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Should Your Business Go Cashless?

Should Your Business Go Cashless?

Everyone has the dream of soaking in a tub full of money or dancing as dollar bills pour from the sky. There is just something so comforting about the feel of cold hard cash resting in the palm of your hand. While cash feels great, it is burdensome for a business owner. Cash also makes tracking how well your business performs more difficult. Not only are there tons of benefits to becoming a cashless business, you live in a world where most people do not carry around cash anyway.

Reduced Risk of Theft

Arguably, one of the largest benefits of a cashless business is the reduced risk of theft. As a cashless business, you do not have anything in the registers or safe for someone to take. So, robbery isn’t a cause for concern. Although the goal is to hire the right employees so theft is never a concern, no cash means no employee theft, either.

Reduced Human Error

Trying to count money while dealing with an irate customer is a difficult task. It is easy to make a mistake while stressed, overwhelmed, or trying to multitask. Mistakes happen when employees handle cash, and the mistakes often end up costing your business money. Going cashless decreases human error when dealing with transactions.

Flexibility

A cashless business has a lot of options to consider. For example, a cashless business can convert to an online business, as customers who do not pay cash do not have to come to your physical store. Not accepting cash as a form of payment gives you the freedom to run your business from just about anywhere.

Avoiding Counterfeit Bills

In a perfect world, your employees catch counterfeit bills before accepting them as a form of payment. Unfortunately, the world is not perfect. Counterfeit bills slip by even the best of employees. It is a little more challenging for someone to use a counterfeit credit or debit card as a form of payment. Furthermore, your payment system prevents you from accepting a credit or debit card if there is not any money in the individual’s account.

Consumers Don’t Carry Cash Anyway

Statically, you live in a society where consumers do not carry cash anymore. In fact, consumers use cash more at fast food restaurants than any other type of businesses. Even at fast food joints, only 33 percent of customers use cash as a form of payment. The other 66 percent use credit card and debit card payments. Statistics show that 73 percent of Americans use cash as a form of payment less often than they did a decade ago.

As a business owner, you must decide if dealing with the hassle of cash is worth appeasing the 25 percent of your customer base that carries cash. Most business owners find the hassle of dealing with cash to cost more than the small number of customers lost over going cashless.

Everyone loves the sound of a crinkling wad of cash in his or her hands. However, that doesn’t mean cash is good for business. Consider the pros and cons of going cashless before making an informed decision.

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