Top 5 benefits of running a cashless business
Wednesday September 15, 2021
A decade or two ago, small businesses particularly relied on cash. But fast-forward to the 2020s and card payments are the norm.
Customers expect to be able to pay by card, not least for convenience. Is it time for your business to go cashless? In this blog we look at the benefits.
Customers expect to be able to pay by card, not least for convenience. Is it time for your business to go cashless? In this blog we look at the benefits.
Top 5 benefits of running a cashless business
A decade or two ago, small businesses particularly relied on cash. But fast-forward to the 2020s and card payments are the norm.
Customers expect to be able to pay by card, not least for convenience. Is it time for your business to go cashless? In this blog we look at the benefits.
1. Saving time and cutting down queues
Card payments, especially if they’re contactless, are quicker. No more rummaging around for coins in wallets or purses. And the quicker you get people through the till, the more you can serve. It may not seem much, but even if you save just two minutes per customer it soon adds up. Plus of course you don’t need to keep lots of spare change yourself.
On top of this, you’ll save yourself time at the end of the day, when you don’t need to spend ages counting and reconciling cash. When you sign up with InfinityPay, you can also easily track refunds and sales figures online to give you a clearer picture of where your business is at.
2. Reaching more clients
The fact is that you’re not shutting the door on cash altogether - you’re simply offering an additional way for your customers to pay. Whilst older members of society may well still prefer to use coins and notes, millennials and younger generations will expect card payments as standard. Cash machines and branches of banks are closing down left, right and centre, so being able to pay by card is, for many people, a necessity. By offering card payments, your business will be more accessible to more potential customers.
3. Minimising person-to-person contact
Throughout the pandemic we’ve had it drummed into us about hand hygiene and social distancing. But even with restrictions easing, it’s still something people are very aware of.There’s no escaping the fact that cash is seriously grubby. In fact research has shown that bank notes carry more germs than a household toilet. With awareness now high around this subject, cash is something many people feel turned off by. It’s another good reason to offer card payments.
4. Reducing the risk of theft
According to the latest Retail Crime Survey, across the retail sector alone there was a £2.2 billion industry loss in 2020 due to theft. That’s a leap of 16% on the year before.Burglary and theft are less attractive if it’s clear there’s no cash onsite. Of course, break-ins can still occur, potentially losing you valuable fixtures and fittings. But lost cash is notoriously difficult to replace under insurance, and to lose a day’s takings could put you in immediate financial hardship. A “card payments only” sign in the window will only help as a deterrent.
5. Increasing your transaction values
Research carried out by Visa recently showed that once businesses began to accept digital payments, their revenues increased by 17% on average. One of the key reasons is because people who pay by card tend to spend more in one transaction.Psychologically, when you’re not physically handing over cash it can be easy to overspend - which is great for your business takings. Customers are also unlikely to feel comfortable walking around with large amounts of cash. So if you don’t take card payments, these same customers are less likely to make a more expensive purchase on a whim.
Not yet offering card payments to customers?
Now is the perfect time to start. With Infinity Pay, you can choose from a range of cashless payment options including card machines, online paymentsand payments over the phone, all backed by our helpful customer support.Get your free online quotetoday or contact our team.
