More than 84% of payments in the U.S. this year are now made digitally—yet millions of Americans still rely on or prefer cash. Merchants across industries, including retail and hospitality, are looking closer at how reducing cash handling through inclusive digital payment systems could transform their businesses. The solution? Reduce the burdens of cash handling while continuing to serve every customer, regardless of how they pay. Inclusive tools like Ready Credit’s Cash-to-Card® kiosks make it easy to modernize your operations without leaving anyone behind.
If you’re ready to learn about the advantages of reducing cash handling while embracing digital payments, then keep reading. We’ll cover the practical benefits of streamlining operations while continuing to serve cash-preferred customers through inclusive solutions—like Ready Credit’s digital payment tools that make the transition seamless.
What Is an Inclusive Digital Payment System?
While most transactions are now digital, many customers still use or prefer cash. The most effective systems are hybrid models that modernize payments while providing access for all.
An inclusive digital payment system supports both modern digital transactions and easy conversion of cash to prepaid forms, ensuring that no customer is turned away.
These systems prioritize any one or combination of the following payment methods:
- Direct debit payments
- Debit cards
- Credit cards
- Pre-paid debit cards
- Mobile wallets
- Reverse ATM™ machines
- Cryptocurrency
How Does a Cashless Payment System Work?
Once you choose the best digital and cash-conversion payment options for your business, customers can decide how they want to pay for their goods or services. For example, a customer may use a contactless prepaid debit card loaded at a Cash-to-Card® kiosk. When they tap and pay, your POS system creates a connection and securely transmits the transaction details to the customer’s payment processor.
From there, secure authentication (via two-step authentication, or other means) takes place, followed by a quick authorization of funds. You then receive a secure electronic transfer from the customer’s account to your designated account. Finally, both you and the customer receive confirmation that the payment transaction is complete.
Why More Businesses Are Moving Toward Cashless Models
Simply put, more businesses are working to reduce the burdens of handling cash in order to remain competitive, build customer loyalty, and streamline operations. Consumers worldwide demand simple, electronic payments with little to no waiting time in our evolving digital landscape. Rather than counting out change, they overwhelmingly prefer secure and fast digital payment options, allowing them to pay and go.
At the same time, cash comes with its own costs—such as theft risk, shrinkage, and the time-consuming process of reconciliation and armored truck logistics. And in many states, legislation now requires that businesses continue to accept cash, making inclusivity and compliance essential.
By implementing a hybrid model, businesses can meet customer expectations, comply with evolving legislation, and eliminate cash-related operational burdens—all without turning away customers who rely on cash.
12 Advantages of a Cashless Payment System
1. Faster Transactions
Cashless transactions are shaping the future, ensuring customers and businesses benefit from faster transactions. Digital payment methods, such as contactless cards, wearable digital wallets, and QR code payments, drastically reduce waiting time while accelerating throughput, giving customers a stress-free experience.
2. Increased Customer Convenience
One of the greatest advantages of reducing cash handling through an inclusive payment system is that your customers won’t need to carry or withdraw cash. Mobile payments and wearable wallets also eliminate the need to carry a traditional wallet with payment cards, which is appealing to consumers who only want to leave home with nothing but their phone.
3. Enhanced Security
Keeping cash on hand can be a major liability for many businesses. Doing so can make them a target for theft, creating an unsafe work environment for staff and customers. Transitioning to a cashless—or inclusive digital—payment system, however, will drastically reduce (and even eliminate) theft and internal fraud.
Credible inclusive payment systems are highly secure, often leveraging strong encryption, biometric verification, and two-factor authentication measures to protect customers’ financial data.
4. Supports Inclusive Hybrid Payment Models
Millions of Americans still rely on cash, and many states now require businesses to accept it. For these customers, cash is often the only way to purchase what they need. Hybrid payment models allow businesses to remain compliant and inclusive—while removing the costly and time-consuming burdens of handling physical cash.
Ready Credit’s Cash-to-Card® Kiosks and other inclusive digital payment solutions bridge the digital divide, ensuring that cash customers are still served—without the need for tills, cash drawers, or manual reconciliation.
5. Lower Operational Costs
Adopting an inclusive digital payment system will lower your operational costs.Your staff will no longer have to spend time counting or storing cash, and end-of-shift manual reconciliation will also become obsolete. Plus, you’ll no longer need to deal with the logistics and security risks surrounding armored transport either.
6. Improved Accounting and Reporting
Unlike manual cash handling, a cashless payment system (or hybrid digital model) drastically reduces human accounting errors. You’ll also have around-the-clock access to transaction data and instant digital receipts. Automated financial records will give you on-demand transparency and make your accounting practices more efficient.
7. Better Inventory Management
Most inclusive digital payment systems easily integrate with your existing sales and inventory platforms. With 24/7 access to real-time transaction data, you’ll have clear visibility into inventory levels and experience fewer stock shortages and discrepancies
8. Encourages Higher Spending
Research shows that consumers tend to spend more when using digital or cash-alternative payment options compared to physical cash. That’s good news for any business! But why does the payment method change spending behavior? This “cashless effect” may result from the tangible difference in paying with cash versus paying with a digital payment method. In other words, counting out exact change instead of using a quick tap-and-go payment card makes spending easier and less thought-intensive in the moment.
Even so, consumers remain in control of their spending. For instance, they’ll have real-time access to their account balances, and they can always create spending alerts, giving them greater insights and control over their finances.
9. Easier Loyalty and Rewards Integration
When it comes to getting the most value, physical cash alone doesn’t deliver for consumers. It limits access to cumulative rewards points systems and cashback incentives that inclusive digital payment methods can provide.
Businesses that integrate customer loyalty and rewards programs can encourage spending while boosting retention. Some of the most common rewards and incentives tied to digital payment options include:
- Exclusive loyalty discounts and promotional codes
- Private member events
- Points-based incentives based on the number of purchases and the amount spent
- Enhanced in-store shopping experience (e.g., welcome cocktails, private fittings, etc.)
10. Easier Online and Remote Transactions
Digital payment methods are the standard for online and app-based transactions. Customers can easily pay with their preferred method, while businesses receive funds quickly and fulfill orders without delay.
With Ready Credit’s inclusive prepaid solutions, even cash-preferred customers can load funds and participate in digital payments, ensuring access and convenience for all.
11. Access to Real-Time Data and Insights
Paper-based accounting is not only outdated—it’s also a time-consuming process prone to human error. With an inclusive digital payment system, you gain access to real-time data, insights, and transaction analytics that benefit your business in the following ways:
- Making better-informed decisions with accurate data.
- Tailoring marketing outreach efforts for customer acquisition and more
- Informing staffing decisions
- Trend identification
- Sales forecasting
- Spotting sales trends and adjusting your sales strategy
12. More Hygienic Payment Method
The COVID-19 pandemic reminded the world just how germ-ridden physical currency can be. Your customers and staff value a health-conscious establishment—going cashless will make that a reality. Switching to a cashless payment system will eliminate your staff’s contact with cash, creating cleaner workflows and a more hygienic work environment.
How Ready Credit Helps You Serve All Customers—Without the Hassle of Handling Cash
Ready Credit’s inclusive digital payment solutions make the transition to a cashless payment system seamless for businesses of all kinds, including enterprises, venues, and organizations in the public sector. Our modular, scalable solutions—from Cash-to-Card® kiosks to contactless prepaid ReadyCARD® and wearable or mobile digital wallets—accommodate every customer, one transaction at a time.
Final Thoughts: Why Reducing Cash Handling Makes Smart Business Sense?
The global economy is evolving, but cash still plays a vital role for many Americans. With legislation requiring cash acceptance and a large population of underbanked customers, the smartest businesses are choosing inclusive payment models. By reducing cash-handling burdens—not eliminating cash—you gain efficiency, increase throughput, and ensure accessibility.
With Ready Credit, you don’t have to choose between modernization and inclusion. You get both. Our inclusive digital payment solutions create a safer, smarter, and more seamless experience for customers and staff alike—helping you deliver superior service while making your operations more efficient.
