According to the Australian Payments Association, more than three out of four face-to-face payments are now estimated to be tap and go transactions and an increasing number of retailers are no longer offering cash as an option. So if this is where society is moving, how can you take advantage as a business to reduce your costs and give consumers what they want and maybe even give your business an edge over its competitors?
Let’s face it, cash handling is a dirty business, literally. Any food handling business will tell you of their struggles to maintain hygiene in an environment where cash is present. It’s also hugely expensive to process. A quick tally taking into account the cost of cash register hardware and software, and the time taken daily to manage cash processes – regular till balances, reconciliations, preparing floats, managing variances, banking cash, managing theft/fraud. The list goes on.
Now imagine your business without this hassle?
Let’s look at a simple coffee shop
Whilst going cashless may lose a handful of genuine cash sales by not offering this option, these will be a rare commodity in months to come. If your business encourages or only takes cash in an effort to report lower than actual sales, keep in mind the ATO’s data matching services will be hot on your tail and you’re highly likely to be caught and fined.
In our minds there are a host of advantages to going cashless. Not only can you save in eliminating the high cost cash handling processes, but it gives you the opportunity to effectively redesign your business with the consumer in mind.
McDonalds have started the trend with their self-serve touch screens where consumers design their own burger, order and pay on screen. Could your business make use of similar technology to allow customers to self-serve, or could your staff become more mobile, taking the technology to the customer’s table to record and transact their order right at their table. Some venues have the technology built right into the table! This could be a real point of difference in delivering services to your customers faster, or bringing back table service and having your staff service and transact with your customers in their seats.
Technology can also deliver loyalty cards which your customers can pre-load with funds. This makes it safe and easy to spend at your business and you’ll know precisely who is buying what and when.
Going cashless could deliver some real benefits to your business in productivity and cost savings, can give you the opportunity to review your business layout so it suits the needs of your customers, and develop tech-savvy marketing programs to boost your bottom line.
If you want to have a discussion on how to implement these and other clever strategies in your business, give me a call on 07 5413 9300.