Why cash is still king of the high street but you need to start planning for change
24th July 2019
Cash is still the de facto choice of payment means in the UK in relation to the wider hospitality market. Contactless and debit card payments are increasing apace but cash remains top dog. A study found that almost 80% of all point-of-sale transactions in Europe are undertaken with cash. This means the utopian dream of a cashless society is still some way off. What does this all mean?
Well, small businesses do need to implement digital payment pathways for their customers, but they should continue to put cash-based transactions at the core of their hospitality business model.
However, navigating towards a digital cashless future means you can focus your business on the customer and not their cash. This may sound paradoxical but, by offering enticing customer service in a highly competitive marketplace, you can create avenues for reducing costs and learn to use your resources more effectively providing a trusted platform for delivering best-in-class customer experience outcomes.
By focusing on balancing the need of cashless vs cash-based transactions, your newfound digital experience will help you to reduce traditional woes within the hospitality sector – from human error to shrinkage. This will allow you a more effective pathway to deploy this extra capital in ways that produce greater higher value staff customer-facing activities and experiences.
If you would like to implement safe effective cashless systems in your hospitality business, we can provide you with a network with all the security and reliability you need to take card payments with confidence.