Should You Join the Cashless Revolution?

Cash. Dinero. Dough. Benjamins. Moolah. Can you remember the last time you held an actual Greenback in your hand? Even in this digital world, we still see it sometimes. Cash, check, or debit used to be the norm, but now there are payment wallets that people expect businesses to accept. They include things like Apple Pay, Google Pay, PayPal and more.

You and your businesses are well-advised to keep pace with these new methods of payment. To stay competitive, it’s essential to adapt. You can easily lose business if people can’t pay the way they like.

As a trusted managed IT services provider, IT Support LA is here to help. Our clients don’t show up at our door on the first of the month with a handful of cash. We’ll help you find solutions to ensure your business thrives in the cashless era

What are the benefits of going cashless?

It's more about meeting customer expectations than it is about convenience. People want fast, easy, and secure payment options. The pandemic accelerated this trend. Now, consumers expect businesses to offer digital payments in several forms.

Convenience: Yes, convenience is a major factor, but for your customers more than for you. Offer your customers the payment methods they prefer. People want to tap and go with their favorite digital wallet.

Speed up transactions: Whether your business is retail or not, strive to reduce wait times and improve the shopping experience. You can reduce long lines, which helps you attract more customers.

Improved cybersecurity: Slash the risks associated with handling cash. This mitigates the possibility of employee theft and there is less cash handling and disposition at the end of the shift, which leads to a safer environment.

46% percent of US respondents have used a form of contactless payment in the last 7 days. That number is 80% for the UK and 69% for Australia.

This isn't just about adapting. Going cashless offers real advantages which can mean more business for you. This factor alone helps pay for any expense to set up cashless systems.

Enhanced Customer Experience: Making it easier for your customers to pay entices them to come back for more. If they can pay how they like, you stand out to them as flexible by making their life easier.

Fewer Checkout Points: You need fewer checkout stations when your lines move lines faster. You can reduce staffing demands by embracing self-check-out as well.

App Payment Avenues: With app purchasing capabilities, customers can pay before they even walk in the door (if they even have to do that. Think of ordering pick-up food at a local diner: The food is under the lights while you’re fiddling with change at the register. Reduce the burden on your team and speed up things for your customers by handling things digitally – which also lowers needed administrative tasks.

How to Go Cashless Easily

Are you ready to make the switch to a more cashless business by embracing new forms of digital payments? Here's a step-guide to help you get started.

1) Select the Right Payment Solutions

Choose payment methods that align with your customers' preferences. Do your research by sending customers a survey. Start with the three most popular methods and branch out from there.

Check any transaction fees. Many customers aren’t willing to trade a little convenience for higher costs through added fees. You may need to upcharge for a certain payment service. Or you may find a wallet is cheaper for you to take than a traditional card.

2) Talk Options with Your Customers

Once you adopt new cashless options, educate your customers about them. Offering incentives encourages customers to participate. Get the word out over social media and through any mailing lists you have. Do this regularly and often. People’s attention spans are short these days.

Establish a payment options post in your social media rotation and include acceptable payment options on your invoices. Get the word out in multiple ways. You may attract new business as word spreads among friends and family.

3) Stronger Security Measures

Let your customers know their transactions are protected from theft and fraud with robust cybersecurity measures. Make sure your point-of-sale devices are on a secure network. Use strong passwords and MFA to protect system logins.

4) Observe and Analyze Transactions and Customer Trends

Once you go cashless, you generate helpful digital data. Analyze data to optimize your payment processes and identify opportunities. You can gain detailed insights into things like:

Which payment methods are most popular

Which services and products make you the most money

When are the most popular times of day for customer traffic

5) Keep an Eye Toward the Future

Staying updated on payment trends and being prepared to adapt is critical going forward. Add new options that seem to be picking up steam. Continue to survey customers on their favorite payment options. You can often get your best ideas from customer feedback.

Your customers will let you know what they like – and what they don’t.