Cash vs Credit
But is it safe for your business to go completely cashless?
Fees for processing credit and debit cards are usually between 2-3% of the transaction value. More customers with cards mean more fees. On the upside, consumers statistically buy more and make larger purchases with cards than cash. You can also look out for competitive payment processing prices.
Cashless systems are not completely secure and you will have to watch out for card fraud. Modern technology and fraud detection do help, but you are still responsible for sensitive customer data and PCI compliance.
If you’re sure that cashless is the right choice for your business, here are a few tips to get you started:
- Track customer payment methods to see how many pay cashless already
- Consider the additional costs of going cashless
- Get customer feedback on how their shopping experience would change without cash
- Create a comprehensive communications strategy from signage and employee messages to online updates
- Allow for a transition period so both staff and customers can get used to the change
Need some professional support?
PAYARC global network provides merchants with the ability to scale their business in over 25 currencies. We offer credit and debit card transaction processing with low fees and discounts for select merchants. With PCI DSS protection and over 300 payment integrations, we aim to take the headache out of credit card processing.