While cash used to reign supreme as the only way to make quick transactions, it seems to day that a cashless society might be on the horizon. More and more, people are switching to debit and credit cards exclusively and using cash is quickly losing popularity. This is a good thing, according to a study by Tufts University. Research released last September showed that cash costs U.S. consumers, businesses, and the government a whopping $200 billion a year because of things like ATM fees, theft, and lost tax revenue. Plus, cash can carry and transmit germs and diseases. Considering that, and the fact that carrying around a card or two is easier than cash, it should be no surprise that going without cash is becoming more common.
But no matter why cash might be becoming obsolete, businesses who want to attract the most customers will have to make sure that they are able to accept credit card payments. Installing card payment processing equipment and software is important for businesses who want to cater to every possible consumer. Whether you own a restaurant or retailer business, not accepting credit card payments can limit the amount of sales you make. While you might have to make a bit of a financial investment to allow payments other than cash, doing so will always prove to be worthwhile in the long run.
If you are unsure how to accept credit card payments easily, then you might want to get a bit of help from professionals. Because accurate transactions are crucial for a successful business, if you are unsure of what to do, working with a merchant service provider will be a smart choice. Not only will they help provide the tools needed to build the proper infrastructure, but they can also provide advice and information about changes and updates that you’ll need. As a result, they can be a great resource for moving beyond needing “Cash-Only” signs.
Of course, there is no guarantee that cash is going to become completely obsolete any time soon. In fact, it’s probably not likely. As Oliver Burkeman notes in The Guardian, “Just on a personal level, as we race headlong into the era of “frictionless spending” … in which waving goodbye to another $10 is as simple as a single click on an iPad or Kindle … there’s a strong argument for starting to use cash much more.” Because of that, the idea of running a store that doesn’t take cash seems a bit silly. However, being able to accept credit cards is vital for businesses looking to ensure long-term success. More information like this.