Tapping into Cashless Payments

Deputy
Deputy
May 8, 2017 · 8 min read

Why your customers prefer cashless payments

Less is more when it comes to what the average Australian wants to keep in their pockets. There’s an amazing amount of options for cashless payments now: between our bank cards, smart phones, watches, rings and even coffee cups letting us ‘tap and go’, jangling around for change at the counter is something most consumers would prefer to leave in yesteryear. With Australians among the fastest in the world to adopt new cashless technologies it’s not surprising that almost half of people think that cash-only businesses are ‘hard to do business with’, and a quarter claim they would reject a cash-only business altogether.

Its not just kids going cashless

Millennials and Gen Y-ers aren’t the only (or even primary) group tapping on to the e-payment bandwagon. When it comes to making mobile payments (or mPOS), those in the 50–64 year age group are twice as likely to use this NFC technology than those in the 18–29 year age group.

Getting the right card processing solution for your business

A quick Google search for ‘merchant EFTPOS solutions’ will churn out options as complex and confusing, as they are numerous. It’s important to get it right when choosing your EFTPOS provider — ideally you should be searching for an option that allows your business to reasonably absorb the cost of cashless payments without needing to pass the surcharge on to your customers. Here’s a breakdown of the major players in the card payments game, so you can find the best option to suit your unique business needs:

Get App Happy

What about processing payments without any cards at all? Mobile applications are the other shiny side to the coin of cashless payments. Partnering with application services aren’t a replacement for your in-store EFTPOS, but they do provide an excellent opportunity to attract new customers and keep your existing customers happy.

Two Cents Worth

While it would appear that we are looking at a cash-free future, it might not be time to do away the cash register and declare yourself ‘completely cashless’ just yet. However, if you want to keep your customers happy and your business growing the signs are clear:

  1. Ditch minimum spends and surcharges on non-cash payments
  2. Select a vendor that matches your business model and its needs
  3. Depending on your customers, explore app-based payments

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