How to make the move to running a cashless business
When you hear the term “cashless business”, what’s the first thing that pops into your head? Financial struggles? Empty tills? The concept of running a business with no physical cash does nothing but conjure images of innate negativity and emotional turmoil. But what if it wasn’t really like that? Cashless doesn’t mean a business without […]

Trial a cashless payment system
Customers are the lifeblood of any business. In a retail environment, this is no different – if you have no customers, you have no business. How you operate and carry out your business processes is vital to how potential customers perceive your company. Word of mouth is one of the most powerful marketing tools and if your business has a bad reputation, you are inevitably going to struggle and potentially even fail. Right now, environmentally friendly business practices are all the rage, with many restaurants opting to swap plastic straws for paper straws, while many fast food outlets no longer offer plastic cutlery. Although these are comparatively small changes, the businesses making them are benefiting from a much-improved social perception. Even if you aren’t a restaurateur, there are a number of ways that you can improve the environmental practices of your small business. One is to trial a cashless payment system. If customers can see you are making a conscious effort to try and reduce the demand for paper in the UK by not accepting cash, this will reflect well on your business and you could improve your customer retention and acquisition. In fact, in 2016 80% of surveyed consumers said they would tell friends and family about a company’s social environmental practices.Avoid the queue conundrum
Picture this: Black Friday. You’ve opened up your store and you are ready to receive the inevitable influx of customers who are desperate to get their hands on a bargain. One hour in and you’ve already got a substantial queue that’s forming from the till and is almost out of the door. People opting to pay with cash are handing over £20 and £50 notes like no tomorrow, with your staff frantically checking their legitimacy while haphazardly handing out change as quickly as possible to keep on top of the never-ending line. And then the worst happens: someone’s been short changed. After checking their receipt, working out how much change they’ve been given and rectifying the issue, there are lots of unhappy customers in the now much longer queue. If you operated as a cashless business, you wouldn’t have this problem. Contactless and card payments completely eradicate this problem. No counting of change and double-checking figures at times where speed is of the essence. Of course for this to be feasible, you’ll need a reliable payment provider, with an integrated ePOS (electronic point of sale) that is linked directly to your card terminals. This will allow your business to bust queues and keep customers happy. An integrated ePOS system combines your till and card terminals into one connected system. So, instead of processing the transaction through the till and then separately entering the payable amount on the card terminal, the till just communicates directly with the terminal, and loads up the correct payable amount.Environmental benefits
Of course, an underlying reason for businesses to go cashless is to do their bit to protect and sustain the environment. In 2016, the Bank of England started printing £5 notes on polymer rather than the traditional paper-based material. This was followed by the £10 note and there are plans to eventually remove paper-based notes in their entirety. Despite this seemingly environmentally conscious move, the new note sparked controversy when it came to light that one of the ingredients was animal fat. Religious groups, vegetarians and vegans alike called upon the Bank of England to change its process but it still remains the same. Although non-paper-based notes are a step in the right direction to reduce paper usage, cashless stores provide a better foundation for businesses trying to do their bit to help the environment.Four steps towards a cashless business
So, what steps can you take to move toward a cashless and more environmentally friendly business?1. Think about your customers, location and card takings
Is becoming a cashless business a viable option for you? Well, that’s entirely dependent on the business you run and the types of customers you have. For example, if you run a convenience store in a small village with an ageing population, going cashless is likely to damage your business rather than help it. Older people may be slower to adopt new payment technology and many rely on having physical cash on hand to pay for things. By taking away that option, you would be alienating a considerable percentage of your customer base. Whereas the same business located in a bustling city with a primary demographic of young professionals may benefit greatly. Alongside that, think about how much money you currently process through your card terminal. Do you very rarely have to give change or actually handle cash? If so, the push to cashless shouldn’t be that big of a move. Or are you one of the businesses who still handles cash more regularly than card? If so, you might look at other ways of streamlining your business and making it more environmentally friendly.2. Research and invest in the right system
If you aren’t going to accept cash as a form of payment, it’s imperative that your card payment process is absolutely perfect, as you won’t have a cash option to fall back on. Putting the time in to research payment providers properly will pay off in the long run, and it’s important that you are looking at the right aspects. Make sure you pay extra attention to the provider’s:- uptime rating
- online review score
- customer service
- ePOS integration.