Benefits of a Cashless Business

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In many small to medium sized businesses the manager’s role could soon change significantly. Currently in traditional businesses a large part of a manager’s shift has to do with cash. Managers worry that they don’t have the right change to give customers and make runs to the bank or count and recount cash from the register when the business has closed for the day. But a number of businesses are shaking up this status quo.

Some businesses like Sweetgreen and Dos Toros are choosing to do away with these hassles in favor of a cashless business. But, as with any major change, there is plenty of fanfare around making the change. For example, Shake Shack tried going cashless, but many disgruntled customers ended their pilot, making them realize that a complete rollout was not in their immediate future. Despite this, many businesses are finding success with the transition to cashless.

Customers themselves are making it clear that cashless businesses can thrive. According to a 2017 study of consumer payment preferences by Total System Services, 77% preferred cash or debit, while just 12% opted to pay with cash. Beyond these measures, there are a number of reasons why a business might go cashless and below we address three of the most important points.



1. Save Managers Time


Your manager’s time is valuable. Having them stuck in the back office counting cash or making a bank run are not the best uses of their time. When they are freed up from tasks like counting cash or manually scheduling employees, they are able to focus on what they do best: talking with customers, improving the look and feel of your business, and of course, training staff.


2. Improve Safety


There are certain fears that all cash accepting businesses have. First and foremost, robbery. No matter how nice of a neighborhood your business is in, this is always a threat. Switching to a cashless business means that beyond your products, criminals know that your business won’t yield what they are after. This keeps your employees safe from potential harm and also keeps thousands of dollars from running out your front door.


The other side of safety has to do with the risks of accepting cash. Over time certain dollar bills are transitioned out for newer, and often safer versions. They might have hidden images when held up to the light or include new materials that are harder to forge. But what about those older bills? Instead of reminding employees what to look out for in a fake bill or which bills you can no longer accept, make the purchasing experience smoother on both sides of the register with a cashless policy.



3. Boost Customer Experience


These days customers are looking for seamless buying experiences. And with stores like Amazon Go popping up around the country, customers will soon come to expect efficiency. Stay one step ahead and make the checkout process faster now. Card or mobile payments take a fraction of the time when compared to counting out change. When customers come into your business and aren’t met with a long line due to inefficient payment methods, they will be incentivized to shop around, knowing they’ll be able to pay and get on with their day when they are ready to checkout.


Closing Thoughts

Switching to a cashless business is not for everyone. There are many considerations to take into account, such as: what percentage of your transactions are currently cash, what age your average customer is (many consumers under age 18 may not have access to credit or debit cards yet), what percentage of your customers don’t utilize bank accounts, and how your customers feel about the potential new policy. Sweetgreen, for example, did their due diligence and found that under 10% of their customers paid in cash before deciding to go cashless.


Opting for a cashless business is one way to streamline processes. Customers deserve more one on one time with your staff and cutting down on the time it takes to complete transactions helps accomplish this.


Another way you can save time for your managers and employees is by implementing staff scheduling software. When it comes to scheduling, as with cashless businesses, saving employees time helps them focus on the most important tasks of all: creating connections with customers and growing the business.

Want a business that runs smoothly? forex trading news for beginners can help schedule your employees effortlessly. Get started for free.

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