A recent WSJ article entitled “Why your business should ditch cash?” detailed the trend towards card and mobile payments by businesses. Tech has enabled the cashless economy by making it easy for companies big and small to make the move. Here are some highlights from the piece.
Cashless businesses might face less crime
“After his business was robbed for the fifth time in just over three months, the owner of Park Cafe & Coffee Bar in Baltimore decided to do something that would have seemed radical for a neighborhood business just a few years ago: He stopped taking cash. It was a desperation move, but what happened next surprised owner David Hart. His sales didn’t go down.”
Transactions become faster and more effective
“A much larger experiment conducted by salad chain Sweetgreen, which has 66 locations on both coasts, yielded the same result. After a year-long trial, the company has decided to go completely cashless in 2017, says a spokeswoman. There were many factors in its decision, from increased transaction speed to the unhygienic nature of cash, but the first reason Sweetgreen’s spokeswoman cites is the same as Mr. Hart’s—keeping employees safe by reducing the chance of robbery.”
Customers have better, more convenient experiences
“Then there is the way we Venmo or PayPal our friends to settle personal debts instead of handing over twenties, the fact that you can now pay for parking with a credit card or an app instead of quarters, and the decline of cash-based toll booths—not to mention the rise of Apple Pay and its ilk, and of in-app payments for everything from ride-hailing services to takeout food. The net effect of all these small changes is that Americans of a certain demographic are simply falling out of the habit of using cash.”
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