Life is in a constant flux! And as an entrepreneur, you must pay attention to the ever-changing dynamics and trends in global and local business operation.
One of those crucial trends is the rapid growth in the adoption of non-cash-based options for payments. More and more customers are going cashless! This is driven by the increase in the adoption of various forms of mobile technologies.
Also, on those mobile technologies, numerous solutions are daily being developed to ensure that cash becomes the least preferred option for transactions.
Think about it: Of late, how often do people offer to pay cash for your service or goods?
Given this trend, you must innovate your business to accommodate more of your customer’s cashless needs. Do it not for the sake of “following the trend”, but to position your business to take advantage of the preference of your customers.
In this post, we have curated five additional reasons your business needs to go cashless.
1. Simplify your accounting processes
For any business whose sole funds collection channel is cash, you definitely have to count every naira paid to you at every instance and significantly at the end of a sales period. It can be frustrating especially when it comes to reconciling your figures.
However, with the advancement of digital payments, your transactions are automatically recorded and tracked. This reduces the occurrence of errors and almost eliminates time spent manually trying to balance your transaction records. Let’s not even mention the stress of going to the bank for cash deposit.
2. Reduce risks associated with doing business
For obvious reasons, keeping cash increases the risk of theft. It comes with the constant worry about being robbed and the thought of having to check every now and then to ensure your employees are not stealing from you. You constantly have to look over your shoulders!
Going cashless will give you peace of mind, reduce security concerns around your business, and ensure the safety of your company assets.
3. Accelerate your sales transaction processing
Remember how you have to go looking for “change” when someone pays you a thousand naira, maybe for a transaction of N452. One person ends up forfeiting their money to the other, abi where will you get N8 change to give anyone in today’s Nigeria?
Sometimes, it is the time you spend counting bulk cash paid to you by a customer – time you could have spent on other activities that could contribute even more to your profit margins.
By going cashless with Paylink, your customers can easily pay you using any of the available digital channels including Debit/Credit Card, PoS, Internet Banking, Mobile Wallets, Bank Transfer and Phone Number. And you would put an end to errors associated with counting cash.
4. Reach a larger market
Yes, your business would be open to receiving payments on-the-go. Customers should not need to visit your physical store to access the goods you sell or the service you provide. From any location of your customers, they can interact with your business and easily make payments to you.
With Paylink, you do not need to even own an online store to enable your customers pay with from anywhere. With a Paylink store, you can showcase your services and goods to anyone and get paid in the easiest of manners.
5. Let your customers spend more
A lot of marketing research have confirmed that customers will spend more when they are not paying with cash. There is a negative psychological impact surrounding seeing money leave your wallet. Also, there is a higher spending limit when using card compared to how much cash one can carry at once.
Clearly, there is no better time to join the growing number of forward-thinking businesses across Nigeria who have trusted Paylink easing their funds collections processes, reducing business risks, boosting bottom-line, reaching a larger market and propelling their business to the next level. Start HERE.
According to the Roman philosopher, Seneca, luck is what happens when preparation meets opportunity. Let’s reword it: Success is what happens to your business when you adopt Paylink!