3 Reasons Your Small Business Should Go Cashless
Here at McDonough Law LLC we have lots of clients who face tough legal business decisions. Our goal is to prepare an action plan that will protect you from liability exposure, increased risk and financial loss. Once we have this business plan in place, you no longer need to feel worried or concerned about your legal situation and instead you can rest easy knowing that you have the attorneys at McDonough Law LLC on your side. Below is an article featured on Entrepreneur discussing just one issues businesses are facing.
When was the last time you paid cash for something? Personally, it’s rare for me to even carry it these days. And with the rise of new mobile and digital payment options like Apple Pay, Samsung Pay, PayPal and Google Wallet, cash payments are only going to become less common. In fact, according to Worldpay’s 2018 Global Payment Report, the global use of mobile payments is forecasted to increase to 28 percent in 2022, surpassing credit cards and cash.
Given this trend, it could be time to consider eliminating cash payments from your business altogether. It might seem crazy to stop accepting cold, hard dollars, but there are actually a number of benefits. Check out these three reasons your small business should consider going cashless.
1. It boosts checkout efficiency.
Consumers today are busy and don’t want to spend time waiting in line to check out. That’s why companies like Starbucks have been promoting mobile order-and-pay apps that allow customers to pay ahead of time. In addition, Amazon Go is leading the trend of cashierless stores. There’s no lines, no checkouts; just grab and go. According to eMarketer, 43 percent of U.S. internet users would rather try scan-and-go than wait in a checkout queue.
Plus, by going cashless, you can even do business on the go. Want to participate in a pop-up shop or local business fair? Instead of being tied down by a register, mobile and digital payments enable you to be where your customers are.