Going cashless

March 17, 2020 - 12:00pm

Going cashless

Card payments are starting to become the normal method of payment, but did you know that in 2017 card payments overtook cash as the most popular method of payment?

If this trend looks to continue, cashless payments in the UK could even become the norm. Therefore, is it time that you considered card only payments in your business?

Why consider going cashless?

Convenience for customers

Going cashless will help your customers by allowing them to not worry about having cash on them or getting to a cash machine. Contactless payment will also mean that customers are having to carry less small change, whilst mobile phone payments, such as Apple Pay or Google Pay, are both easy to access and operate, and your customers don’t even have to worry about carrying their wallet or purse.

Safety

If you decide to get rid of cash payments, you will remove security risk from your business by not keeping cash on site.

You and your staff can also feel safer and less stressed about not having to worry about being responsible for the cash going missing, or being worried about being robbed whilst cashing up for the day.

Cash handling

Physical cash needs counting and taking to the bank, whilst a cashless system will involve taking care of numbers on a screen. There is also the security risk of having to transport large amounts of cash to your bank, which you could be at risk of losing.

Moving beyond plastic

What if you could just use your finger? New methods of payments are being explored, for instance, Fingopay is just one new method of payment and identity verification that allows users to scan their finger to do everything. When you register, you will connect your payment details and personal ID to use whilst you’re out and about, meaning that you don’t need to take anything with you.