The demise of cash has been predicted for decades now. While the full elimination of paper currency is likely a long time away, you can’t argue with the facts: fewer people than ever are using cash. With the advent of credit cards, contactless payments and cryptocurrencies such as Bitcoin, the need for cash has diminished.

In fact, cash can be quite burdensome. Few people want to commute with change making their pockets heavy, and fewer still want to break their bills for handfuls of jiggling coins. Many people carry nothing but credit or debit cards these days. As a business, it’s important to notice the current trends and style your business practices around them. When it comes to processing payments, you don’t want to be left short of revenue because you couldn’t accept a client’s credit card, whereas a competitor could.

Thankfully, technology has paved the way for advancements in credit card processing. If you’re ready to modernize the way you accept payments, you’ll be pleased to know that it’s not as difficult as it seems.

Why You Should Go Cashless

On average, a client spends 20% more on a credit card vs. cash. Placing a preference on credit versus cash improves your cash flow, increases profits, and makes your business more secure and efficient. Counting out cash each day is time-consuming and leaves room for human error. Going cash-free means your numbers are automatically calculated and all your data is instantly compiled and easily accessible at the end of the day. Moreover, you don’t have to worry about being held up by criminals looking to raid your cashbox, nor do you have to worry about dishonest employees.

Determine How You Want To Do Business

The first step in figuring out how to accept non-cash methods of payment is to establish how you will be doing business with your customers. Are you planning to conduct business in person, remotely (ex: via the Internet or phone), or both? Depending on your needs, you’ll need different ways of accepting credit cards.

Methods of Accepting Non-Cash Payments

• Point-of-sale (POS) systems: This is a complete checkout terminal that includes a credit card swiper, touch screen, barcode scanner, cash register, printer, and other associated materials. POS systems are what you would see at a retail store or a long-standing pop-up shop. POS systems usually require a merchant account. They are best for businesses with brick-and-mortar locations.
• Mobile credit card processors: This is an attachment or an app that allows you to accept credit cards anywhere using a smartphone or a tablet. This is best for businesses that sells in multiple locations, or wants to process transactions anywhere within the store.
• Credit card terminal: This is a piece of hardware used for mobile credit card processing. It is used to swipe cards in person. It usually requires a merchant account and is quite a bit clunkier than smartphone and tablet options.
• Online payments: For businesses selling services online. Most online payment processors are hosted by e-commerce softwares (ex: Paypal) or a third-party marketplace (ex: Amazon, eBay). This is all you need if you conduct all your business online.

Servistree Has the Credit Card Processing Solutions for You

Servistree provides a reliable and versatile payment processing service that can help your business grow by enabling you to accept all forms of payment—anywhere, anytime. Servistree uses the American Express OnePoint Program, which consolidates funding and billing for all major card types. American Express OnePoint technology offered through Servistree offers lightning processing, next day funding, and an array of useful tools. Visit us as www.servistree.com for more information