Businesses that use cashless systems are more cost-effective, efficient, and appealing to pandemic-conscious customers. And, with the necessary tech now as accessible and affordable as a smartphone or iPad, cashless systems are becoming the industry standard for customer-facing businesses of every size.
The move to a cashless system begins at your point of sale. If you are able to upgrade to a digital POS solution, you can easily add a range of payment options in just a few simple steps.
With cash becoming less frequently used due to COVID-19’s restrictions, it’s time to investigate adding cashless options to your business.
Cashless Systems Are Faster, Cheaper, and More Appealing
Cashless systems are a natural extension of the digital era. In fact, if you decide to implement a digital POS solution, you can run virtually every business-related operation through an electronic system. Compared to integrated purchase orders, seamless customer-to-account transactions, and touchscreen registers, using cash is a slow, manual process that is prone to errors and doesn’t adhere to COVID-19 safety standards.
Introducing cashless options to your business—in addition to your cash drawer because you don’t want to ostracize cash-paying customers—gives you an additional way to advance your business, create a better customer experience, and prosper during the ongoing pandemic. Consider the following:
- Cashless payments are faster to process since there are no coins and bills for cashiers to count or customers to rummage for.
- Removing the need to transport and process cash reduces operational costs, which can lead to thousands in savings annually.
- Research suggests cashless payments are more appealing to customers who are conscious of the continuing COVID-19 threat.
In addition to those advantages, investing in a cashless system also makes it easier to integrate all your accounting, inventory, and transactional tools into a single space so you can better understand how your business makes money—and how it could make more.
How to Create a Cashless System
A cashless system lets you accept payment types of all kinds, including:
- Credit and debit cards
- Apple Pay and Google Pay
- Smartphone apps
- Gift cards
- QR codes
- Paypal, Venmo, and other third-party providers
There are two core components that need upgrading in order for your business to begin accepting cashless options—the software and hardware. Those terms may sound intimidating, but they’re just choices you make about the look, feel, and function of your cashless system.
Select your Hardware
Hardware refers to the physical devices you use to access your system and process customer payments. In the technology-forward 2020s, businesses are ditching their clunky old cash registers for discrete, mobile iPad terminals that act as hubs for every kind of customer interaction. These touchscreen terminals are then connected via USB cords or Bluetooth to a range of add-ons that encompass everything from scanning customer loyalty cards to printing personalized barcodes.
With a digital POS system, you just add the necessary chip and PIN, QR code scanner, or magnetic stripe reader to your iPad, and then you’ll be able to accommodate your customers’ payment preferences and alleviate their COVID-19 concerns.
You can mix and match your cashless system’s add-ons freely because each one is just a connection to the underlying digital platform that makes a cashless system work.
Access your Software
Today’s POS solutions are little more than business management apps. The iPad terminals and cashless payments are all connected to an internet-based platform stored in the cloud that gives you access to the best business tools without needing the IT expertise or budget to maintain them.
Whereas cash payments require a two-stage physical journey to your business accounts, every form of electronic payment makes its way directly to your accounts and is protected by the latest encryption and authentication technology.
Your business software is the platform you use to conduct every aspect of business, from completing and monitoring purchase orders, to organizing your staff and adding discounts to purchases. The leading options are fully customizable to cater to your business, and are available on subscription plans that spread the overhead costs out over small, cancel-anytime payments.
Go Digital for a Better Business
In addition to proving a launchpad for a range of cashless payment options, your digital POS solution can also streamline your entire business. By upgrading to a cloud system, you can easily integrate all your business needs into a single space. That means you can control all of the following from a mobile, home, or onsite computer, phone, or tablet:
- Product management, including alterations, modifications, and returns.
- Inventory management, including automated purchase orders and stocktake.
- Sales management, such as discounts, returns, bundled items, or promotions.
- Loyalty and gift card programs.
- Staff management, including rosters, training, holidays, and HR.
- Sales reports, including detailed analyses of product and customer trends and data.
Once you transform all aspects of your business to digital—including the currency—you can examine and optimize it to best serve your bottom line and help create a superior customer experience.
In a period of change, talech has a number of POS solutions that can help your business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence.
Want to learn more about accepting cashless payments?