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A Cash Man’s Blues
“Hey, can I send you this money so you can pay the plumber?” I asked my long-term tenant.
“Of course,” she texted back. Asking her to pay the plumber was far from ideal, but with me not living in that city and the plumber only accepting cash or checks, it was necessary.
I’m grateful for our good relationship and the trust that exists between us; it makes dealing with these types of situations much easier.
Things would have been more convenient if the damn plumber accepted other forms of payment instead of just cash or checks, but sadly this is all too common when small businesses are trying to keep Uncle Sam out of their matters. However, there are other ways to reduce tax liabilities without inconveniencing customers.
Cash may be king, but when it comes to running a successful business, accepting other forms of payment is essential. Cash-only businesses can struggle to stay competitive and suffer from decreased customer satisfaction and potential legal issues. Here’s why your business should go digital.
Increased Security
Card payments are more secure than cash because they come with built-in fraud protection for customers. Credit card companies can provide reimbursements for fraudulent purchases, and you won’t be left out of pocket if someone steals your cash. With the rise of contactless payments, shoppers are also protected from handling coins or notes that could contain germs or viruses.
Convenience
Accepting payments via debit or credit cards makes transactions faster and easier for both you and your customers. Customers don’t need to worry about having enough cash on hand, there’s no physical money to keep track of and change to count. Plus, online payments mean customers can transact without needing to visit a physical location – invaluable during the pandemic era. And digital payments also give you access to analytics that help improve sales strategies over time.
Increased Revenue
Customers who use electronic forms of payment tend to spend more than those paying with cash, which means a bigger revenue boost for your business in the long run. The impulse buys we see in physical stores are even more pronounced in the online arena – seamless one-click checkout options often lead to impulsive purchases that wouldn’t have happened if customers had needed to get their wallets out beforehand!
From improved security and convenience through to increased revenue streams, making the switch from cash-only payments isn’t just sensible – it could transform your entire business too!
