The age of the cashless business is upon us, with more stores choosing to forego their cash register in lieu of countertop or wireless payment terminals. As this trend continues to grow in popularity, it’s easy to wonder if your business could afford to say goodbye to cash too. If it’s something you’re curious about, consider these three signs that it’s time to ditch your cash register!
Your Customers Aren’t Using Cash
This first sign may be an obvious one, but it’s an important one. If your customers aren’t using cash, then why have a cash register?
For many years, Canadians were reliant on the paper in their pocket to pay for everything from their morning coffee to their weekend getaway. But today, more customers are choosing to pay with their debit and/or credit cards. A recent Moneris survey of Canadians found that 67 per cent aged 18-34, 56 per cent aged 35-44, 48 per cent aged 55-64, and 49 per cent aged 65 and older, preferred to use a contactless-enabled (tap) card to make purchases. This means that Canadians of all age are purchase-ready so long as your business has a payment terminal on hand, something that might not be said for cash purchases.
The Nature of Your Business Doesn’t Rely on Cash
At the end of the day, how important is cash acceptance to your business? For some business owners, it’s critical. A laundromat, for example, has to accept coins to operate washing machines and dryers, and a local arcade has to take quarters to power the pinball machines. But for other businesses, keeping cash on-hand is simply a routine tradition that might not actually be necessary to your business. Consider whether or not cash is pivotal to your business, and what operations would be like without it.
Bookkeeping is an Issue
When a cash transaction is made, do you get a record of the individual purchases, or are you left with an overall end-of-day total? Has the recent federal decision to round up or down purchases to the nearest 5 cents caused discrepancies between those end-of-day totals and what’s actually in your till?
When using a dated cash register, bookkeeping duties can be more difficult than they have to be. This means that you need to spend more time balancing numbers, pulling reports, and trying to analyze data manually. Or you can delegate those tasks to employees – and pay them for their time. With a cashless terminal, like an iPad POS solution, each sale is automatically recorded and archived, meaning you can look back at sales whenever you need.
If more than one of these signs are true for your business, it may be time to consider leaving your cash register for a more advanced system. Wondering what this system could be? We have something in mind, an iPad point-of-sale (POS) solution! Learn more about our iPad POS solutions in our articles, Why You Should Consider an iPad POS For Your Business and The Benefits of Retail Inventory Management with iPad POS.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.