Why you should consider taking the cashless route

With the COVID-19 outbreak, many changes took place in the European payments space.

International financial institutions like VISA and Mastercard increased contactless payment limits in order to reduce the transmission of the coronavirus on the basis of advice issued by the World Health Organisation (WHO). 

It has been a long-held belief that physical cash is unclean, and studies have proven this to be true.

That’s why contactless payment limits were increased – to make payments safer and more hygienic.

If you’re a business owner who still accepts cash in the daily course of things, it might be time to consider going cashless.

Here are some of the reasons why.

More efficiency at the checkout

In this day and age, speed and efficiency are critical to any business’ offering.

These two factors apply at the checkout, too.

Customers don’t want to wait long in a queue, pay, and get their change, but rather to make their purchase and move on.

In fact, research indicates that customers are looking for increasingly convenient ways of paying and this includes mobile and digital wallets.

Contactless payments are another option as they’re fast, easy and ultimately, hygienic.

More efficiency at the checkout is therefore the first reason to consider going cashless.

You’ll not only be offering your customers a smoother checkout process, but increase the effectiveness of your business offering, too.

Manage your accounts with better tracking and reporting

Apart from not being physically clean, working with cash has its downsides.

You literally have to count every dollar, euro, cent or penny your business earns, and then account for it with your bookkeeper or accountant.

With cashless payments, each transaction is automatically recorded in the system, making them easier to track and follow.

Reporting also becomes easier, as you have all the payment records you need at your disposal.

Moreover, since contactless and cashless payments happen relatively quickly, they are reflected in your system immediately.

Therefore, there are no time lags when it comes to doing your books on time.

Reduce risks and increase safety

Another downside to working with cash is that it is risky to have on hand.

There have been many situations where small business owners have been robbed at gunpoint over the contents in their cash register.

To circumvent this risk and increase the safety at your business premises – for both you, your employees and your customers – going cashless is the right decision.

Contactless, mobile or digital payments are transferred to your business’ IBAN and there’s no physical exchange of cash.

This is another reason which makes cashless payments an attractive and safer option.

How myPOS can help your business go cashless

Now that we’ve covered the reasons why your business should go cashless, let’s take a look at some of the solutions available to you as a business owner.

With myPOS, going cashless is easy, fast and convenient.

With various card machines choose from, you’ll be able to find the payment device that suits your business needs best. 

From the small and compact myPOS Go, to the durable myPOS Combo and the versatile myPOS Smart, you can accept payments anywhere, anytime.

What’s more is that merchants who sign up with myPOS get a free IBAN and business VISA card, and all payments received are settled in your account instantly.

This means that when you receive a payment, the funds are available in your account immediately. No more delays and waiting for days for transfers to appear in your account!

There are also unique online payment solutions which your business can take advantage of. PayLinks and Payment Requests are just two of the variety of options available.

With PayLinks, simply send a payment link to your client’s phone or email address and wait for the payment to go through.

Similarly, with a Payment Request, you can send a one-time Payment Request to your customer to pay you via email or SMS, and simply get paid.

In summary

In short, taking the cashless route for your business does not only ensure the physical safety of your business, customers and employees, but also provides a smoother checkout process and enables you to track and monitor your reports better for accounting purposes. 

Relying on myPOS to help you find the right cashless payment solution for your business is your best bet!

Disclaimer: Please be aware that the contents of this article and the myPOS Blog, in general, should not be interpreted as legal, monetary, tax, or any other kind of professional advice. You should always seek to consult with a professional before taking action, since the particulars of your situation may materially differ from other cases.