Businesses around the world are going cashless with Cash-to-Card® Kiosks and other in-demand cashless solutions to eliminate cash handling duties, while still accommodating customers who prefer to pay in cash. A cashless premise means shorter wait times and superior operational efficiency, as well as significantly fewer instances of theft.
Customer demand for convenient digital payment options is driving this cashless transition in businesses across multiple industries, including:
- Retail
- Hospitality
- Entertainment venues
- Medical facilities
- Transportation
Of course, sophisticated technology has made switching to a cashless model quick and seamless via integrated POS systems, digital wallets, and contactless payment capabilities.
With Ready Credit’s reliable cash-to-card payment solutions, you can streamline your transactions, reduce operational costs, and enhance the customer experience.
What Are The Benefits of Businesses Going Cashless?
By going cashless, businesses and their customers reap multiple benefits. From reduced waiting times to improved on-site security and more, here are the most common operational and customer-centric benefits you’ll experience.
- Faster Checkout & Increased Efficiency
Giving your patrons digital payment options makes checkout a quick and easy process. Customers will no longer have to wait in long lines to make their purchase. Instead, they’ll pay with a simple tap, moving them through the queue quickly and efficiently, drastically improving the customer experience.
- Operational Cost Savings
With staff no longer spending time on cash-handling duties, such as counting out change, reconciling the registers at the end of their shifts, or coordinating and contracting with armored transport services, businesses will witness significant savings in their operational costs.
- Improved Security
Running a cashless business will reduce the risk of theft on your premises, creating a safer work environment for your staff. Plus, all transactions are digitally tracked in real-time, drastically reducing human-made accounting errors and deterring any potential instances of embezzlement.
- Better Financial Oversight
With manual cash handling and reconciliation non-existent, cashless businesses experience superior financial oversight. Businesses have access to digital records of all transactions, making accounting practices, generating financial reports, and keeping accurate financial records easy and streamlined.
- Customer Expectations & Digital Preference
Today’s customers expect businesses to offer easy and secure digital payment options. Mobile wallets and contactless payment capabilities meet that demand, giving customers a better on-premise experience and ultimately driving their loyalty.
- Health & Hygiene Benefits
When cash changes multiple hands, it transmits germs and bacteria. COVID-19 taught businesses that accepting cash payments is a health hazard and ultimately a liability. Contactless payments are a safer (and more hygienic) option for today’s consumers.
- Lower Risk of Robbery or Fraud
With zero (physical) cash on the premises, businesses are far less likely to be targeted for robbery or for internal embezzlement and fraud. As a result, employees are safer during the work day, and businesses won’t experience the fallout of theft or financial misappropriation.
- Increased Consumer Spending
Research shows that consumers spend significantly more when they pay by card instead of cash. Impulse buying tends to increase, boosting overall sales for cashless businesses.
With Ready Credit’s solutions like the ReadySTATION® cash-to-card kiosk and ReadyCARD® Prepaid Cards, businesses can continue to serve cash-preferred customers without the operational burden of managing cash. It’s a smarter, safer way to streamline payments and increase consumer spending, while meeting the diverse needs of your guests.