Debit and credit cards are usually the preferred payment method over cash and businesses nowadays are adding cashless payment options. There is a growing cashless trend that is quickly becoming the norm and small businesses have more options for going cashless than ever before.
If you are a cash-only business, you may want to consider accepting debit and credit cards and other mobile payment alternatives. Even if you still accept cash, offering cashless or contactless payment options will open more doors for your business. You will also be creating a faster and safer checkout process and streamline your accounting. The more transactions that you make digitally, the fewer you will have to account for manually.
To offer cashless transactions you can start by accepting debit and credit cards or take your cashless transactions further by accepting Apple Pay, Amazon Pay, PayPal, Venmo, and/or Google Wallet.
In order to do this, you will need to accept digital and mobile payments you will need a point-of-sale payment terminal or special app for in person transactions. The service you decide to use will help get you onboarded to their system with the right device(s) and/or technology.
Your vendors might also want payments from you digitally or via card. In addition, you might want to pay them online too. The best way to approach cashless payments with vendors is to simply ask them if they have their own digital POS option.
There are several benefits of cashless vendor payments that are a win-win. You will have a digital record of all your expenses which makes accounting easier. Your vendors will get paid faster because they do not have to wait for their check to arrive by mail.
Going cashless in business is not limited to customer transactions or vendor payments. You can also do your business banking entirely online. If you are not sure about an online business bank account, ask yourself the following:
The following are benefits of being cashless in your business:
The following are disadvantages of a cash-free world in your business:
Nowadays, more and more businesses are going cashless because it is becoming the preferred method of payment for many consumers. If your business has not gone cashless yet, give it a try and pay attention to how your customers react to it and see if it is the right method for you.