While it’s true that most businesses still rely on cash to keep their activities going, trends in recent years show that this is already rapidly changing around the world. Even in countries like the Philippines where cash continues to be king, more and more consumers are making the switch to contactless and card payments for goods and services. A recent study attributed to Visa Philippines has indeed even shown that nearly 4 out of 5 people were more willing to try cashless transactions. Some of the cited reasons among the respondents are perceptions of better convenience and speed when paying cashless, as well as the feeling that it’s an “innovative way to pay.” Meanwhile, the study has also shown that 7 out of 10 Filipinos already used contactless payment methods more often than they did 2 years prior.
These figures show that there are clear benefits to adopting cashless methods of payment for your business. It may even be especially vital now with the COVID-19 pandemic making customers wary of going out to withdraw cash and handling physical money. Not convinced by the numbers? Here are 4 more benefits of going cashless-on-delivery for your business:
Many customers prefer the cash-on-delivery payment method because it allows them to feel more at ease about their orders. Primarily, it can help minimize the chances of getting scammed and losing money in the process. Cashless-on-delivery payment methods can provide your clients the same peace of mind, with the bonus of not having to use cash to pay for their items. This is especially important now that more consumers are eschewing cash to avoid physical contact due to worries over catching the virus that causes COVID-19
There are other benefits, too. With a cashless-on-delivery payment system in place, your customers can experience the same enhanced efficiency that you enjoy when transacting. By taking advantage of a portable POS device, for example, the process of paying will take less time, the customer won’t have to count cash or wait for your rider to dispense the correct change, and there won’t be any risk of handing over the wrong amount on their part.
One such device that delivers this level of convenience is the PayMaya ONE Lite, an all-in-one payment gateway that can accept various types of digital payments—from credit and debit cards to e-wallets and QR transactions. The PayMaya ONE Lite is capable of doing most of the things that the original PayMaya ONE device can do, except to print physical receipts and read payment cards by swiping. That being said, the PayMaya ONE Lite, does support QR code payments, as well as dips (EMV) and taps (NFC) for debit, credit, and prepaid card payments.
Most business owners typically don’t realize just how much time they spend just dealing with cash. Think about it: how much time do you spend making regular trips to the bank to replenish your cash flow? How about tallying totals and tendering the proper amount of change at the register? Effective cash management requires a significant time investment that could also be costing you financially—especially if you have employees taking care of those activities for you. Even if it only seems like a few minutes on the surface—seconds, even—the time spent completing these tasks does add up.
In business, the faster you’re able to get things done, the more money you can make. A cashless-on-delivery payment system allows your riders to get to more stops, effectively moving more of your merchandise out the door and allowing more income to come in.
Have you ever ended a business day wondering why your total at the register doesn’t seem to be lining up with your receipts? It’s an unfortunately common problem, experienced daily by many business owners who still rely on cash. With a cashless-on-delivery payment system in place, you can say goodbye to these woes. You’ll be able to track every transaction easily, minimize occurrences of human error, and make the entire accounting process more accurate. Additionally, you’ll never have to worry about misplaced receipts anymore, since all of your transaction records can be accessed on a single unified platform.
It’s good for your customers, too. Instead of having to go through countless paper receipts for their purchases, you can just send them digital copies through SMS or email.
One of the major drawbacks of cash is that it’s very easy to steal. The riders that deliver your products to your customers could be robbed in transit. Having petty cash lying around also makes it possible for employees to skim your profits. With a cashless-on-delivery payment method, you can improve the physical safety of your team and your customers while protecting your business from cash theft and other risks.
In conclusion, employing a cashless-on-delivery payment option for your business can only enhance it. You’ll be able to offer your customers unparalleled convenience and peace of mind while enjoying all of the benefits of going cashless—faster, more efficient transactions, more accurate accounting, and improved safety for yourself and your employees. Adding cashless payments to your existing business model also future-proofs it as the world becomes less and less reliant on cash.