• November 30, 2020

Why Credit Card Only Might Make Sense

Consider the bandar poker online advantages and disadvantages of moving to a cashless system.
A cashless system may be a feasible goal for your organization. Some restaurants and other food service companies have stopped accepting cash as payment.
Cashless systems can improve tracking of transactions. There is a lower risk of theft and money laundering when you operate with a cashless system.
However, cashless systems may alienate your current customer base. There are also laws that ban cashless systems in some areas.
Most of your customers prefer paying by card, but does it make sense for your restaurant to accept card payments only? There are several advantages to moving your restaurant to a cashless system. It can save you time, increase your restaurant’s security and improve the accuracy of your accounting. Plus, according to the 2016 U.S. Consumer Payment Study by payment processing giant TSYS, 40% of consumers prefer to pay using credit cards, and 35% prefer to use their debit cards, leaving only 11% who prefer to pay with cash.

However, you may see a higher percentage of your customers using cash. Per the same study, consumers value having different payment options, and the method they use largely depends on the type of purchase they’re making. Restaurants, particularly coffee shops and fast food, receive more cash payments, as 28% to 33% of consumers prefer to use cash when they visit these establishments.

Pros of going cashless
Now is a good time to evaluate whether the cashless movement makes sense for your restaurant. Consider the following points.

It can save you time. A cashless system allows you to eliminate cash management tasks from your daily to-do list. For example, you wouldn’t have to count the cash in the till at the beginning and end of each shift. When accepting payments, you wouldn’t have to count the cash you receive and the change you give back, as all you’d require is a receipt signature. You also wouldn’t have to regularly visit the bank to order small denominations.