The rise of cashless society - is your business listening to your customers?

You will often hear a small business owner complain about the banks ‘taking their cut’ of every transaction.

The cost of having a transaction machine can feel like a big expense for some businesses; and many then pass those costs onto their customers in the form of surcharges.

However, with the introduction of tap and go technology comes numerous cost-effective options available to the small business owner – and Australian customers are loving them; a recent survey by the RFI Group reveals that 32 per cent of Australians believed they could go cashless.

The same survey shows that Australia currently has the highest use of contactless tap and go cards in the world, with 59 per cent of Australians having made a purchase using the technology.

The introduction of smartphone and tablet card readers has also changed the game for mobile small business too – plumbers, contractors, mobile dog wash businesses, gardeners and the like can now collect payments on site.

And while Australians have been slower to embrace mobile wallet payments – the RFI Group study shows only 10 percent of Australians had used their mobile wallet to make payments – that tech is also a viable alternate payment option for small business.

Business specialist, adviser and author Noel Whittaker believes all small businesses should embrace tap and go technology, while being wary of passing on any cost to their customers.

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Source: The rise of cashless society – is your business listening to your customers? – SmartCompany