Cashless Payment Options That Businesses Should Embrace

The idea of a cashless society has gained prominence over the years. In fact, many people believe that in the not so distant future, nobody will carry cash. This may sound quite futuristic, but it is already unfolding. Nowadays, more and more people prefer to use credit and debit cards at checkout points. There are several reasons why majority of shoppers are going cashless. For starters, carrying plastic money is quite convenient. This is because one does not have to worry about carrying large bundles of cash when making a huge transaction. Secondly, and perhaps the most important motivating factor, carrying a card means that you do not have to fear losing it. Should the card be lost or stolen, you can have it replaced and avoid losing your cash.

The benefits of cashless payments may be obvious to a customer, but what is in it for a retailer? With the rising number of people that prefer to make card payments at stores, any smart business should strive to support these kinds of customers. Think about it. When a customer pulls out a card to make a payment and your business does not support such transactions, you lose revenue. Now, multiply that transaction with the number of customers that try to make card payments on a daily basis, and the sum of revenue being lost can add up.

After realizing the importance of processing cashless payments, the next step is to consider what options you have. Whether you run a retail store, restaurant, or any other business, the following options can help you serve customers who prefer to make cashless payments.

Chip and Pin Machines

Are you are wondering what is required to process card payments? Simply invest in a chip and pin machine. You will find these gadgets in use at many Point of Sale terminals. The reason for this is that a card swipe device can be easily integrated into a point of sale system.

As the name implies, this technology simply requires a chip embedded on the credit or debit card and the cardholder’s pin to authorize payments. If you are going to support cashless transactions with this payment option, shop for chip & pin machines that accept both credit and ATM cards. Some studies done by consumer research agencies reveal that many shoppers prefer to use debit cards instead of paying on credit. This is because paying with an ATM card allows the shopper not to overspend. Apart from the likelihood of spending more, most shoppers avoid using credit cards because of the spending limits that various credit card companies impose.

To avoid any payment limitations, invest in a chip and pin machine that can support Visa, MasterCard, and other cards from local banks and credit card companies.

Mobile Wallets

Cashless payments are not limited to credit and debit cards alone. Mobile wallets are also quite popular and catching on as well. For instance, a rising number of retailers allow PayPal mobile payments at checkout points. The great thing about mobile wallets is that they can also be just as convenient as debit and credit cards.

There are many cashless payment services providers these days. However, ensure to partner with a payment processing company that provides fast and secure payment options for your customers.

Jack Fugerson is a blogger who loves to stay on top of the latest technological trends affecting the business world. He also runs his own retail store in Edinburgh. Visit here to checkout some of the cashless payment processing gadgets Jack uses to run his business.