There is little doubt that the world is slowly moving towards cashless payment systems. Some countries like Denmark are already contemplating getting rid of physical currency altogether so that everything is done electronically. Some business owners do not realize the benefits of these systems. Here are four lessons to learn from cashless solutions.
Cashless Systems Reduce the Risk of Crime
The first lesson many business owners learn is that cashless payment systems reduce the risk of crime in a storefront. Small stores that deal almost exclusively in cash are prime targets for criminals. The criminals know that the register is filled with cash or that there is cash somewhere else in the establishment. A cashless payment solution changes this dynamic. A criminal cannot rob an electronic point of sale terminal. This will help to keep your employees, your business and your customers safe from crime.
Customers Will Spend More When Not Using Cash
The reality is that less than 27 percent of purchases are done with cash today. This number is expected to continue declining in the future. Something that business owners are learning is that customers will spend more when not using cash. Average order totals are higher when a cashless payment method is used. This is because there are no set limits on what can be spent like there is when using only the cash in your pocket. The result is better revenue for the business.
Cashless Solutions Speed Up Checkout
A major lesson that busy businesses learn from cashless solutions is that they speed up the checkout process. A traditional transaction at a counter using cash can take some time. The customer needs to count out the right amount of the cash. The employee must then recount the cash, put it into the correct slots in a drawer and potentially count out change. Cashless solutions are much simpler. A card or smartphone is scanned or swiped and then confirmed electronically. This allows your business to serve more customers every day than with cash.
Accounting Is Easier With Cashless Systems
The final lesson to learn from cashless solutions is that accounting is much easier with digital technology. Over 54 percent of payments are electronic each year. Most of the systems used are specifically designed to work with modern accounting software. You can transfer daily sales data into an accounting program to reconcile your books. This is far easier and less time consuming than manually having to deal with register tapes and receipts all the time. Cashless payment systems also reduce the chance of user error when entering accounting figures since it is done automatically. The result will be faster and simpler accounting whether you do it yourself or outsource the task.