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5 Business Benefits of a Cashless System

The use of pound notes and pence is on the decline and with more and more digital transactions every day, could it be time to consider gearing up for cashless in your coffee business?

1. SPEED

Specifically, we’re talking about the speed of service here, especially for take-out customers. Serving customers in a more efficient frictionless way can mean that you are able to serve more customers during busy times and increase customer satisfaction at the same time – let’s face it – no one likes to queue!

2. PAYMENT ANYWHERE

Proactively managing your shop floor, taking payments at tables or even in a queue will again improve the customer experience in your coffee business.  This also allows you to take your coffee business on the road. Outside catering as a secondary revenue stream can be a great way to bolster sales, whether its a pop up location, catering for an event or party or just an office lunch delivery, with a digital payment system all you need is a wifi connection or 4G to take fast digital payments and cut down on time-consuming credit control.

3. TECH – SAVVY SPENDERS

In hospitality its vital to offer customers a great experience as well as a great coffee blend regardless of their age, gender or digital know-how. Sales are sales at the end of the working day. However, attracting younger tech-savvy digitally minded millennials can really benefit modern coffee businesses. Young people are drinking more and more coffee and having a seamless-free payment option could set you apart from other coffee businesses in the fight to win regular customers.

4. LIMIT THE RISK OF THEFT

A cash-rich environment like a retail coffee business makes a tempting target for thieves – the more cashless transactions a business does the less cash there is in the business to attract thieves and the fewer business owners need to worry about the safety of expensive assets, their employees, and their ever-important revenues.

5. NUMBER CRUNCHING

Cashing up a till at the end of the working day and lodging a good days taking at the bank might feel like an important use of your time as a business owner. But that’s time that could be spent on so many other things, not least in using analytics to drill down into sales data to inform business decisions. The more you go cashless the more your business account balance reflects your live sales so there is no delaying your outgoings either waiting for payments to clear – your cash flow will do just that!

Many consumers still love cold hard cash and it’s important not to neglect those customers if that is what your business needs.  But a cashless economy may well be an inevitability in time and gearing up for cashless payments now, with more and more digital transactions taking place every day, can only be a positive in any coffee business.