They say that the rich get richer, that money makes money, but what do you think about having less cash to make you richer ultimately? The world is moving toward a cashless society today as many new shops do not accept cash, people carry less cash, and there are more ways to pay for things than ever before.
Cashless payments can be safer as they leave behind an obvious record meaning that it is harder for people to commit crimes such as bribery, tax evasion, money, counterfeiting, corruption, and terrorist financing. Now that we have technologies such as voice and face recognition, as well as retina-scanning, these have been able to be introduced into transactions making payments more secure than ever before.
Offering your customers different ways to pay makes life much easier for them and will result in more money for you. Just think about how quickly you would part with small change if you had it, to help a good cause or to play a quick game of pool in the pub – but you always need cash. Imagine you could tap your card, or even better, your phone? How quickly would you make those transactions? There would be no rummaging around for money, no waiting for change or unable to get change, it’s a quick and easy transaction that was more appealing to everyone.
The mobile phone, the thing everyone carries around with them 24/7, looks at all the time, uses for entertainment, finding out information, emails, texts, and social media to name a few. Mobiles phones are used for just about everything, and these days the thing they are probably used least for is being phones.
Adapting to mobiles is the future of business. Having your website mobile friendly is a must, but if you want your business to thrive then being mobile ready in every way and that means investing in technology such as a credit card reader for phone. This will mean faster and more efficient transactions as card readers can reduce queues thus improving the customer experience. It will give your customer more choice with options to pay via contactless, Chip and PIN, Apple Pay or Android Pay. This will also mean that sales figures and customer behaviors will be recorded automatically, giving you instant access to a wealth of useful data to help keep control of stock and plan your next marketing campaigns and it will help to reduce fraud and provide your business with a more secure way to make payments.
New technology has helped reduce the financial burden of payment machines, and with a mobile credit card reader, payments post quickly, so that you receive funds faster and never have to worry about cash flow and whether the payment has gone through. Once a transaction is complete, you can text or email receipts directly from the smartphone. Not only does this make life easier for everyone but it shows existing customers that your company values their business and wants to offer increased convenience and flexibility.