Over the last ten days in the US on three occasions in different shops we had to switch from a cash purchase to using a card as they did not have enough money to make change. The change needed was $27, $16 and $32 respectively. In each case they did not have enough change in their til and, hence, asked me to pay by a card.
Near our office in Melbourne, Cannings the butcher switched to cashless trading three or four years ago,
Recently, we were offered a tenancy at Malvern Central shopping centre in Victoria for retail businesses I own and had decided if we went ahead with the planned gift and collectibles shop we would do so as a cashless business.
Being cashless can cut time spent banking, reduce employee theft opportunity and reduce the cost of change mistakes. While there are downsides for sure, that more and more businesses are switching indicates valuable upsides.
We mention this in our email today so it is on your mind and part of consideration for your own shop. Not because we think you should go cashless, but because we with it could be useful to be aware of the trend.
Going cashless needs planning from an operational perspective as well from a shopper communication perspective. While not for everyone, it is proving to be successful for plenty.
We think governments will embrace cashless as it benefits the tax take, for the same reason it reduces employee theft.
What do we think? We don’t know for sure if cashless will take off. What we do know is that there is nothing to lose from contemplating this, gaming it out, to see how your business might look.
In the meantime in our specialty POS software, we have tools to make cashless easier. For example, ur direct link to Oxipay (like Afterpay) helps you eliminate LayBy. Our direct link to Xero makes record-keeping easier.
Our goal at Tower Systems is to help independent small business retailers be aware of rends and to work with them figure out implications for them.
Our specialty POS software is an awesome platform on which you can rely to serve your needs to day and to evolve for what may happen tomorrow.
Call if you have questions, the account manager for your state / territory can help:
- WA / SA/ VIC: Tim Batt. 0401 833 917.
- NSW / ACT / TAS: Nathan Morrison. 0417 568 148.
- QLD / NT: Justin Randall. 0434 365 789.