In 2020, COVID-19 has transformed the way we conduct business transactions. With concerns over health, safety, and hygiene top of mind, many brick-and-mortar businesses have transitioned to an online operating model complete with contactless payment and delivery options. Those who continue to operate a physical shopfront are seeking to minimize the use of cash for in-person transactions.
As the world navigates an uncertain path to a “new normal”, what is certain is that the way we buy and sell is unlikely to return to a pre-coronavirus approach. With more and more businesses considering a cashless operating model, here some tips for making the move.
Why Go Cashless?
Going to an exclusively cashless business model may seem risky for some businesses, however there are many positive reasons for your business to consider.
Safety: On average, a $1 or $5 dollar bill changes hands from person to person about 110 time a year. By not handling cash, you avoid coming in contact with germs from other people. In the world of COVID-19, this helps protects your customers and employees from getting sick. Also, keeping less cash on hand reduces the risk of theft and improves safety for your employees and customers. It also means fewer trips to the bank to make deposits or withdrawals.
Efficiency: Counting out cash and giving out change takes time, which can slow down business. Encouraging cashless payment via tap-and-go, click-and-collect, or pre-paid mobile app means and more convenient customer experience - and the ability to serve customers more quickly.
Convenience: Having a cashless system is easier for your customers too as they don’t need to worry about having enough cash on hand for payments and don’t have to wait behind customers taking a while to make cash payments.
A Few Steps Towards Being Cashless
Offer Multiple Payment Options
Unlike cash, which is universal in its usage, not everyone will use the same cashless option to pay. Make sure you business can accept payment through credit cards, mobile payment apps, and customer loyalty apps. This way your customers have multiple payment options and aren’t forced to use one specific payment type.
In addition to offering contactless payment, add closed looped payments such as gift cards, prepaid cards and loyalty cards as other payment options. Not only does this give your customer more payment options, it will also establish a loyal customer base that will encourage them to return to your business.
Explore API Options
An API (application programming interface) is a piece of software that allows two different applications to talk to each other. APIs will allow you to seamlessly integrate all the aspects you need to run your business - such as booking software, online ordering platforms, point of sale systems, and delivery applications.
In the restaurant industry, the Domino’s app was dominating local pizza chains due to their technological advance. In turn, local pizza restaurants turned to delivery services such as DoorDash, GrubHub, and UberEats to provide online ordering services yet business owners were paying, on average, a 30% fee for these third-party services. 1Quest Payment has partnered with a Point-Of-Sale system to provide the technology that small business restaurants need to bypass third-party delivery service fees and level the playing field for local businesses to compete with the larger franchises and corporations.
Prioritize Security
One of the biggest concerns with a company becoming entirely dependent on cashless payments is the risk of security breaches. There are countless stories about businesses being hacked and their customers’ information being stolen. With cash, there is no risk - the buyer is anonymous. With contactless payment, they’re transferring data with their payment.
You should partner with a trusted provider who offers PCI DSS compliance, demonstrating that your business accepts, stores and processes customers’ financial information safely and securely. 1Quest Payment, LLC has credit card processing solutions that ensure safe authorization and payments. Protecting your customers’ information and your business with secure system is their top priority.
Is your business ready to take a step forward but looking for a risk and contract free option that will enhance your bottom line? Call Donnie Troy at 1Quest Payment for a complimentary evaluation of your business needs and explore your options today!
Donnie Troy
After graduating from Eckerd College, where he earned a degree in business and was a member of the golf team in the extremely competitive Sunshine State Conference, Donnie became a professional golfer. Although playing competitive golf is still a huge passion for Donnie, in 2010, he decided to take time away from the game and focus his energy on making his marking the business world.
His experience in credit card processing in the merchant service industry has given him the opportunity to build a successful business by helping local businesses in Orlando save money by reducing merchant services costs. Unlike other payment solution providers, Donnie believes in transparency because many merchants find it difficult to understand what they are actually paying for in order to accept credit cards. Donnie simplifies everything in an easy to understand way so that you can enhance your business’s profitability through transparent pricing, lower fees, and improved methods of payment acceptance in today’s changing business world.
