• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
logo
  • Processing Solutions
    • POS
    • In-Store
    • Mobile
    • Online
    • All Payment Services
  • Business Solutions
    • Grocery
    • Restaurants
      • Full Service Restaurants
      • Quick Serve Restaurants
      • Food Trucks
    • Retail
      • Smoke Shops
    • Salons & Spas
      • Health & Wellness
    • Automotive
    • Professional Services
  • More Tools
    • Capital
    • Business Credit Card
    • Payroll
    • Marketing
    • Loyalty
    • Inventory
    • Team Management
    • Gift cards
    • Cash discounts
    • Dashboard
    • Websites
    • Scan Data – Velocity ProPak
    • QR Codes
    • All Tools
  • Resources
    • FAQs
    • App Marketplace
    • Client Support
    • EBT Update
    • YouTube Videos
  • Blog
  • About Us
    • About Us
    • Affiliate Program
    • Careers
    • Update my TIN
    • Order Supplies
Client Login Contact Us Free Custom Quote

Should You Switch to a Cashless Business?

September 6, 2019

The Rise of No-Cash Businesses

Even if you’re too young to remember, we can assure you — debit and credit cards haven’t always been the preferred way to pay for things. Cash used to be king at the register — even though it’s been largely displaced from its throne in favor of credit and debit cards and mobile wallets, giving rise to the cashless business.

A few years ago, Visa hosted the Cashless Challenge, in which 50 owners of small businesses won $10,000 apiece for refusing to accept any more cash payments at their respective establishments. Many owners who choose to stop taking cash at their businesses do so to save time at the point-of-sale. If you run a fast-food restaurant, for example, you may be able to serve more people during your rush hours if you refuse to accept cash payments. Serving more people every day can add to your bottom line in both the short- and long-term.

Benefits of only accepting cashless payments

  • Lower labor costs: Before each shift, employees generally have to count the money in their cash drawers. Counting cash takes time even when employees are used to counting bills and change quickly.
  • Reduced risk of theft: Cash-only businesses are susceptible to employee theft. Unfortunately, they may be the target for being robbed by a third-party as well.
  • Expedited checkouts: If your business accepts cash payments, your customers will have to count their money, and your employees will have to recount the cash and correct change — which will invariably be recounted by the customer. This process can stall a checkout line pretty quickly, which may cause some people to abandon their purchases.
  • Eliminates the risk of counterfeit bills: If your business stops taking cash, you won’t have to worry about payments made with counterfeit bills. With counterfeit money typically in bigger denominations of $20 or more, eliminating this threat can save you significant sums of money.

Going cashless may provide one other benefit. Depending on your organization’s insurance carrier, refusing to trade in cash at your establishment may lower your insurance premium.

The Downsides of Going Cashless

With cashless business offering so many potential benefits, it may be difficult to imagine why any business would refuse to go cashless. The reality is, there are some downsides to only accepting cashless payments. The most considerable one is that going no-cash may cause some people to shop elsewhere. You need to remember that not everyone has a card or mobile wallet, and some people prefer to operate on a cash basis to stay within their budget.

Another significant pitfall involves merchant fees. Service providers charge fees to process payments made with mobile wallets, credit cards and debit cards. While those fees are usually negligible, you still must take them into consideration — because cash transactions don't involve ancillary fees unless your bank charges you a fee to accept cash deposits.

Velocity Merchant Services Offers the Best of Both Worlds

You don’t have to choose between going cashless or not when you get a POS system from Velocity Merchant Services. The Clover POS systems we sell support all transaction types, including cash, dip and contactless payments.

When you buy a Clover POS system from VMS, you’ll enjoy the following benefits:

  • Free website
  • Lifetime warranty
  • Complimentary next-day shipping
  • Dedicated Clover specialist
  • Set up assistance
  • Round-the-clock support

What’s the biggest benefit of buying a Clover POS system from us? The versatility to accept all the payment types you want, of course. Contact us to learn more now!

Categories: Articles, Credit Card Processing, News, PCI Compliance, Processing Companies

Primary Sidebar

Payment Solutions

  • Terminals / In-person
  • POS
  • Websites

Business Solutions

  • Grocery
  • Restaurants
  • Full Service Restaurants
  • Quick Serve Restaurants
  • Salons & Spas
  • Retail
  • Health & Wellness
  • Professional Services

More Tools

  • Capital
  • Cash discounts
  • Payroll
  • Marketing
  • Loyalty
  • Inventory
  • Team Management
  • Gift cards

Resources

  • FAQs
  • EBT Update
  • Client Support
  • YouTube Videos

About Us

  • About Us
  • Affiliate Program
  • Join Our Team

Velocity Merchant Services

3051 Oak Grove Rd. 2nd Floor
Downers Grove, IL 60515
Phone: 888-902-6227
Fax: 888-902-6229
info@getvms.com

Velocity Merchant Services (VMS) is a registered ISO of Deutsche Bank Trust Company Americas. The Clover® trademark and logo are owned by Clover® Network, Inc., a First Data company. EMV® is a registered trademark in the U.S. and in other countries, owned by EMVCo, LLC. Apple Pay®, Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners.

Copyright © 2023, All rights reserved, Velocity Merchant Services Privacy Policy|Terms of Use

This website uses cookies to improve your experience. Accept Reject
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
Disclaimer

By providing your contact information, you consent to receiving calls and/or text (“SMS”) messages from us including those made by use of an automatic telephone dialing system (“ATDS”) about our relevant content, products and services. Standard messaging & data rates apply.

Clover Station 2.0 Point-of-Sale

This all-in-one POS solution includes everything you need to streamline your business. 

More counter room thanks to a space-saving design: The 14-inch, HD display and screen swivel feature keep customer engagement clean and simple.

Faster apps and business: Let the 8-core, state-of-the-art Qualcomm® Snapdragon™ processor and 4GB memory handle the toughest tasks.

Modern payment technology: Accept mag stripe cards, EMV chips, contactless payments and more.

A versatile app market: Use Clover’s robust apps to give your business endless possibilities.