The cashless revolution is being embraced the world over, from Kenya’s capital city Nairobi to the heart of London’s high street. The 2019 World Payments Report shows that from 2016 to 2017, the number of non-cash transactions shot up 32 percent in Asian countries compared with other regions around the world. Europe increased by just 7.5 percent and North America by only 5 percent, with the Middle East, Africa, and Latin America not far behind. When your business considers these numbers, then the obvious conclusion is that to survive and thrive, business must go cashless. And in these present times, with the Corona virus impacting the whole world, going contactless, is another consideration for businesses.
All businesses stand to gain from the decision to go cashless. This article highlights the key benefits that businesses can enjoy once they go cashless. These are;
1. It Boosts Checkout Efficiency
Consumers today are busy and do not want to spend time waiting in line to check out. Virtual Pay can optimise your customers’ checkout experience making it simple and seamless which then leads to increased cart conversions or purchases.
2. Makes Accounting Easier
With mobile and digital payments, every transaction is automatically tracked and recorded. This means reduced manual recording as transaction processing is automated. In addition, real-time data is generated thus enabling timely and informed decisions. Virtual Pay boasts of these features which makes it easy for you to track and manage your customers’ transactions.
3. Reduces Risks
Cash businesses are vulnerable to theft. Most companies have now adopted a cashless policy, in view of this. Accepting electronic payments will improve the safety of customers and protection of the business from this vice.
4. Access to Valuable Data
Since all cashless transactions come with an electronic record, businesses will be able to generate valuable consumer data. From purchasing habits and spending trends to customer preferences and seasonal factors, this data can be used to inform, for instance, the sales and marketing department strategies to boost the bottom line and drive the business forward. Virtual Pay provides a customized dashboard that is unified and interactive to ensure an overview of data-rich fundamental metrics.
5. Save Time and Money
Practising effective cash management takes time. Many businesses routinely spend several hours every day, maintaining accurate accounting records. By adopting a cashless policy, companies will find themselves with additional time each day to invest wisely in other areas to push the business forward.
A fully cashless society appears to be many years away. But a major FinTech advancement could very well shorten this period. With the introduction of cutting-edge technology and constant improvement of existing technologies, such as Virtual Pay, we might see faster, more transparent and more secure cashless payments than ever. The world is going cashless. Is your business ready?