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The move to a cashless society
COVID-19 has brought many changes to society as we know it. Prominently, many businesses are preferring cashless transactions for the foreseeable. But, could the rise of contactless payments be here to stay? Should my business go cashless?
People now have another reason to steer away from cash. It was widely reported that COVID-19 could be transmitted through the handling of cash, prompting many outlets to refuse it from their customers. It wasn’t until the *WHO then reported that there was no evidence that currency notes could transmit the virus. But the damage has already been done. Banks have increased their limits on contactless transactions, and we see a massive jump towards online retail spending and other methods of contactless payments. Now, even travelling food trucks can become cashless.
Should my business go cashless?
Research from One4All revealed that 65% of Irish adults are now using digital payments multiple times a week, and 50% now use digital banking or contactless transactions. Using a mobile device to pay for goods is also on the rise, with research showing that 24% of Irish adults use their mobile phone to make contactless payments. This concludes that the majority of consumers expect all retailers to accept contactless payments from now on.
All these signs point to a move to a cashless society. Of course, with that comes huge undertakings for retailers and service providers alike, such as the lack of high-quality broadband, difficulty to monitor the increased for contactless sales transactions and the challenge of transaction fees from switching.
That’s where we step in…
The Enterpryze sales feature gives you comprehensive sales reporting and you will know up to the minute how much you are owed with receivables management. Take advantage of cashless payments and seamlessly work with platforms like Shopify or Stripe. On top of that, we connect you with other add-ons such as Mastercard for all of your payment processing needs.
What do you think? Will cash ever make a comeback? How are you and your business preparing for the societal change? Here at Enterpryze, we can help, simply get in touch with our team today.