Every day, more advances in technology enter the entrepreneurial ecosystem. One of the most prominent features used on a daily basis is cashless payments, which will help improve the day-to-day running of your business. As technology develops at a rapid pace, there have been many options that have been presented to service the unique societal challenges faced by entrepreneurs on the African continent. Here are 5 benefits of adopting more cashless payment options for your business.
Fast & Efficient
One of the most significant improvements to make use of cashless payment systems is the speed of service. Using an app or device that accepts cards and other forms of payments increases the efficiency of check out both in-person and online – you spend less time counting and making change and more time making your customers happy. Yoco is highly rated by small business owners because its devices and service offering have been designed with the South African small business landscape in mind. This is particularly helpful for customers who avoid carrying too much cash on them for safety or financial responsibility reasons.
Usually, cash will be counted at the end of each day, the books balanced and then the cash deposited at the bank. Cashless payment systems process the money into your bank account and keep track of all cash flow, and then balances your books given the information available. This saves time and money by completing some important bookkeeping tasks that would be performed by a bookkeeper.
While theft is a risk that is factored in by most entrepreneurs, accepting more cashless payments helps a business-owner mitigate some of that risk. Keeping cash on hand is not only tempting for employees, it also means a bigger, scarier robbery is more likely to happen. Cashless payment systems and devices also help to track inventory, and identify leakages through inventory theft while also possibly identifying the employee responsible for such theft.
As more and more customers go cashless, they expect most businesses to offer alternative options. A customer could potentially walk away from your business because they are not carrying cash at the moment that they interact with your offering. For township-based businesses that are cash-heavy, accepting cashless payments gives customers visiting from outside of your neighbourhood or country the option to securely buy from your business.
Cashless payments open your business up to more opportunities from diverse clients that may not be able to reach your business due to geographic or other logistic challenges. This is especially true for the E-commerce space, where customers are not bound by geography or even language and expect to be able to use a system that recognises and accepts their card without issue. One of the biggest players in this space on the continent is Paystack, which was recently acquired by Stripe, ensuring that its platform is geared towards international online payments.
The most effective way to sell more products or services is to include cashless payments in the business strategy and give customers as many ways as possible to purchase from them. As customers become more tech-savvy, they will voice their demand for more options louder, or with their feet as they walk away from your business, there’s no better time to embrace the future of cashless payments.