The entire global economy is taking on major losses due to the COVID-19 pandemic. Every business, from major corporations to “mom & pop” shops, is undergoing drastic changes in their operational models to cope. Businesses most severely impacted require either physical contact or continuous proximity between customers and staff.
Cashless payment options are available as solutions that greatly reduce the amount of contact needed between employees and customers. Restaurants, bars, and retail shops that offer cashless payment options provide customers with convenience, speed, safety, and a comfortable environment that employees will also appreciate.
Cashless Payments Means More Convenience
With more options to pay, cashless payments make for a quicker POS experience. Virtually all POS systems offer some form of cashless payment. Most (if not all) take credit cards at a minimum, with chip readers providing shoppers with added security.
Near-field communication (NFC) is the technology behind contactless payments, but you don’t need to be tech savvy to pay with it. Apple Pay, Android Pay, and Google Pay are all NFC mobile wallets, and software on your smartphone encrypts the data. Here’s a list of most readily available cashless payment methods today:
- Credit or debit cards
- Mobile wallet apps
- QR code payment apps
- Prepaid cards
- Mobile payments
More and more, consumers are preferring not to carry a wallet. Going cashless replaces your leather wallet with a digital one.
Cashless Payments Mean Lowered Bank Fees, Enhanced Security, and Improved Safety Measures
An increase in the percentage of cashless payments for your store equates to less cash on-site to manage. Smaller overnight deposits mean the cash handling charges at your bank should also decrease. Your employees will also appreciate the time you save on counting cash and coins at the end of each night.
Cash and coins are high-risk touchpoints, especially now during COVID-19. They require constant hand-off with no feasible contactless way to exchange it. Removing the need for cash and coins at the point of sale counter effectively eliminates a workplace health risk factor. Consider this an occupational safety benefit of cashless payments.
Cashless payments also prevent loss from theft or human error. Digital payments provide extra security measures that make theft much more difficult. Digital payments also calculate most computations automatically without the need of human assistance. This prevents human error that can easily occur from pressing the wrong number or button.
Evolve Your Business With Cashless Payments
COVID-19 has put business models in every industry through multiple strenuous tests this year:
- Companies lost revenues to COVID-19 seemingly overnight.
- The additional training requirements, sanitation measures, and supplies required by state and municipal health regulators cut into profits.
- Managers applied for pandemic loans to stay afloat as they worked towards a new business model.
- Restaurants and bars increased their prices to offset the higher costs of operations.
Fortunately, cashless payment POS systems are a cost-effective way to combat these obstacles. They give employees and managers the key features they need to offer their customers the safest, fastest, and most convenient way to pay. When you upgrade to a cashless payment POS, you also get reporting software that allows you to monitor all aspects of your business operations. If you’re ready to transition to cashless payment options, consult with the experts at talech to get started today!
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