How cashless payment technology is helping local business thrive

The days when a trip to the ATM was compulsory before strolling to your local market are numbered. Instead small businesses now find themselves faced with the new breed of “cashless consumer”, and adapting to suit.

According to a recent survey by the RFi Group, 32 per cent of Australians believe they can go cashless. Fortunately, the advent of low-cost and low-fuss technology allows local businesses, including sole traders, to sell their products and services quickly and easily, whether it’s a small item or a more expensive impulse purchase.

A shift in mindset

Michael McQueen, retail trend forecaster and bestselling author of How to Prepare Now for What’s Next, says small businesses have traditionally avoided cashless transactions because options were limited and merchant fees were often high.

“However, with the multitude of merchant options now available and costs coming down, it is feasible, profitable and even essential to offer cashless transactions on even small-priced items,” he told SmartCompany.

“It has required business owners to change their paradigm about cashless transactions and, to their credit, many have.”

McQueen says small businesses need to be able to become more agile when it comes to payments, or they simply won’t survive.

“Businesses that still see cashless trading as a privilege they extend to high value sales and customers will continue to be left behind – becoming as out-of-touch as the paradigm driving their approach,” he says.

“Within a few short years, accepting cash only will indicate little more than that you are trying to dodge tax because there will be no other legitimate reason to holding this stance.”

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Source: How cashless payment technology is helping local business thrive – SmartCompany