Many businesses see cash as the ultimate convenience. However, customers don’t always view it that way. In fact, many wish that all brands just accepted tap and pay, and similar solutions.
However, there are numerous other reasons why you should stop using cash at your business. These range from security concerns to the exclusion of certain customers.
Here are some of the reasons why you should seriously consider no longer using cash.
Counting the cash in your register at the end of the day or week isn’t cheap. It can take a lot of time, decreasing business efficiency and increasing your labor costs substantially.
If you have more than one cash register or need to total physical invoices, the process can take even longer. Many companies spend Friday nights just counting their coins (and often feeling disappointed in the process).
When you take cash, you also need to work with banks and other organizations that can supply you with the change you need to serve customers. These services increase your cash handling fees, making it more expensive to do business.
Again, getting a point of sale reader and abandoning cash (or using it less) can reduce these costs. You no longer need to pay for cash counting services or change.
Getting rid of cash could also reduce the risk of embezzlement at your business. When you use card payments, it becomes virtually impossible for anyone to steal from the company. That contrasts with keeping a till stocked with notes and coins. Colleagues can easily slip money into their pockets and carry it off-site with them.
Stopping using cash could also reduce the risk of accidentally accepting counterfeit bills, notes, and coins. When you take card payments, it is hard for customers to pretend they have money in their accounts when they don’t.
With that said, there are still risks. For example, you might take payments from a stolen credit card. However, the cost of these errors rarely falls on you, the merchant. Instead, other parties cover it with their insurance, and you often get to keep the income.
Stopping cash at your business also improves your audit trail. It makes it considerably more straightforward to see how much money you’re receiving every month, without having to deal with cash-counting and theft issues. Everything goes digitally into your business account, revealing your performance more clearly.
In addition, many companies that move beyond cash improve payment options for customers, adding convenience. Most people who go to your business won’t want to use cash. Instead, they will rely on other payment methods, including cards, that are more convenient.
Finally, letting customers pay for things with cards hastens checkout times. Paying with plastic just requires a tap while cash needs a clerk, cash register, and time spent actually counting the money.
