Although cashless payments are now widespread, cash hasn’t disappeared, and cash handling technology makes receiving cash just as easy.
Whether or not you agree, cash is an option many prefer. So, if you accept cash for payment, your processes must be as smooth for your employees to handle as cashless; and equally as easy for customers to use.
It’s no secret that some businesses worldwide are dabbling in cashless-only payments. So, how do consumers react when the option to pay with cash at a particular store or restaurant is eliminated?
Earlier this year, rumours were circulating that Starbucks was going cashless in the UK. One of its coffee shops went viral online for putting up a sign that said no cash payments would be accepted from October 1. A huge response followed slamming the idea and calling for a boycott. Starbucks confirmed that they have no plans to go cashless in the future.
Unquestionably, keeping all payment methods available, including cash, is the surest way to keep customers coming.
Proponents of cashless claim, among other things, that cashless payment options, such as online banking, credit cards and digital wallets, are convenient, fast, and much more efficient than cash. But not every merchant accepts credit cards. And even fewer accept digital wallet payments.
In contrast, most brick-and-mortar businesses accept cash as a form of payment. And if your business is one of them, your cash-management processes need to be efficient, accurate and seamless – just like cashless options. Are you automating your cash management processes so they are as smooth as they can be – for your employees and customers alike?
Before digging deeper into cash handling solutions, here’s a brief run-down of some of the top cashless contenders vying to replace cash.
So, back to how cash processing solutions help make your job – and that of your employees – much easier. When customers pay in cash, cash management technology decreases or eliminates the need for manually handling cash. And it’s so incredibly easy for your employees to use. When they are able to efficiently and accurately perform cash handling processes, such as counting or skimming till drawers, they are just as smooth and easy to use as their cashless counterparts.
Take an intelligent cash drawer, for instance. Place a note or coin in the drawer, and it’s recorded automatically. When cash is removed, that is counted and recorded in live time as well.
This allows customers to move through your lines more efficiently and cashier mistakes are all but eliminated – particularly when an intelligent cash drawer is combined with a smart safe, which detects and rejects counterfeit notes, among other things. This dynamic duo makes handling cash easy for your employees and paying with cash easy for customers.
So, when you read that a cashless society is imminent, then beg to differ, as consumers love choices when it comes to paying. And with cash management technology, using and processing cash can be just as efficient as cashless methods, too.
To find out how various cash management solutions can benefit your business, download the Cash Handling Procedures Ebook.
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Bank of England Paper £20 and £50 note withdrawal 30 September 2022