Cashless Payments

Cashless payments

Cashless payments
<p>It is now common for customers to expect to be able to use a range of non-cash payment options such as debit and credit cards, online transfers, Paywave, EFTPOS and even wearable payments like Apple Pay, Google Pay and Fitbit Pay. There are a range of benefits for the customer such as ease of use, no need to carry cash, more secure, but it’s even better for the small business. Online payment methods also result in more funds running through your business a lot faster, it means you’re in a better position to grow and react to conditions around you, and it speeds up your cash cycle.</p> <p>Watch this short video to see how cashless payments could help your business.</p>
<p>&nbsp;</p> <p>Next steps:</p> <ul> <li>Track the cash flowing into your business and identify the ways you could convert this into a non-cash system.&nbsp;</li> <li>Talk to other business owners who have adopted cashless apps or products, especially those in your industry, to see what they use.</li> <li>Check and improve any credit checks and systems such as maximum credit terms (over a certain dollar amount they must pay a portion in advance).</li> <li>Be aware of possible increased cyber fraud and train staff to detect and understand where fraud could occur.</li> </ul>