5 Advantages of Cashless Payment Systems for Your Business
Although cash feels like one of the most obvious signs of success for your business, more and more customers these days are interested in alternatives that allow them to get away from carrying a wallet full of bills around.
As a business owner, this may mean that you can increase revenue by being a little more flexible when it comes to adding payment systems that do not require cash.
Here are some advantages of the cashless payment system for your business:
1) Less time at the bank
When you have a retail operation that accepts mostly cash, one of the first things that you do when you are done with your shift or for the day is to count your cash drawer. If you have several employees, going through this process can take hours of your day. It is therefore much more efficient to start accepting cashless payments from a digital system. When you do so, you have your daily totals already figured out for you.
You may end up taking the same amount of trips to the bank, but you will find that with less cash money, your overall bank trip will be shorter.
2) Currency neutral
When you are near a border or tourist area, there are normally a few different currencies that are in use. If you are only accepting cash, you can’t leverage the advantages of digital payment.
With digital payment, you are able to accept payment in most currencies that are supported by your payment processor. Many payment processors like Visa support almost all of the world’s major currencies. PayPal is also noted for supporting different countries’ currencies.
3) Customer convenience
If you have a laundromat with commercial washers, you are probably used to working with coin feeds that break or get stuck. When you utilize the latest technology, you should be able to put touchscreens on washing machines that allow customers to card swipe or pay instantly with PayPal. That type of environment is one that can save your workers time if they are trained on the technology that you are using.
E-cleanpay is one example of a laundromat system that allows you to pay for a washing machine without having cash on you. You can use Visa, Mastercard, Amex, or PayPal to connect to the laundromat using your smartphone or tablet. You then pay for what you need without having to worry about cash. If you wash your clothes at the same laundromat on a regular basis, you might consider getting their free application. It gives you more options and makes it easy to store your payment information so that you can just tap your screen and pay for all of your laundry to be cleaned.
4) Better reporting
Although you can normally pull reports from your ERP or CRM system directly, one of the advantages of cashless pay systems is the ability to create reports for management that contain relevant details about your brick-and-mortar or online store. Statistics that matter concern forecasting traffic; how many people come in, and at what time do they normally arrive.
5) Cost savings
It used to cost an arm and a leg in order to get a CRM or ERP started within your company. Because some software companies have already made an investment in their infrastructure, they are less reliant on the revenue from the new venture and can create solid applications without having to increase prices on their customers.
Another cost saving occurs when the customer utilizes coupons that are brought to their attention by free smartphone or tablet applications that their company provides.
Overall, it isn’t that difficult to find reasons why a cashless system should be installed in your firm’s location. Suffice to say that the performance, the cost, and the efficiency of most large companies make it both a necessary and very-useful tool.
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