It’s not common but almost everyone knows of at least one place in their town that does not accept credit cards. It’s easy to imagine why: the business owner doesn’t like to pay the fees associated with swiping a card.
But now, the opposite payment set up seems to be gaining traction: instead of not accepting cards, many restaurants and retail shops are opting to stop accepting cash.
Last weekend, the Atlanta Journal-Constitution reported on the trend and business owners told the newspaper that they hoped going cashless would help streamline operations and allow managers to concentrate on other tasks. Apparently, very few customers noticed or complained about the new card-only policy.
Similarly, National Public Radio also reported on the trend earlier this year. The owner of a cafe in Philadelphia told the radio network that he decided to stop accepting cash in a bid to reduce wait times in the customer line. He shaved 20 seconds off of an average one minute wait time.
Beyond reducing wait times, there are three big reasons why businesses may want to consider going cashless:
It may help with sales reporting.
Cash needs to be counted. Unfortunately, it can be miscounted by employees or by managers. That can lead to problems in accounting and sales reporting. Also, the Atlanta Journal-Constitution noted that removing cash from the equation can reduce the number of voided transactions a manager needs to check on.
All of these factors can be alleviated if all transactions were electronic. Hence, the improvements to the sales reporting resulting from not accepting cash.
It may reduce employee theft.
As noted above, employees need to count cash and, if they’re not honest, that can lead to an opportunity to steal. With electronic transactions, it’s not possible for the machine to lose track of the money because it’s all digital and associated with a record in the database. Similarly, all of the inventory is being tracked also so it’s less likely to be go missing if there’s no way to account for it.
It may make the business safer.
Safety is a big issue in many locations and removing cash can help reduce the risk of a robbery or theft. In addition, the Atlanta Journal-Constitution notes that going cashless can eliminate the need for a manager to carry out money late at night or go on a bank run. No cash on the premises can make employees feel more safe since it would theoretically make the business less of a target for bad guys.
Want to find out more about turning your business into a cashless enterprise? Contact us today to learn how the right technology can make it happen.