Going Cash-Free as a Small Business

Going Cash-Free as a Small Business

Although cash remains king in America, consumers increasingly use credit and debit cards to pay for purchases. With this taken into consideration, some businesses have decided to ditch cash altogether and only accept credit and debit cards… Why? Those pennies add up. And for business owners, the shift comes down to numbers – security and cost savings are critical.

Some businesses that accept credit cards don’t consider the hassle and cost when their invoicing system breaks. One big downside of accepting credit cards at your business is paying a fee for each transaction. And if your credit card system goes down, you can’t take payments at all.

Another significant loss for businesses to consider is that some customers prefer to pay by cash, and others don’t have a credit card at all. So, why do it?

Speeding Up Checkout Processes

Swiping or tapping a credit card is quicker than counting cash, so you’ll spend less time at the checkout and more time with your customers. For even faster processes, with a square card reader, you can accept credit cards with a swipe or tap of the customer’s card. You’ll save time at the register and get back to what you do best: creating unforgettable experiences for your customers.

Reduce The Risk Of Robbery And Employee Theft

Theft is a threat to any business, but it can be an especially dangerous threat for those without cashless systems. Cash in hand increases the chance of theft, as well as the opportunity of cash-under-the-table schemes. Though Security cameras are an effective way to stop potential theft and compliance problems… They can only do so much.

Efficiency Enhancement

It takes time to send money to the bank, makes deposits and withdrawals, and keep track of your cash flow. Going cashless eliminates the time you spend on managing your finances. You can make payments and transfers in real-time without visiting a bank at the touch of a button. When you don’t have to go through the hassle of managing your money, you can spend less time on your finances and more time caring for your business.

Simplified Accounting

Going cashless means you no longer have to track and record every transaction. Your accounting work is simplified, and your organization can respond more rapidly to business needs.

Cash-Free Store Bans

Cash is king in the United States, but not everywhere. Some cities and states have recently banned “cashless” stores, while others are weighing similar prohibitions. These ordinances assert that companies should not be permitted to deny cash to consumers since it is a form of discrimination against the poor.

Cashless stores ban cash and risk turning away large population segments, including many immigrant communities and small businesses. The laws regarding these cashless systems vary from state to state, so business owners must move forward with their new business model with attorney consultation to adhere to regulations. Contact us at Thompson Law to get the latest information on Florida’s rules.