Many Businesses are Phasing Out Cash for These Reasons

Despite cash having been king for centuries, many businesses today have elected to implement cashless payment options as their customers increasingly rely on the mobile payment technologies that their personal devices allow. These businesses are the ones making the smart choice, as there are many factors that encourage the adoption of alternative payment technologies.

Nowadays, consumers have begun to expect a level of customization in all of their experiences, especially when it comes to making purchases. They now have access to technologies that allow them to pay for goods and services through alternative means, using their phones, wearables, and other devices to confirm financial transfers on the spot. It is estimated that by 2017, there will be $60 billion in mobile payment sales.

As a result, a business has the opportunity to embrace this desire for customization by offering their clients and customers options in how they settle their payments. In addition to this benefit, there are some internal perks to a reduced presence of physical cash. First and foremost, there is a great reduction in lost capital due to both theft and human error.

Additionally, the record-keeping capabilities of digital payment programs can help manage organizational accounting with options to identify discrepancies. Finally, digital payments can be made much more quickly and conveniently than traditional methods of financial transaction. This benefits both the business and its clientele.

Does your business rely more heavily on cash transactions, or have you made the switch to digital? Either way, Ferrum Technology Services can assist you, whether you’re ready to implement a cashless payment solution or need assistance managing the one you have currently. Call us today at (847) 697-3282 to discuss the many ways we can help.