Is Going Cashless Really the Future for Business Transactions?

Closeup of a credit card

People constantly find ways to reinvent the products and services that we use. This is how we innovate and change the world for the better. Not too long ago, electric cars were only a dream for most people. Now, companies like Tesla are spearheading their production and sale to the masses. Soon, anyone can live their dream of owning a greener and more efficient vehicle.

The concept is quite simple. You take an ordinary and widely used product or service and then, tweak it a bit to make it better. With any luck, people will see the benefits and adopt the change. One such change today is the concept of going “cashless.”

A Cashless Society

Physical currency has always been around. The Chinese were the first to introduce paper money. Before that, we relied on coins made from rare earth metals like silver or gold. But now, more and more people are starting to abandon physical currency.

In the U.S. alone, around 65% of the population aged 18 to 29 own and use a credit card. The number increases to 82% among those aged 30 to 49 and 78% among individuals aged 50 to 64. These are large numbers in different age groups, which may be proof that we are living in a cashless society.

So, are we seeing the end of cash-based payment transactions? Is it avoidable or should we be early adopters of the change?

man using phone to pay

Adopters of Change

For business owners, they must make big decisions to win over customers. And installing a card service for their establishment may be one of them.

Consumers like the ease of paying via their debit or credit cards. They no longer have to deal with long lines at the ATM or the fear of having their cash pickpocketed. They only swipe or tap their cards to pay for what they want. This also makes online transactions much easier to process. Not to mention that auditing has also become easier for business owners.

The good thing about this is that its implementation is also easy to process and do, regardless of what business it is. A business owner only needs to look for a provider of credit card service for small businesses. From there, they should see an increase in efficiency in their financial transactions.

But, Is It Secure?

There are still those who resist change and rely only on cash-based transactions. No one could blame them for wanting to protect their assets. People with ill intent might drain a person’s savings via a stolen debit card. They may ruin a person’s financial standing over a stolen credit card.

But today, cashless transactions have made things harder for thieves and hackers. The EMV chip, for instance, is one of the recent strides in maintaining card security. The two-factor authentication also doubles as a security feature. In a sense, it seems like going cashless may be the future of the world.

Yes, there will still be times when we have to use physical cash for different situations. But for the most part, going cashless may be the way to go. Its ease of use is beneficial for both individuals and businesses.