If you are thinking about opening a new business or already own one but are limiting yourself to cash payments, then you are missing out on many opportunities.
Most people have debit and credit cards, and prefer to make payments using them. In fact, you’ll find fewer people carrying cash or keeping lots of cash at home or on their own because it’s easier and safer to use their card.
Customers enjoy the flexibility, ease of payment and security associated with cashless transactions. Your business can greatly benefit from this in the following ways.
Customer Base Increase
If you have an ecommerce store, online storefront, or website with products to sell and services to rent, providing your prospects and clients with multiple payment options will make doing business with you easier.
Not all customers want to send cash to your account or go to the nearest bank to pay into your account; not when they can enter their card details and make a payment in a minute or two. The cashless platform makes it easy to do business with clients and customers from around the world.
Faster Payment Processing
Convenient cashless payments. This is even more important now that people barely have enough time for themselves.
Providing your clients with a cashless payment alternative means you can confirm and process payments within minutes. This means almost instant cash flow compared to post-dated checks and delayed invoice payments.
Good for your Business Image
Requiring cash for all transactions makes your business appear unprofessional and out of date. This will hamper your reputation in the market! By adopting a cashless payment option, you will definitely increase your company’s reputation.
Also, most websites or ecommerce stores that accept credit and debit card payments often have a logo or stamp of trust that further enhances their credibility. This increases their trust factor, making it easier for people to do business with them.
Faster Refund if Needed
Customers love the idea of being able to ask for a refund and know they can get one if they are not satisfied with your product. However, this can be a double-edged sword for businesses.
On the one hand, this means that companies with superior services and products don’t have to worry about refunds while generating more revenue. On the other hand, companies with inferior product or customer service may experience high volumes of refunds and be penalized with chargebacks.
More Security and Protection
Money-based operations often face risks of theft, robbery and loss of money. You can limit the chances of a successful robbery by using the cashless option.
All transactions are often electronic, highly encrypted – often with the highest encryption available in the world – and paperless. This means that you will never be vulnerable to the activities of thieves and criminals. You also get added protection from counterfeit currency.
Customers want to pay as they please. They don’t want the vendor to tell them How pay. Use a payment processor or merchant solution such as Fattmerchant make it easy for your customers to pay as they please. In this day and age, that’s a given if you want to survive and succeed in business.
Extra Advantage Over Rivals
Cashless payment options give your clients and customers more payment options. This is great news for businesses whose competitors aren’t as flexible or able to provide multiple payment options.
So if you’re in an industry where cash-only payments are the norm, you can generate more revenue by getting a payment processing solution for those who prefer to use their card.