Why you should run a cashless business

We’re taking a look at the ways the cashless business may take over in the next few years, and how wise it is to jump headfirst into this new trend.

When was the last time you signed a receipt in a shop or wrote a cheque? It hasn’t been that long since chip and pin changed the way we spend our money, but payment technology has evolved at a rapid pace. Less than half of payments in business and finance in 2015 were in cash, according to a report by The Payments Council.

Developments in electronic payments and online banking means that we’re likely to use cash less and less. So where do you and your business stand on the debate? We’re taking a look at the ways a cashless climate could affect business in the coming years, and how wise it is to jump headfirst into this new trend.

Cash makes you a target

Why you should run a cashless business
It’s no secret that money in the bank is safer than under the mattress. For businesses, accepting cash means you’re a bigger target for opportunist criminalsManaging the risks of holding large amounts of cash on your premises could be much more work than offering cashless options.

With protection from the Payment Card Industry Data Security Standards and the fraud prevention of each customer’s bank, however, you’re in much safer hands with electronic payments.

Why you should run a cashless business

Stay vigilant with cashless transactions

It’s important to remember that cashless business comes with its own security risks. PayPal has reported that cash-only businesses were missing out on £800m sales a year, but incidents such as the TalkTalk leak aren’t reassuring to those yet to make the change.

Of course, with each disaster developers get to work on making the technology better. There are also plenty of resources for small businesses looking for help implementing payment technology safely and securely.

Why you should run a cashless business

Nothing beats convenience

Gone are the days when having your lunch money stolen meant you were going hungry. In schools all over the country, students use swipe cards or biometrics in the lunch queue, linked to online accounts topped up from home. For any kind of business, not having to pay staff to count cash, transport money to the bank or record transactions saves time and money. It also encourages more purchases, as having enough cash to hand for what we want is no longer a problem.

Why you should run a cashless business

Transaction failed

While biometric technology is an exciting prospect, it has its problems. With a one percent failure rate, the technology isn’t as reliable as cold, hard cash (and it’s not too hard to copy someone’s fingerprint either).

Being reliant on technology puts our money in the hands of unpredictable systems, although, as the demand for cashless technology increases, developers are working on safer, more reliable ways to pay electronically.

Why you should run a cashless business

Embrace the future of the cashless business

With each setback cashless business faces, businesses develop more secure and reliable methods to iron out the risks and experts now consider mobile payment to be as safe, if not safer, than using plastic debit and credit cards.

Cash is likely to stick around for a while longer, but giving clients and consumers the option to pay electronically holds many benefits for any sized business. Just make sure you consider the risks and put things in place to protect yourself and your customers and you’ll be laughing all the way to the bank.

Download your copy of The Purchase Order Payoff

Leave a Reply

Your email address will not be published. Required fields are marked *