Benefits of a Cashless System
The benefits of a cashless business have limitless potential, however there are two major benefits that are drawing newer and more progressive retailers into opting for the system.
In peak shopping periods, such as Black Friday and Cyber Monday, your primary objective as a retailer should be quick and friendly transactions. For the benefit of the customer as much as yourself.
Queues will be forming a lot faster than usual, and there will be a sporadic mix of cash and card payments.
Notes need to be checked for legitimacy, counted, placed in the cash drawer correctly and then change needs to be returned to the customer. Every step of this process takes time, and human error can disrupt it massively.
If a customer is accidentally short-changed, this of course needs to be rectified. But this will hold up the queue even more than it already has been and will likely annoy customers waiting in line. This could in turn lead to them simply walking out.
However if you’re only accepting card payments, then this process is made quick and streamlined. There’s no need to count cash, hand back change or check for legitimacy of bank notes. Customers can simply pay with contactless, or Chip & Pin and be on their merry way.
Environmental and climate change awareness is a hot topic in the news, and there’s been a constant bombardment of mounting pressure for businesses (big and small) to reduce their carbon footprint.
In 2016, the Bank of England started printing £5 notes on polymer rather than the traditional paper-based material. This was subsequently followed by the £10 note.
Although on the surface this might seem entirely environmentally conscious, the new note sparked controversy when it came to light that one of the ingredients was animal fat. Religious groups, alongside animal welfare activists called upon the Bank of England to change the process, but it remains the same.
Although non-paper-based notes are a step in the right direction to reduce paper usage, cashless stores provide a better foundation for businesses trying to do their bit to help the environment.