The age of the wallet stuffed with bills is coming to an end. These days, the only things weighing many potential customers down is their mobile phone and perhaps a credit card.
In light of these changing times, if you aren’t accepting credit payments at your business, you should be. And if you are accepting credit payments, you might be asking yourself if you should stop taking cash altogether.
Reduce the Danger of Theft
One of the main reasons customers have been happy to leave their bills and coins behind is that carrying cash makes people easy marks for thieves. Believe it or not, the same is true for businesses. Criminals, including unscrupulous members of your own staff, will be much less tempted by a drawer full of credit card receipts than by a thick stack of greenbacks.
Cut Down on Time and Costs Associated with Cash
After a long day at work, many entrepreneurs may not want to make that trip to the bank to drop off the day’s load of bills and coins. What’s more, storing and depositing your cash can add to business costs. By contrast, the credit and debit card payments you take will be automatically reconciled by your merchant account provider and deposited into your account within a matter of a day or two.
Furthermore, accepting cash at checkout takes more time than do credit cards or NFC/mobile wallet payments. Add to that the potential for human error in the change-making process, and accepting other ways to pay becomes quite appealing.
Serve Customers in Crisis Moments
Unexpected emergencies like a car breaking down or unforeseen expenses can catch customers off guard, without enough cash for necessary purchases. Businesses that accept credit card payments are automatically poised to meet the needs of people in these situations. Whether you accept their payments using a wireless card reader or online with your e-commerce platform and virtual shopping cart, cash never needs to enter into the equation.
Effortlessly Track Your Costs
Cash is notoriously easy to lose regardless of how careful you and your staff try to be. When you no longer accept it, you automatically have a point-of-sale system in place that has the capability to monitor your inventory, spending, profits, losses and payroll. That helps you with your ongoing budgeting and makes dealing with Uncle Sam exponentially easier when tax time rolls around.
Appeal to a New Generation of Customers
The fact is that younger buyers are much less likely to want to pay with cash. Once they notice that your business has gone cashless, many of them will tend to see you as tech-savvy and progressive. In an era when positive buzz and social media attention from millennials might be your bread and butter, you stand to gain a great deal by making this decision.
Of course, every business is unique. If the vast majority of your customers prefer cash, you should think twice before alienating them. Otherwise, making the move away from bills and coins toward card, digital and mobile wallet payments might be a great move for your business.