2021 sure seems like the year where it is in a standstill- what with us still being in lockdown. A cashless society further evolves through this pandemic. We cannot step out of our house and handling cash is a big no-no during these times. As such, any payments during this time should ideally be made electronically.
Currently, debit or credit cards are the preferred alternatives to a cashless method. However, digital wallets through mobile devices are becoming increasingly popular as it brings even more convenience to people and may soon become the primary option for payments in the foreseeable future.
Some people have argued that we aren’t ready to go totally cashless.
The big question is, should you?
In the interest of helping you decide what’s best for your business, we have compiled a list of pros and cons of going cashless.
1. Expedites Checkout Process. With cashless payments, checkout lines will be significantly shorter. We as customers no longer have to deal with impatient people breathing down the backs of our necks as if it is our fault the lines are so long.
Going cashless eliminates the need to dig for coins or dig through wads of cash at the cash register as this is one of the main reasons why people take forever to pay. Now, customers only need to scan their phones or use their cards- checkout processes can be accelerated.
2. Painless Accounting. Going through your books manually to determine what went wrong is tedious work. Not to mention the probability of making a mistake in the process. Errors are inevitable when work is done by us humans. By going cashless, everything is digitized and each transact