Take the Cookie Jar Away – Consider Going Cashless

One of the common myths about credit cards is that they are a low-security form of currency. Credit cards aren’t exactly currency, but they do provide access to start a transaction that will eventually lead to money being transferred between accounts.

There is a long-running fear, almost paranoia, that someone handling a card will steal your card number and max out your card and ruin your credit. Fortunately, card issuers have created higher security protections to help assuage these fears. Some of the protections include PCI Compliance for business, EMV chip cards, CVV codes, and transactional geofencing. All of these add up to less exposure for consumers and have ushered in the Plastic Era.

Because of this, credit cards can protect your business and give you a high-level view of daily happenings in your business.

Something often overlooked by small businesses as a reason to choose credit cards is employee theft or fraud. This isn’t going to be a lecture in honesty, but it is clear that the better you can control the flow of money in your business, the more you are protected from temptation and greed.

A recent report from the Association of Certified Fraud Examiners tabs the cost of employee theft at 7% of revenues. Employers with fewer than 100 employees saw a median loss of nearly $200,000 according to the ACFE report.

One of the best ways to protect yourself is eliminating cash transactions. Not only will you move beyond the daily cash deposits, you’ll benefit from the conveniences afforded to your customers.

Benefits of Eliminating Cash and Check Transactions

Higher average ticket
McDonald’s reports and average ticket of $7 for credit card purchases versus $4 for cash transactions. This trend continues regardless of size of purchase. If you can put it on a card, you’ll be willing to spend more. Restaurant tipping is more than 5% higher for credit card transaction – something that will make your employees smile.

No daily cash deposits
Keep from having to have employees or yourself handle money every day. You’ll no longer need to make that daily bank deposit.

Easy transaction management
Track your transaction online and see business trends. Many businesses still lack a comprehensive CRM or POS system and can benefit from the information provided by their processor.

Gain customer insights
See trends in behavior including favorites, times, and average ticket.

Appeal to cashless customers
More than 50% of Americans carry less than $20 at any given time. This number continues to rise annually. Nothing demotivates them more than hearing, “There’s an ATM around the corner”.
Start protecting yourself today by taking the cookie jar away and consider going cashless.

Our motto is “Moving Forward” and it is our desire to help your business positively grow in many ways. Get started today by calling us at 608-819-8666 or visit us online anytime at www.MotusCC.com