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How to Prepare for a Cashless Society

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Miranda Russell | July 10, 2020

“Fewer people are carrying cash with them these days as digital payments are on the rise. Here's how to prepare your business for a cashless society.”
4 min read
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    Last Updated on September 8, 2023 by Labib Ahmad

    Fewer people are carrying cash with them these days. Because of advancements in ecommerce, mobile payment options, and tap pay technology, they aren't inconvenienced at all.

    Today, more businesses have online payments and digital payment options, giving customers more freedom to order and pay for goods and services in advance, without having to worry about paying in person or carrying cash with them.

    Think back to the last five transactions you made, how many of them were in cash? If you answered zero, then you're probably in the majority. Groceries are commonly paid for with credit cards or ordered online and paid for with the card on file, removing the need to present any payment method during pickup. If you meet up with a friend to watch a movie and they pay for your ticket, it's easy to e-transfer them what you owe. Filling up your vehicle with gas, picking up a coffee, or purchasing items at a market are all transactions that are easily completed with the quick tap or swipe of your card.

    Consumers are accustomed to being able to pay for all their purchases with credit or debit cards. If they don't carry cash, then they might not make purchases at retailers who can't accept their preferred payment method. While we might be ways off from becoming a truly cashless society, preparing your business today means you won't miss out on any potential sales. Helcim makes it easy to empower your business and accept payments according to how customers want to make them. Our Helcim Payments app, credit card vault, and the virtual terminal will prepare your business for a cashless society.

    Add tap or EMV chip and pin enabled card readers to quickly accept payments

    Integrating card readers to your business makes it easy to begin accepting credit card payments. Adding terminals will allow you to speed up your transactions, stop chasing checks, accept larger payments, and expand your market all while preparing your business for a cashless society.

    There are a variety of payment terminals to choose from, and the Helcim Gurus can help you choose the right option for your business. Our terminals are enabled for EMV Chip and Pin and Tap and Pay transactions. By choosing a credit/debit machine that supports EMV chip card transactions you are helping protect your business from credit and debit fraud. You can find more resources on how credit card processing works on our blog.

    Use a mobile app to accept payments on the go

    The Helcim Payments app is included as part of our all-in-one merchant platform and can be downloaded by as many users as your business requires. By adding the mobile app to your iPhone, iPad, or Android devices, your business can complete mobile credit card processing from anywhere. Small businesses commonly partner with other businesses in their communities by selling at pop-ups or local events and having the mobile app and mobile card-reader ensures your business can seamlessly take payments no matter where you are.

    By accepting mobile payments, you have removed the need for your business to worry about carrying cash to make change, storing large amounts of cash if you're in a less secure location, and missing out on purchases from customers who don't have cash on them.

    Virtual terminals allow you to accept payments on your computer

    If you've held off on bringing in new point-of-sale (POS) technologies to your business because you're worried about high costs or difficult-to-use equipment, know that there are less expensive options available. Using an iPad POS System or virtual terminal will help your business accept payments from anywhere and authorize credit cards in real-time. You'll have access to all your customers' information, so you can easily set up recurring payments, send receipts, and complete transactions with only a few clicks.

    Customer information is securely stored

    Taking more payments online or with credit cards doesn't mean that you're taking on more security risks. Your Helcim account includes a Credit Card Vault that will store all your customers' credit cards securely. The information is stored on the credit card processor's servers, removing the risk of keeping customer information on file from your business. As customers become more comfortable with making online payments, they trust that retailers are storing their information appropriately and may even appreciate the convenience of having their payment information on file with their favorite retailers.

    Take your business online

    Customers love to shop online, and Helcim makes it easy to create an online store for your business without the added cost and time of involving web designers, programmers, or web-hosting. Because Helcim is an all-in-one platform, your payment processing is automatically built into your online store. All you need to do is upload your products and pictures to the content management system (CMS), and you'll be able to sell to customers around the world quickly and easily.

    Embrace the benefits of going cashless

    Partnering with an all-in-one merchant platform like Helcim makes it easy to equip your business for a cashless society. While it might take a bit of adjustment, there are a lot of benefits related to reducing your dependence on cash. You no longer need to wait for lengthy bank deposits to be processed or for cheques to be cashed, the chance of a transaction error is lower with online payments, and payments are quicker because customers only need to tap, or swipe and the transaction is complete. By integrating mobile apps, virtual terminals, and ecommerce into your business today, you'll be prepared for a cashless society in the future.

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