Are you thinking of bringing cashless solutions to your venue?
It’s a decision that needs some consideration.
New systems mean you’ll need to invest time to get your staff trained on new procedures, but it’s an investment that will pay off. To help you make your decision, we’ve compiled five questions to ask yourself if your venue is ready to make the jump to cashless solutions.
1. What are the benefits of a cashless solution?
Thanks to the pandemic and explosive growth of digital payments, fewer people carry cash on them. Your venue is more attractive to people reliant on cashless transactions by adopting cashless solutions.
Going cashless benefits your business too. Accounting is more straightforward; there’s no need to count money and reconcile transactions. You also eliminate theft without physical cash on-site.
2. What are the downside of implementing cashless solutions?
Cashless solutions naturally pose questions around security.
Will my customer’s data be secure in the system? Identity theft is a known issue with digital payment solutions, and you want to make sure your chosen cashless solution has remarkable security to protect your data.
Tip: PouchNATION’s cashless solutions use a secure closed-loop system to protect your data. We also use closed-loop payments to pre-load funds into a spending account linked to the payment device, like a wristband or tap card. Closed-loop payments ensure cardholders can only make purchases from a single company using your cashless payment device.
3. Are cashless solutions a good fit for my business and customers?
Ask yourself these three questions:
Will the systems make your employees more efficient?
Implementing cashless procedures will mean your employees need time to adjust to new working styles.
Are you and your employees open to learning new ways of working? If yes, they enjoy many benefits to productivity, like freeing up time on manual work to delight customers and reducing the average service time to work with a customer.
If your current system is slowing down your processes and you see frequent complaints about slow service, perhaps it’s time to look at a system to improve efficiency.
Can I afford a cashless payment system?
Shifting to a cashless payment system comes with an ongoing subscription cost and implementation costs.
Perform a cost-benefit analysis to evaluate if investing in cashless payment is right for you.
We suggest looking at your long-term expenses on staffing and any associated maintenance cost for your existing system. If these are higher than the ongoing subscription cost, it’s time to make that change.
We also make implementation costs as affordable as possible for you. You do not have to purchase new equipment or devices to run our cashless payment solutions. PouchNATION can run smoothly with your existing desktop computers/tablets, Android-based smartphones with built-in NFC and standard kitchen printers.
Will accepting cashless payments create new opportunities for the business to connect with customers?
If your venue attracts a tech-savvy crowd, going cashless may provide a new way to connect with your customers. Going cashless means people spend less time in crowds or queuing. You also free up your service staff from day-to-day customer service. Automate the manual labor away! Perhaps use the extra capacity to think about delighting your customers through personalized human connection.
4. Which types of cashless solutions should my business offer?
Consider offering these popular cashless solutions:
- Banking cards
- Mobile wallet apps
- Contactless payments
Each cashless payment type comes with its unique fees and limitations. For example, banking cards are among the most popular payment methods but come with processing fees starting from about 1.3% to 3.5%. Think of these factors in your overall decision-making process.
Think about whether you need additional data on customer behaviour. If so, a complete contactless payment solution might be right for you. NFC technology can track how and where your customers spend money, giving you a more detailed understanding of appealing to your customers.
Cashless solutions come with many benefits.
But like any business decision, it should be deliberated. We hope these questions help you make a more informed decision on whether to go cashless.