The UK is rapidly becoming cashless, faster than most other countries in the world. Surprisingly though, millions of small businesses still don’t accept card despite 27% of shoppers admitting they’ve left an establishment without buying anything because they didn’t accept card, and 19% actively avoiding businesses that only accept cash. These businesses have also missed out on opportunities to upsell to people who only have a limited amount of cash in their pocket.
Benefits of going cashless:
Boosts checkout efficiency – Cutting out time handling cash will make you much more time-efficient, especially during peak trading hours, allowing you to serve more people in less time. Consumers today are busy and don’t have time to wait in line, that’s why many companies have adopted a ‘click and collect’ scheme where shoppers can buy on their mobile devices and then pick up in-store, avoiding queues altogether.
Easier accounts – Cut out all of that frustrating time counting every penny that comes through the till especially on days where the till register comes up short and you just can’t figure out why. With mobile and digital payments every transaction is automatically tracked and recorded which leaves less room for error and saves all that time manually recording transactions. Avoid running to the bank for change or to make deposits, especially as branches are disappearing rapidly. And with real-time data on the cash flow of your business, you’ll be able to make better-informed decisions on the improvement of your business.
Reduce risk – For obvious reasons, keeping cash onsite increases the risk of theft. Not only do you have to be concerned about random criminal theft, but unfortunately you also have to think about your own employees taking from the register. With less chance of being burgled also comes the likelihood of lower insurance premiums. The access to cash review reports 36% of people believe a cashless society would reduce crime, and it’s been reported 31% of business owners admit to feeling safer using new payment technology.
The rise of tech and bank closures are forcing people away from cash. Technology-wise we’re moving towards biometric payment like fingerprint and eye scan. Access to cash believes that a straight-line trajectory of current trends would see the end of cash by 2026.