How often do you actually have cash in your pocket? Us neither. And given the rise of mobile and digital payment methods such as Apple Pay, Samsung Pay, PayPal and Google Wallet, there’s seldom any need to have your wallet weighed down with notes and coins. According to a recent study by Worldpay’s 2018 Global Payment Report, the global use of mobile payments is predicted to increase to 28% in 2022 – that’s a higher rate than both credit cards and cash.
With that in mind, there is an increasing number of businesses making the move to eliminate cash payments. And while that may seem counter-intuitive to your bottom line, there are some pretty convincing reasons that going cashless could be of benefit to your salon or clinic.
It streamlines checkout efficiency
Clients are busy. It’s fair to say that the moment their massage is over, they’re face-deep in their phone, catching up on emails. Their pampering is over and they’re keen to move on. Tap-and-go is the busy person’s friend, as are mobile payment apps. Cash? Not so much.
Plus, being mobile means you can do business on the move. A pop-up salon at a trade show? Easy. Instead of the need for cash register, mobile and digital payments mean you can be where your clients are.
It makes accounting more transparent
We all know the pain of a cash register that isn’t balanced at the end of trading, of trying to track down where that elusive $100 in cash sales has gone. When you deal with cash, you need to be across every cent. Yet when every one of your transactions is carried out electronically, each payment is automatically recorded, dramatically reducing the risk for miscalculation.
Anyone who has been cashing up at the end of the day knows ‘the fear’. That’s the fear of being watched, of putting yourself in harm’s way, thanks to the load of cash in your possession. When every one of your sales is carried out in a cashless manner, funds are transferred directly to your account – removing any need to handle cold cash at any point in your day. It also removes any temptation for employees to dip into cash drawer. And not having to dash to the bank for an emergency rolls of coins is a nice change too!
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