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How Businesses Can Help the Move Toward a Cashless Society

If you go to first-world countries, you will notice how most businesses there don’t use and accept cash anymore. If you go to any convenience store, they will mostly only accept Apple Pay, Venmo, and other types of cashless transactions. In the Philippines, businesses are starting to switch to cashless payments, too. Even supermarkets and malls are accepting cashless transactions already. Online, the switch to cashless transactions has been revolutionary.

All over the world, countries are moving to a society that will no longer use cash for any transaction—bills payment, restaurants, boutiques, grocery, and more. Thanks to technology, the move to a cashless society has been immediate. And with the pandemic wreaking havoc on economies and societies, people and businesses have no choice but to use digital payment schemes.

But what many don’t realize is that businesses have a huge role in moving to a cashless society. If they start accepting digital payments, their customers will push themselves to sign up for such cashless payment systems. They will sign up for a debit card online because it’s a safe and convenient way to pay for their online purchases.

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What kind of payments are you accepting now? Probably, your business is accepting cash, credit cards, debit cards, and mobile payment service. If you are not accepting mobile payments, you will have a hard time targeting the younger generation of consumers such as millennials and Generation Z. By now, you should probably be encouraging consumers to use cashless payments rather than pay you with cash.

For businesses, transacting digitally is more convenient and affordable. It has less operating and overhead costs. It is also more secure and safer for everyone because the transactions are fully encrypted. The financial information of the patients is not being put at risk.

Secure Payment Gateways

People want to pay in cash because they don’t have to provide their personal and financial information when they do so. Cash is not connected to their banks. Even with encryption, there’s no way for hackers to find out about their financial information based on their transactions with a particular store. Businesses can encourage more cashless payments when they ensure they have secure payment gateways. They need to advertise themselves as businesses with the right cashless technology.

One way of doing this is by being transparent to your customers. Letting them know what investments you’ve made in terms of securing their information will go a long way toward encouraging them to go cashless. Also, display the logos of the digital payment schemes that your business is accepting.

Provide Better Deals When Customers Go Cashless

The best way to push your customers to go cashless is to offer them better deals when they pay with their debit/credit cards and via digital payment schemes. For example, those who will pay via a certain method can receive a discount coupon or two times the rewards points of those who will pay in cash. The more you encourage customers via deals to go cashless, the more they will try to do it every time they transact with your store.

They will carry this practice with them when they buy from another business. They will realize how convenient it is to go cashless since they don’t have to worry about bringing money with them when they go out to dine or shop. Customers love great deals, so this is the best thing businesses can do to help move toward a cashless society.

Make Transactions Seamless

If your customers find it convenient to transact without cash, they will do it repeatedly. Millennials, for example, don’t want the hassle of withdrawing money from their banks. They want to tap their phones on a device and be done with their purchases. Make sure that the system you employ in the business is compatible with what the rest of your target market uses. If you keep on pressuring your customers to use a particular payment method because that’s what you currently have, they won’t necessarily make the switch for you. They will, instead, look for another store that will accept what mobile payment method they currently use.

Going cashless is necessary for the financial protection of everyone—whether you’re the consumer or the business owner. As technologies get more sophisticated, so do the hackers who are always looking for a way to intercept information they can steal. This is why encrypted payments are the best method right now. Aside from this, going cashless expands any business’ market reach.