In the last few years, a shift has emerged in how consumers pay for their purchases, with more choosing to use mobile pay options or simply buying online. So what does this mean for business owners? For some companies, this might mean eliminating the option of cash payments since fewer customers carry cash for purchases. Our Aegis blog post today looks at three things to consider if you're interested in transitioning to a cashless business.
For many businesses that accept cash payments, there is always an inherent risk of theft or loss when handling cash, especially around the holiday season. Companies that carry cash, such as retail stores or restaurants, face a higher risk of robbery since criminals might target the business itself or the employees who are making cash deposits at a local bank. In addition, companies can remove the opportunity for employees to steal from the cash register, reducing potential losses. By going cashless, companies can eliminate this risk and protect themselves, employees, and customers.
Thanks to the rise in online shopping, consumers have grown accustomed to making purchases quickly, so many don't want to waste time in long checkout lines when making an in-store purchase. To speed things up for customers and for employees, a cashless option can increase overall checkout time and improve efficiency. For businesses, this might mean offering mobile orders for a quick pickup later, or accepting mobile app payments at the register as well as credit or debit card payments. This can also benefit retailers and restaurants that offer pop-up shops or food stands at festivals or holiday fairs where quick checkouts are essential.
Streamlines Financial Records
Finally, businesses can save a significant amount of time and energy by going cashless because they remove the need to count every single coin and paper bill in the register for accounting purposes. Instead, cashless companies simply use their digital and mobile transaction records to manage their sales and revenue records, as well as inventory needs. Companies can spend less time on the minutiae of cash handling and focus instead on business promotion and an improved shopping experience for their customers.
Going cashless is not an option for all companies, but a growing number may find the benefits too good to pass up in making their business better and safer. Aegis Insurance & Financial Services is also committed to helping companies be better and safer through our array of Commercial Insurance policies, including Commercial Property, General Liability, Workers Compensation, Excess Liability, Commercial Auto, and more. Contact our Aegis office at 713-850-7622 to learn more about our coverage options, or fill out our online form to request a free quote!