strides towards a cashless society were partially spurred by the phenomenal rise of ecommerce- paying for goods online became normal and natural. It’s worth exploring the benefits of becoming a cashless society and reviewing business tips for switching to digital payment systems.
Many customers prefer to go entirely cashless
Over the past couple of years, there was a new level of distrust in notes and coins that could harbour micro-organisms due to the impact of money carrying germs. Even the World Health Organisation suggested that people avoid physical currency, especially paper. Long before that, research was throwing up distasteful facts about notes and coins, including studies that found the most lethal types of bacteria ingrained in them. Having to wash your hands after handling money just adds to the public’s growing reluctance to use it.
Also, using digital payments minimised interactions between retail staff and their customers in the height of health precautions. For customers, this is a cashless benefit that is likely to continue as anything that saves time and hassle is warmly welcomed!
Faster, more accurate payment systems
From a business perspective, engaging with the best merchant services to process payments from ‘arm’s length’ also creates significant improvements in transaction efficiency. Having the capability of handling digital payments instead of, or as well as cash, could even potentially reduce the number of sales assistants needed. It’s a common theme in industry and commerce, including the smallest of enterprises, to rely more on technology to streamline and automate everyday business processes.
Even with the latest POS systems to handle cash, the time taken to check the amount being tendered, and then place it correctly in till draws, slows staff down. Whereas with the correct merchant services in place, becoming a cashless business means payments pass from customer to bank seamlessly. So, no counting cash at the end of the day, sorting cheques or making trips to deposit takings in your bank account either.
Modern card and mobile payment machines are slimline and portable. That’s a great deal more convenient than heavy or fixed in place POS equipment or finding space for multiple machines to handle different types of transactions.
Safer business practises
The efficiency benefits of going cashless also include eradicating a lot of the errors that can occur with traditional cash payment systems. As well as the risk of cash going missing due to petty theft, or break-ins at business premises or in vehicles. A cashless society makes money laundering a great deal harder too.
Sustainable business transactions
Another benefit is that relying less on ‘cold hard cash’ and more on digital payment processing is better for the environment. Apart from the resources needed to manufacture notes and coins, and any mileage you accrue on bank runs, there will also be fewer security vehicles on the road in a cashless society.
Revenue impact of going cashless
Technology to handle digital payments is not only streamlined and secure, it improves how enterprises manage their income and cash flow. You can assess revenue daily online, without having to calculate physical takings and cash in hand.
There are now card payment system providers offering technology and price options for SMEs. Including providing merchant services at low rates for micro-business owner-managers, sole traders and anyone else who handles less digital payments due to their size.