Should Your Business Go Cashless?

Should Your Business Go Cashless?

A fairly recent but ever-expanding trend is the idea that a business can essentially go cashless. What does this mean exactly? People simply don't like carrying cash anymore, as a number of surveys have found. They far prefer credit cards, or even easier, swipe/tap and pay methods. There are quite a few reasons why your business should consider going cashless. Below are some of the pros that business owners have discovered after going cashless.

  1. Security. Not having vast amounts of money on site makes it safer for everyone involved. Depending on the type of business you have, a drawer full of cash could be a crime waiting to happen. Switching to a cashless system is certainly a theft deterrent.

  2. Record keeping. Let's face it, it is difficult sometimes to monitor your cash transactions; at least it becomes far easier to keep track of everything when you're dealing primarily with charge cards or swipe and pay systems. Built-in receipts, and built-in records.

  3. Transaction speed. Many business owners have found that especially with things such as Apple Pay, the entire process gets streamlined. Meaning, shorter lines, faster transactions, and thus happier customers.

  4. Less chance of theft from within. The security aspect of going cashless also extends to your employees. While we like to think the best of people, there are the occasional bad apples who are tempted by unattended cash. Get rid of the cash and get rid of the risk of being robbed internally.

There are numerous reasons why you might consider taking your company cashless. Spend some time, do some research, see what you may need to implement to make this happen. At First Union, we've worked with many companies going through this very process. We can help you too! Get the funds you need to implement new systems in as little as two days. And even if your credit isn't stellar, we'd still love to discuss your options. Call today!

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