Cashless Payments for Your Business: Easy, Cheap and Convenient

Improve Your Business' Cash Flow

Cash flow is the lifeblood of businesses. Your business will struggle if your revenue arrives too late and you are unable to pay for business-related costs.

The good news is cashless payments make it easier for you to monitor your cash flow and your business bank account without delay.

Another way cashless payments optimise your business cash flow is with automatic monthly charges—your business can receive its payments on time and quickly. Moreover, your payments are stored and submitted automatically, which prevents employee errors and missing change.

It is also more convenient for consumers and businesses to use electronic payments over cash. Cashless transactions are faster, which means that customers will not have to wait too long to be served, and business owners can easily manage their funds and accounting.

Increase Your Sales and Encourage Higher Spending

Cash transactions often result in slower checkout times and longer customer lines, leaving you with a lower business sales volume and unhappy customers. By adopting a cashless payment system, moving customers through checkout becomes much faster.

Customers also enjoy greater comfort and convenience when paying with credit cards and cashless payments. This is because card companies make cashless payments more attractive by offering rewards such as cashback, discounts and more.

Moreover, cashless transactions are highly secure, with varying levels of encryption and data authentication. Cashless payments also attract a broader customer base. They encourage big-ticket purchases as customers no longer need to carry wads of cash or queue up for ATM withdrawals.

Some credit cards also offer easy payment plans (EPP) with low or 0% interest. With more purchasing power, consumers will increase their average order value, translating to more sales for businesses.

A Competitive Advantage For Your Business To Succeed

Visa's Consumer Payment Attitudes 2021 study found that there has been a growth in cashless payment adoption, primarily via QR payments, e-wallets, and contactless cards. This is especially seen in bill payments, supermarkets, and retail shopping.

Stay competitive and adopt cashless payments to avoid lagging behind in your industry. Few things can feel more frustrating to a potential customer (and employee) than a growing queue of people due to slow service. 

Businesses need to offer cashless payment options to support their customers' buying journey. With a convenient and quick payment at the counter, your customers are more likely to tell others about your business and return themselves.

Moreover, customer satisfaction increases with more payment options. There is a wide range of cashless payment apps and services to choose from, and they facilitate international transactions with automatic currency conversions.

In the past, cash was king. These days, it is more worth it for small businesses and retailers to accept cashless payments.

The advantages of going cashless, such as fast approval and setting up a payment gateway or terminal, usually outweigh the cons. This is because it increases convenience for customers and saves business owners time and money.

You can gain many benefits from cashless payments, so it is worth starting your cashless journey today. Get more business insights and other helpful financial guides and advice here. 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.