In 2017 the British Retail Consortium announced that electronic payments now account for over half of all spending transactions. Cash is a declining medium of exchange. Sweden is widely cited as the most probable country to go cashless first, with notes and coins accounting for less than 20% of transactions. But is this really so surprising?

We’re not sure about you, but it’s definitely the case for the Ordoo team, that when a corner shop or cafe doesn’t accept card we get pretty annoyed. Who wants a pocket full of 1ps, 2ps or 5ps? Actually, thinking about it, when was the last time you used cash?

With the rise of contactless and mobile payments, carrying cash just seems pointless. Since Tuesday last week, Starbucks (always the innovator) has been trialling refusing cash payments at one of its sites in Seattle. Committing to the trend, US vegetarian chain, Sweetgrass, is the largest cashless F&B brand with 75 sites. The result? No negative change to their bottom line.

So customers want easy, fast transactions. But is that a reason to completely cut off cash in your shop? Especially when you’re losing 0.5 – 2.0% to Visa and Mastercard just so you can take payments (there is a solution to this below).

So, why go cashless now?

It’s seen as innovative. Get ahead of the game! Be a leader, not a sheep and align your brand to customer behaviour. I see local news articles done just because a coffee shop has gone cashless, so you could get a bit of PR if you’re quick.

No more cashing up discrepancies. It might only be unaccounted for pennies missing at the end of the day, but it all adds up. Digital payments will always be 100% spot on, no drama.

Understand and engage with your customers. One of the leading drivers for the larger brands, such as McDonalds and Starbucks, to push digital ordering channels (mobile ordering in particular) is the ability to better understand individual customer buying habits and leverage personalised engagement marketing tools that comes with it.

Reward your customers more effectively. Mobile wallets and ordering apps track customer behaviour and reward customers at optimal times after purchases to encourage them to come back more frequently.

Improve efficiency in taking payments. Boost operational throughput and reduce customer wait time. Without having to handle cash venues can smash through their morning or lunchtime rush. An average time saving of 15 seconds per customer might not sound like much, but it adds up to more customers served in critical periods and less lost customers due to queue size.

Save yourself the hassle and time of putting the cash in the bank. Whether paying a member of staff an extra 30 mins or taking the cash to the bank yourself, digital payments go straight into your account without any worry. Also save yourself the small fees you pay when depositing your money too. Win, win!

How to do it?

Easy! Let your customers know it’s happening a bit in advance, have a planned date and just go for it. Get rid of the space consuming cash tills, get yourself a slick EPOS system running off a tablet and BOOM you’re cashless!

To best take advantage of customer data and have the ability to email and notify your customers we’d (obviously) recommend looking at mobile order and pay apps. And yeah … we know a good one called Ordoo.

Oh, and with Ordoo you pay 0% transaction charge. This means Ordoo is cheaper per transaction than traditional card payment providers, meaning you can remove cash without the excuse of increased per order costs!

If going cashless is something you’re considering I’d love to have a chat today. Give me (Tristan) a call on 077134 66979.

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MOBILE ORDERING REPORT

Read and consider the benefits of mobile ordering to customers and venues alike. We've distilled our insights from years of experience in the industry. Mobile ordering is here - be prepared! 

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