Eliminating cash from the typical small business model is an idea that has been around for years. Cash forces small business owners to maintain a physically secure location for its safekeeping and to either transport it themselves to a bank or hire an armored car service to handle this task for them. Either option is not ideal, and each poses a risk in security and the accuracy of counting it all. And, thanks to COVID, general sanitation has been added to the security risks of handling cash.
So how do you know if it’s a good idea to go digital and go cashless? Digital numbers are much easier and accurate than managing cash and can be sent to the bank almost instantly via almost any internet connection, including cell connections and even dial-up. Counterfeit digital funds are beyond the realm of accepted possibility, and the security protections backing up your customer’s finances limit your risk in any of it. So why wait?
Before taking the leap into a cashless business model, there are some technical and business requirements that must be met. The hardware you use will most definitely change, as will the software features you will now need and a change in overall data security. When looking at these, it will be vitally important that you consider the elimination of the cash drawer as a promotional feature—one that will help your business to stand out from the rest.
Take Data Security to a New Level
Permanently closing your cash drawer will open up more than counter space. Certain regulatory requirements will come into play, primarily in the form of PCI compliance. Being aware of your obligations and the security requirements that come along with them is a must. Failing to adhere to these standards can lead to significant financial loss to you, and can cause irreparable harm to your business reputation.
Not to worry, there is good news from all of this. Many POS software solutions that are specifically designed to manage a fully cashless business will likely include the security tools needed to keep all transactions safe. That said, this is one area where the expertise of a POS consultant can prove to be an invaluable asset. They will possess the knowledge around emerging POS security features and how PCI DSS works in small businesses to build out a formidable security infrastructure.
Expand Payment Acceptance Options
Another area where an experienced POS consultant will provide a high value is in the building out of your payment acceptance options. A complicating factor in expanding the payment options that you will accept is negotiating with payment processors. While some payment processors can be fairly lax and welcoming to adding new payment options, others may add penalties and significant fees that could lead to your cashless dreams fading away.
Your POS consultant should try to match up an all-inclusive POS system with a flexible payment processing partner as a priority. This ensures that the terms and conditions remain flexible regardless of the volume of payments processed or the types of payments you accept. Also, bundling payment processing with your POS solution will likely lead to favorable and consistent processing fees that you can confidently add to your budget.
Develop a Concise Plan That Includes Training
Moving to a cashless business model will entail a learning curve both for your customers and your staff. Your employees will be asked about the no-cash policy, and it may turn off some customers. This is why providing your staff with proper training on how to work in a cashless business is best managed by your POS provider. Staff will receive their training information first-hand and can be coached by an expert that has been there before into choosing the right words and the right moment.
Going back to the other side of the counter, while many of your customers may have ditched cash long ago, there will be some for which this will be a considerable change. Having a well-versed staff to utilize their POS training and provide white-glove guidance to these customers will ensure an easy adjustment. And this easy adjustment will speak volumes for you as a business, opening up new avenues of business and marketing opportunities.
What New Doors Does Cashless Open?
Marketing your business after implementing a cashless model can yield some exciting new options. Freed from the worries of managing cash, handing out correct change, and safely storing it, your staff can remain focused on the customer. Blending this with innovative, data-driven, POS technology checks all of the required boxes for developing a business strategy that revolves around predictive ordering and dynamic customer service.
The cloud-based technology requirement that comes paired with cashless business operations will make multi-channel operations a realistic option. This piece allows you to project your brand on a broader scale-out into the world, allowing you to invite customers to engage with you even if they are far out of range of ever visiting your business. This, when supported by a variety of digital payment options, will provide new business opportunities.
Go Digital, Go Cashless, Or Go Home
Making the decision to go cashless in a digital world is one that requires your full commitment. While initially doing so out of safety concerns over handling cash, you will likely find opportunities for building new customer relationships in ways you have never considered. The POS consultants at talech have the precise blend of technology knowledge, business experience, and PCI compliance expertise to drive forward a successful change into a cashless business world.
Want to learn more about cashless payment options?