Why a Cashless Future Is the Best Thing to Happen to Your Business

April 26, 2017

The future has arrived and it is digital—and money is no exception as currency has evolved from paper to plastic to digital. Today’s reality is cashless transactions, which are simpler, safer and more convenient for consumers.

But the benefits of cashless payment solutions are not just for your customers. Here’s how your customers and business can benefit from going cashless.

Winning customer-centricity

People enjoy shopping but they don’t necessarily like waiting in a long queue to process their payment. Research shows Canadians consumers prefer cashless payment options and almost half of shoppers have walked out of a store that didn’t accept credit or debit. And for good reason—in their time-starved lives, consumers want the convenience of quick and easy check-out. Win your customers’ loyalty by showing them they matter and giving them the flexibility to choose their preferred payment option.

Always safe and secure

Safety and security are top-of-mind for any business owner. Cashless technology uses secure Chip and PIN networks that are practically impenetrable so that your customers’ card data is safe, while properly processing cards also keep you safe from chargebacks. What’s more, you can rest easy knowing that unlike cash, no one can walk away with your electronic funds—so you can also enjoy the flexibility of taking your business anywhere without having to carry tons of cash.

Efficiency like never before

Offering cashless transactions means you can finally stop spending tedious hours managing cash and instead use this time to improve your business. Going cashless means you can serve your customers faster and reduce the oft-made mistakes that come with handling notes and coins. It also makes you more proficient in managing your business and tracking your revenue with online reporting tools.

New avenues for sales and loyalty

Businesses exist to make a profit. And profit happens through more sales. Cashless transactions are your ticket to a bigger share of wallet. No longer are you limiting how much a shopper spends with you. And no longer are they heading out your door straight into the cashless arms of your competitors. You can even attract customers from competitors who have not yet gone cashless. And while you’re busy getting more customers, why not build some customer lifetime value with loyalty programs that use the same technology as cashless payment terminals?

Cashless transaction options for your business

So what are the most popular cashless payment options for small businesses? There are quite a few. You can get a point-of-sale device that accepts debit and credit cards. Mobile wallets such as Apple Pay™ are popular with millennials, allowing them to use their smartphones to pay for their purchase.

The future of cash is here and there is no better time for businesses to embrace cashless transactions­­­­ or pay a heavy price for being cash only.

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