Some businesses accept only cash, only credit, or both. Which is right for you?
Businesses large and small are beginning to face an interesting decision. Should your business go cashless or continue to accept cash or credit? Cashless transactions are on the rise, but there are plenty of reasons to keep cash as a payment option. Should you encourage your customers to pay with cash or credit? It is your business choice.
Running a Cashless Business
More countries are starting to pay with credit cards alone; at the same time, more individuals are also paying with credit only. Most people do not even carry cash on them these days. Some might say there is a significant advantage to going with the trend. However, one could argue that there is more than one benefit to going cashless.
One benefit is convenience. Everyone is continually striving to increase the convenience of doing things. Paying with a credit card takes less time and effort for both the cashier and the customer.
Another angle is that of cost. Credit card payment processing has fees, but cash payments also have upfront investments. Employers must pay for and maintain cash registers, employee training, and change. Employees must take time to process cash, check for fake bills, and count the bills every day.
Cash can also be stolen; if your store gets robbed, you won’t lose money through stolen cash.
Why Cash Is Still Important
While your in-store robber might steal cash from the register, a hacker could steal potentially much more. Cybersecurity is robust yet developing; both cash and credit have some risk of theft. Cash is a physical object and is more secure; it is harder to steal millions of company revenue physically than virtually.
Cash also is free of fees to you, the business owner. Credit card processing costs a business every time someone swipes their card. Credit card companies and banks may receive a percentage of what you make. Cash is free of that.
Some people still prefer to pay with cash. If you have a cashless business, you could risk losing a percentage of your customer base.
Cash or Credit? The Best of Both Worlds
There are attractive benefits to both options. Whether you choose to accept cash or credit only or both depends on what you think is best. If you decide to accept credit payments, Pure Finance Group can help your business keep fees low.
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