Why cash is so last year
26 Nov 2020
Written by mike
With so much talk this year about becoming a ‘cashless’ society it is time to realise that cash is ‘last year’ and card payments in their many different guises, are the future. In fact cash payments have been decreasing in popularity since 2008. When salons reopened following the Covid-19 closure earlier this year, we were bombarded with signs explaining cash would no longer be accepted in that salon or shop. Whilst this caused controversy it has without a doubt highlighted the importance of your card payment process and efficiency as a salon owner.
Here are the facts:
- There has been a 59% decline in volume cash payments between 2008 – 2019.
- There is a 65% forecast reduction in use of cash between 2018 – 2028.
- There has been a 17% decrease in the number of free to use ATM’s in the two years to December 2019.
Here’s what we know:
The main cause of the decline in cash payments has been the increasing use of debit cards and other forms of electronic payment methods, and, in particular, the growing popularity of contactless payments. Post Covid-19 the decline in cash will accelerate, this is already being seen with a 60% drop in cash withdrawals from Cash Machines. If you don’t adapt, your clients will vote with their feet.
Historically, smaller salons are put off by the perceived cost of card acceptance. However, when considering the banking time, cost and handling risk when it comes to dealing with cash, the cost of card acceptance is not the prohibiting factor it once was. Payment is a crucial part of the customer journey and experience and cannot be ignored in the quest for growth and loyalty. SalonPay can help save you on those costs and provide you with the most up to date terminals and payment options, saving time, effort and money as well as helping you to secure and retain clients.
What can you do?
Get your e-commerce house in order
“Seamless” is not a fancy buzzword; it is increasingly what customers expect, particularly in the service and retail space. Covid-19 has prompted a number of traditional brands and salons to improve their e-commerce offerings, technology and website user-friendliness to respond to the increase in online shopping. Cultivating customer goodwill by way of a quick and seamless payment experience, both in-salon and online will pay off in the end in the form of loyalty and repeat retail purchases.
Set up simple and quick deposits payable online by card.
Offer clients our latest feature ‘Pay by Link’. Simply send them a SMS Message with the link to pay. They then use their own device to input their details and pay using their own phone. This is a safe option as contact is completely eliminated and an efficient option as no card machine is required. By having everything integrated, it saves time and money and reduces the risk of typing errors.
- Cash use is declining – Clients and consumers want the options to pay by card or other electronic means
- Paying by card can save you time and money
- Paying by card protects you, your staff and your customers
- It needs to be simple and easy – Pay by Link is one of the latest innovations
- Accepting Card and Electronic Payments is good for your business – ask us for more information on how we can help
- Help reduce “keying” errors by having a complete integrated solution
- SalonPay can give you access to modern integrated terminals and payment methods at competitive rates
Are you prepared?
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