The Value of Accepting Cashless Payment Methods

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The Value of Accepting Cashless Payment Methods

If you are thinking of opening a new business or already have one but have limited yourself to just cash payments, then you are missing out on a whole slew of opportunities.

Most people own debit and credit cards, and would much rather make their payments using that. In fact, you’ll find fewer people hauling cash around or keeping lots of money at home or on their person because it is just easier and safer to use their cards.

Customers enjoy the flexibility, ease of payment and security that associated with cashless transactions. Your business can benefit from this tremendously in the following ways.

Increased Customer Base

If you own an ecommerce shop, an online storefront or a website with products for sale and services for hire, providing your prospects and clients with multiple payment options will make doing business with you easier.

Not all customers want to wire some cash to your account or go to the nearest bank to pay into your account; not when they can enter their card details and make the payment within a minute or two. The cashless platform makes it easier to do business with clients and customers from all over the world.

Faster Payment Processing

Cashless payments are convenient. This is even more important now that people hardly have enough time for themselves.

Providing a cashless payment alternative to your clients means that you can confirm and process the payment within minutes. This means almost instant cash flow as against postdated checks and delayed invoice payments.

Good for Your Business’ Image

Requiring cash on all transactions makes your business appear unprofessional and outdated. This will hamper your reputation in the marketplace! By adopting cashless payment options, you will be sure to enhance your company reputation.

Besides, most websites or ecommerce stores that accept credit and debit card payments often have a trust logo or seal that further enhances their credibility. This increases their trust factor, making it easy for people to do business with them.

Faster Refunds if Necessary

Customers like the idea of being able to ask for a refund and know that they can get it if they are not satisfied with your products. This, however, can be a double-edged sword for businesses.

On the one hand, it means that companies with excellent services and products would never have to worry about refunds while generating more revenue. On the other hand, companies with inferior products or customer services can suffer high refund volumes and be punished with chargebacks.

More Security and Protection

A cash based operation often faces risks of theft, robbery, and loss of money. You can limit the chances of successful robbery by going with a cashless option.

All transactions are often electronic, highly encrypted – often with the highest encryption available in the world – and paperless. This means that you will never be vulnerable to the activities of thieves and criminals. You also get the added protection from counterfeit currency.

More Satisfied Customers

Customers want to pay however they want. They do not want vendors telling them how to pay. Using payment processors or merchant solutions like Fattmerchant makes it easy for your customers to pay however they want. In this day and age, that is a given if you want to survive and succeed in business.

Extra Edge Over Rival Competitors

Cashless payment options provide your clients and customers with more payment options. This is great news for businesses whose competitors are not flexible or capable of providing multiple payment options.

So, if you are in an industry where cash payments alone are the norm, you can generate more revenue by getting a payment processing solution for those who prefer using their cards.

Oscar King is a successful small business owner who provides advice and tips to his readers to help them with running and managing their own small business. If you wish to learn more about Oscar you can visit his profile on Google+.
Editorial Team
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