3 Important Reasons To Give Up Your Cash-Only Ways

Are you still operating a business that insists upon a cash-only policy? If so, it’s definitely time to provide your business with a past due and much-needed boost. By accepting credit cards and debit cards, you’re automatically going to begin generating more sales. In 2017, we practically live in a cashless society, meaning that fewer and fewer people carry cash on them every day!

There are numerous reasons to give up your cash-only ways. Here are three important ones:

1. It becomes so much easier to keep track of your transactions.

With cash, you are forced to do all of the adding and subtracting yourself. Firstly, you have to be mindful of keeping change in your till and having your employees dispense of it correctly. Secondly, cash requires you to do all of the accounting on your own. You have to carefully count up your cash to ensure you’re depositing the correct amount when you visit your bank. When you accept credit and debit, the money is calculated for you and deposited in your account within days. No bank visits are necessary.

“It’s more difficult to keep track of cash than it is to use online payment processors,” affirms Amanda Abella on Due.com, “Cash can get lost…Cash can get co-mingled far more easily with personal money. This can make things extremely difficult come tax time. Cash can go unaccounted for accidentally.”

2. You significantly lower the risk of theft.

When crooks know that your cash registers are filled with cash, they become a lot more brazen with their criminal intentions. Small amounts of cash or even none at all aren’t a robber’s dream come true. When merchants choose to accept credit cards and debit cards, their stores see a lot less cash. As a result, they free themselves of the worry of having their stores burglarized.

“While some would argue that accepting credit cards and doing your accounting online means you open your business up to security risks, I would argue the same is true for being cash only – especially if you have an office or a brick and mortar location,” says Abella, “There’s very little you can do to make sure the cash that’s stowed away in your office or home remains safe. It doesn’t take much for a criminal to notice patterns, and you get broken into all that money would be gone.”

3. You vastly improve your brand’s reputation.

To put it plainly, modern day consumers frown upon cash-only businesses. They are considered archaic and “living in the past”. Simply put, shoppers prefer paying with credit cards and debit cards. If your store doesn’t accept them, your store won’t be accepted. Today’s consumers are well aware of the many benefits that come with using credit and debit – not the least of which is not having to worry about being robbed for their cash themselves.

“Some people prefer to use credit cards or debit cards because it either helps them keep better track of their expenses or they want points and rewards,” writes Abella, “Speaking from the perspective of a customer, I find both to be true. I don’t have cash unless I absolutely know I’m going to need it, like for tipping a valet.”

For more information about how Canadian POS Corporation can help you to do away with your cash-only ways, call us at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless POS terminal options.