According to Sage Pay’s Payment Landscape Report 2016 the cost of cash, by which we mean paper currency and coins, in the UK is high… retailers apparently spend a massive £17.8 billion per year on the processing of cash payments.
Handling cash alone, including security, fraud and security, costs a retailer an average around £3,600 per year. Paper money is also harder to manage as it needs to be stored, guarded, accounted for and can be difficult to transport. Cash is also the most error-prone payment method and is open to theft. The same temptation is not there with non-cash payments.
However, aside from the costs of dealing with cash for the organisation, the consumer is now also seeing the benefits of going cashless and many prefer this. Consumers are more likely to shop at a retailer where a range of payment options are available, and some consumers will actually return items to the shelf when they discover a retailer is ‘cash only’. You’ve probably done it yourself… You get to a vending machine or counter and realise you haven’t got enough cash in your pocket or purse to make the cash payment so you put it back and say ‘I’ll have to nip to the cash point.’ But do you always go back to complete that purchase? Probably not, I know I don’t. Also businesses need to consider young customers who are technological savvy and their expectations around mobile payments.
You may be thinking, that you’re not quite ready to go completely cashless just yet, even though consumers certainly want the ease of cashless payments. MonitorIT’s cashless payment solution can help you transform the way you receive payments, your customers/users will have a wider choice of payment options and you are reducing your dependence on cash without eliminating cash completely. MonitorIT’s solution will integrate with existing systems to give you a centralised overview of transactions and by using the powerful reporting tools, you will gain greater insights to the payment landscape in your organisation. It will reduce costs of receiving, counting, insuring, storing, reconciling and transporting cash and eliminate risks associated with cash such as theft, fraud and counterfeiting.
On balance, the future for cash is not looking good, so isn’t it time to start considering a cashless environment? Sage Pay’s Payment Landscape Report 2016 should be a call to action for all decision-makers who care about social trends and the changes that are happening in society which will ultimately affect their business. It is time to acknowledged that cash is expensive and on its way out and to plan for future investments in cashless solutions. The benefits to education organisations is significant and will contribute to the efficient and cost effective running of universities and colleges, who are under increasing pressure to make the most of their budgets. If you want to know how MonitorIT can help you reduce your costs associated with having cash on your premises click here
to read our white Paper or contact us on 01494 565066 or email us at firstname.lastname@example.org
so we can help you begin your cashless journey.