Image Credits: Clay Banks
The use of cash when purchasing goods or services has become uncommon in recent times. Even payment via debit or credit card is more nowadays. By 2022, it’s estimated that payments through mobile devices will increase by up to 40 percent. It might seem crazy to stop accepting cash, but there are actually a number of benefits. Check out these three reasons your small business should consider going cashless:
Cashless Transactions Are Faster
Noting customers details on a traditional register, taking cash, calculating change and doling out coins all take time and, as we know as small business owners, time is money. Consumers don’t appreciate having to wait in line just to pay for something. Studies show that consumers prefer the scan-and-go, cashier-less stores over standing in a line waiting to pay. Depending on your industry, it’s even possible for consumers to change their mind about purchasing an item by the time they reach the cashier. In addition, having the option of mobile payments can be beneficial for “business on the go.” With no cash, there’s no need to worry about setting up a register if your business is in attendance for a local business fair.
Keeping cash on hand increases the risk of theft, in order to reduce this risk, most businesses make daily deposits to banks. However, if there is an absence of cash, there is no risk of that money being robbed (whether by a random criminal or even an employee within the business) and also no need to make those daily trips to the bank.
Makes Accounting Easier To Manage
When your business deals with cash, you literally have to count every penny. This can be frustrating, especially on those days when the register comes up short and you can’t figure out why. By allowing only card or mobile payments, accounting becomes, automatic, accurate, and simpler. Not all businesses should go cashless. You need to “consider your customer base” and make the decision based on that information.
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3281 E. Guasti Road, Suite 700
Ontario California 91761
Tel: +1 (909) 952-3804