Recent statistics indicate that the UK is moving towards a cashless society. In fact, by 2026 it’s thought that payment using notes or coins will make up just 21% of all sales. The volume of cash being withdrawn from cash machines is dropping as more and more people look to the convenience of card or smart phone payments (e.g. Apple Pay) when it comes to picking up the tab. Experiments have been carried out into creating completely cashless stores, something that has already been largely achieved in countries such as Denmark and Sweden.
Why go cashless?
For any business keen to embrace current consumer trends, moving towards becoming a cashless store is an obvious choice. Customers enjoy the convenience of cashless stores and many are keen to support innovative businesses that are looking to be forward thinking in their technology. A cashless setup can also be a great move where carrying around volumes of coins and notes is risky or insecure, for example if you’re serving at a festival or your business is mobile e.g. a food truck.
How does ePOS support a move towards a cashless business?
EPOS technology is the ideal choice for any business looking to move towards a cashless model. From small coffee shops through to large retailers it’s possible to improve efficiency, customer satisfaction and quality of service with ePOS.
You don’t always have to be online
If your shop or restaurant is entirely cashless then notes or coins won’t be an option. So, choose an ePOS system that enables you to take payments even when offline. This will ensure that even if there are issues of connectivity this won’t disrupt service or customer experience.
High levels of security
Data security is of great concern to consumers today, especially personal financial data. An ePOS system is designed with security in mind – opt for one that is PCI compliant and where the emphasis on security is heavy.
There is support if you need it
Most ePOS systems come with customer support provided by the supplier. So, if there is an issue with your ePOS system you’ll be able to get the help you need to resolve this quickly and efficiently.
Speed and reliability
ePOS provides a simple way to improve efficiency, speeding up the pace at which payments can be taken and improving communication between front and back of house.
Supporting the latest technologies
The right ePOS system will accept the latest digital payment technologies, enabling your business to upgrade and evolve as your customers do.
Fair payment processing rates
Punitive rates for making cashless transactions would most likely stop a cashless society in its tracks. However, these costs tend to be lower to enable this innovative technology to take hold.
If you’d like to upgrade your business and improve its cashless capacity we can help. Contact us to find out more about how ePOS could help your business to thrive.