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A Cashless Society: The New Reality of Payment

Posted by Sonya Hoshmand

Grocery stores have remained open and robust during these challenging times. As many of us visited our local grocery stores, we've seen the implications of this virus. Many establishments have placed floor decals to help promote social distancing between people and avoid contact with physical elements. Currently, some stores are no longer accepting cash during these times in fear of spreading the virus.

Health experts state that you must wash your hands after handling money through the COVID-19 outbreak, but some businesses are trying to cut out cash entirely. 

 

More than ever before, restaurants and retail stores are relying on a touchless payment systems to process their orders. Online orders have seen a spike during these times as business remained closed, but with the reopening, that means more interactions in person and a higher risk. It is the business's job to regain customer trust so that repeat visits can occur. 

 

While most of us are familiar with contactless payments such as Apple Pay and Google Pay, these are not the only way businesses can present a touchless payment experience.

 

We've recently joined forces with First Data Clover Flex to integrate payment methods to evolve with customer demands. Our Givex POS system communicates with the Clover Flex payment terminal to ensure a seamless and quick customer experience. The terminal can be brought to each table for Pay-at-the-table (PATT) to encourage customers to use their cards rather than cash. 

 

Tableside tablets are another way restaurants can maximize their technology to provide a touchless experience. By having  a tableside ordering tablet with payment capability, customers can request a bill and use NFC (near field communication) to pay their bills,  ultimately helping reduce contact between the serverfand customer during these times of distancing. 

 

The shift towards a cashless society due to the pandemic can be seen as a positive for owners. The first change foremost is that going cashless would increase the bottom line for businesses. Many managers have to spend precious hours counting to ensure that everything balances, then one must then have a deposit bag pick up service, which can dig into the bottom line. A cashless system would reduce the chances of amounts being incorrectly taken or given to customers. 

 

Last but not least, having a cashless model gives a modern look to the business altering the appeal to specific audiences. Millennials' friendly-restaurants already do most of their business through mobile payment, and it attracts tech-savvy consumers. 

 

Will business go completely cashless? Most likely not, but rather move towards encouraging customers to use credit cards or debit cards and payment apps to limit the exchange of germs during interactions. 

Topics: Point of Sale