Why So Many Businesses Are Going Cashless

9 Aug 2018

cash in hand

Paying for goods and services with cash is one of the oldest ways to conduct a financial exchange. It’s only natural that over time this method is replaced by more modern ways to exchange funds for goods and services. Today especially, with heavy influence from Internet-connected devices, it’s become faster, easier and more secure to pay. This has also eliminated the need to carry cash around in one’s wallet.

As this trend for new payment possibilities continues, more businesses are answering to consumer demands and creating a cashless payment environment that’s speeding up checkout times and even helping them to add more sales under their belt.

While cash isn’t being accepted, it doesn’t mean payment options are limited to those carrying plastic. Today’s shoppers can pay with EMV-chip cards, their mobile devices and contactless with QR codes.

Here’s a closer look at why more businesses are going cashless.

Safer Payment Options

A cashless society is safer because not only are people not having to walk around with physical money that can be stolen or lost, but new security measures are constantly being introduced to thwart thieves from decrypting financial data from computer systems. Also, a traditional cash drawer with large sums of money is no longer sitting atop the counter waiting for a robber to demand it.

Faster, More Streamlined Check-out

Nothing slows down the ability for a business to earn income than a slow checkout process. Customers can easily choose to abandon their purchases, become so frustrated they never return or purchase less than they’d like to due to limited physical cash in their pockets. With a cashless policy, consumers can shop with more ease and use the cards or devices they’re already carrying around with them anyways.  Paying in an efficient and frictionless process as they move through the line to complete their transactions can strengthen loyalty and help drive profits.

Invaluable Data Possibilities

In addition to helping customers pay more easily and streamlining checkout processes, cashless societies that use advanced POS systems have the advantage of collecting important data about shoppers including which products are popular, what inventory needs to be ordered and even help in the creation of targeted offers that get customers back to the store and shopping more.

Ready to step up your payment processing game?

Clover POS systems are secure, reliable and stylish. Customize your system with specialized apps for things like tracking employee time sheets, comparing your business to your competition, loyalty programs and more. In addition, all Clover transactions are PCI compliant and protected by TransArmor to encrypt, tokenize and prevent third-party access.

Trust the professionals at Turnkey. We know payment processing inside and out and whatever your goals are, our Solution Advisors can help you to find a payment technology product that works for you.

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