Tech News

The Future of Business is One Without Cash

Today’s businesses are looking to expand their cashless payment options to include those made through mobile devices. There are various benefits that doing so can provide your organization.

This development in cashless payments has led customers to expect certain conveniences from businesses. For example, how annoying is it to go to an ATM for some spare cash and the card reader doesn’t work? Therefore, customers also expect that businesses will be able to adapt to changes in cashless payment technologies, using smartphones, wearables, and other devices. In fact, it’s thought that by the end of 2017, over $60 billion will be made in mobile payments; not a sales figure to scoff at.

In order to take advantage of this incredible opportunity, businesses want to implement solutions that allow their clients to manage their payments in as many different forms as possible; particularly the use of cashless payment systems. By keeping the amount of physical cash moving through your company to a minimum, you’ll be able to cut down on major problems involved with it.

Most notable is that you won’t have to deal with paper ledgers that could easily be falsified or forgotten about, throwing off your records and making them unreliable. Digital payment systems make it easy to keep records of transactions, and in general make keeping track of funds much more efficient. It’s also much more efficient to accept fund transfers instead of accepting cheques as a payment method. A transfer is instantaneous and this avoids the interruption of a potential bounced (or post-dated) cheque!

If your business relies on handling cash, perhaps it’s time to consider making the switch to a more versatile payment system. ActiveCo Technology Management can help your business analyze all of the options available to you, as well as the best path to get there. To learn more, reach out to us at (604) 425-3433.

 

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Jeff Penner

Jeff Penner

Jeff has been in the managed services industry since 2015, understanding what business owners are looking for from technology, and helping them find it. The most important element for a business owner taking on a new technology partner is peace of mind and thus Jeff directs his efforts on finding practical information that any leader can apply to their business. Jeff lives in Vancouver, BC, sharing his love for learning and “the great indoors” with his 2 daughters.