Are you thinking about accepting cashless payments but are concerned about the costs?

The costs associated with accepting cash vs accepting cards has turned in the last five years as technology has improved and the cashless market has grown driving down the price of cashless ATM transactions. But there are other costs that businesses often do not consider when deciding whether to accept cards. It is easy to see the costs associated with accepting cards: your payment solution provider gives you the breakdown before you sign the agreement. What if you had to agree to all the costs of accepting cash before you decided to accept it? When deciding whether to add a cashless payment option to your business, in addition to studying the numbers cashless payment providers quote you, it is important to think carefully about what it is costing you to be cash-only.

Unpredictable costs

Theft / Robbery

Counterfeit bills

Human error

Time costs

Everything takes longer: from customers queuing to reconciling at the end of the day

Prepare cash registers

Count cash

Prepare deposits

Take cash to bank

Tax compliance

Soft costs

Surveillance cameras

Security guards

Secure storage (vaults and cash registers)

Counterfeit-detection training

Armored transportation services

Difficult to trace missing funds, disputed transactions

The risk of a government investigation

Bank costs

Fees for cash deposits, cash withdrawals, and coin ordering.

Delays in making deposits (money sitting in store vault losing time-value)

Delays in banks crediting deposits (they have to count it too)

Adding cashless to the methods of payment you accept will not only improve security and customer experience but will likely reduce your expenses related to running a cash-only business.