Home Insights & Advice Reasons why your business must go cashless post lockdown

Reasons why your business must go cashless post lockdown

by John Saunders
25th Jun 20 5:41 pm

There has been quite a ruckus about a cashless society. The world is divided into many opinions, and among those opinions, the one that has always made its way into debates from all across the world is that of a cashless society. How beneficial is a cashless society? Is a cashless future fathomable? Can businesses run without transacting in physical and tangible cash? These are some very tangible questions that flit across our mind when we envision the process of going cashless. And of course, just like every other phenomenon, a cashless society shall have its own set of advantages and disadvantages. And like an informed individual, it is then our duty to weigh in the advantages and the disadvantages, and then go with the choice that seems more advantageous.

Having said that, the purpose of this article is to check how businesses can benefit from going cashless, especially at a time when we have the COVID-19 crisis looming large. It is incredibly important for business organizations to go about their transactions in an entirely cashless manner, to ensure maximum safety of their clients and customers and also helping themselves stay afloat in such trying times. But before we start talking about the perks of businesses going cashless, you need to know a bit about what a cashless society looks like.

What is a cashless society?

Most have us have gone cashless in quite a few ways. There are several digital wallets where we can store our hard-earned money securely and have transactions through them. Shopping malls, groceries, hospitals and various other organizations have all started using these monetary apps to proceed with various transactions. However, this is not something that everyone in our society can afford to do. A section of the population, especially in the third-world countries, do not have proper access to bank accounts and that is why it is quite difficult to have these apps that might help an individual to go cashless.

However, ideally, a cashless society is where every person has a digital wallet linked to their bank accounts through which transactions and cash transfers of all kinds can take place. There will be no reason to keep liquid cash in hand or even carry a physical wallet for that matter. And of all segments in our society, people who own business of any scale and kind shall be able to benefit from this, especially after lockdown. For instance, the online poker industry in California has been emphasizing on the need of having cashless transactions since a very long time. It is now perhaps time to put the same idea into effect. We shall go into discussing the details of the reasons as we move along the article.

It reduces the risk of infections

The guidelines laid down by the WHO lays extreme stress on the need of physical distancing. Businesses that shall go cashless can maintain physical distancing as cash will not require to transfer hands and increase the risk of infection. In fact, going cashless was something that was recommended by the WHO the moment the seriousness of COVID-19 was realized. Going cashless can even reduce the number of people who would throng at the cash counters to make payments, thus, keeping in tandem with the norms of social distancing.

Countries have taken further steps in disinfecting notes, and China has even destroyed several banknotes to curb the spread of the virus. And since one cannot keep destroying the already printed notes, the best option for business organizations would be to go entirely cashless.

It ensures minimal losses at times as such

Now you might be wondering how going cashless could mean incurring minimal losses at times as such by business organizations. We are here to address this concern in this section. Here is how going cashless post lockdown could benefit your business. Going cashless means that the order has to be placed online or by any other way, and the payment must also be cleared before the order is confirmed from your end. This way, you can be assured that the customer will not send back the items that they have ordered, and you will not be in any loss. Even if there is a request for replacement or return, the amount can be refunded in a few days, thus, saving your business from unnecessary hassles, while also serving the best interest of your customers.

It also helps in managing accounts efficiently

Efficient management of accounts right now is more important than ever. At a time when the world economy is tanking, you cannot afford to lose out on even one penny. Every single dime counts, and it is immensely important to keep tabs on your finances. Cashless transactions for your business can help you achieve this goal given that every penny spent shall be marked digitally, and you will know where you have spent your money exactly. This might not always be possible when you have high volumes of liquid cash flowing through your organization. There is a higher chance of money laundering and

There has been quite a ruckus about a cashless society. The world is divided into many opinions, and among those opinions, the one that has always made its way into debates from all across the world is that of a cashless society. How beneficial is a cashless society? Is a cashless future fathomable? Can businesses run without transacting in physical and tangible cash? These are some very tangible questions that flit across our mind when we envision the process of going cashless. And of course, just like every other phenomenon, a cashless society shall have its own set of advantages and disadvantages. And like an informed individual, it is then our duty to weigh in the advantages and the disadvantages, and then go with the choice that seems more advantageous.

Having said that, the purpose of this article is to check how businesses can benefit from going cashless, especially at a time when we have the COVID-19 crisis looming large. It is incredibly important for business organizations to go about their transactions in an entirely cashless manner, to ensure maximum safety of their clients and customers and also helping themselves stay afloat in such trying times. But before we start talking about the perks of businesses going cashless, you need to know a bit about what a cashless society looks like.

What is a cashless society?

Most have us have gone cashless in quite a few ways. There are several digital wallets where we can store our hard-earned money securely and have transactions through them. Shopping malls, groceries, hospitals and various other organizations have all started using these monetary apps to proceed with various transactions. However, this is not something that everyone in our society can afford to do. A section of the population, especially in the third-world countries, do not have proper access to bank accounts and that is why it is quite difficult to have these apps that might help an individual to go cashless.

However, ideally, a cashless society is where every person has a digital wallet linked to their bank accounts through which transactions and cash transfers of all kinds can take place. There will be no reason to keep liquid cash in hand or even carry a physical wallet for that matter. And of all segments in our society, people who own business of any scale and kind shall be able to benefit from this, especially after lockdown. For instance, the online poker industry in California has been emphasizing on the need of having cashless transactions since a very long time. It is now perhaps time to put the same idea into effect. We shall go into discussing the details of the reasons as we move along the article.

It reduces the risk of infections

The guidelines laid down by the WHO lays extreme stress on the need of physical distancing. Businesses that shall go cashless can maintain physical distancing as cash will not require to transfer hands and increase the risk of infection. In fact, going cashless was something that was recommended by the WHO the moment the seriousness of COVID-19 was realized. Going cashless can even reduce the number of people who would throng at the cash counters to make payments, thus, keeping in tandem with the norms of social distancing.

Countries have taken further steps in disinfecting notes, and China has even destroyed several banknotes to curb the spread of the virus. And since one cannot keep destroying the already printed notes, the best option for business organizations would be to go entirely cashless.

It ensures minimal losses at times as such

Now you might be wondering how going cashless could mean incurring minimal losses at times as such by business organizations. We are here to address this concern in this section. Here is how going cashless post lockdown could benefit your business. Going cashless means that the order has to be placed online or by any other way, and the payment must also be cleared before the order is confirmed from your end. This way, you can be assured that the customer will not send back the items that they have ordered, and you will not be in any loss. Even if there is a request for replacement or return, the amount can be refunded in a few days, thus, saving your business from unnecessary hassles, while also serving the best interest of your customers.

It also helps in managing accounts efficiently

Efficient management of accounts right now is more important than ever. At a time when the world economy is tanking, you cannot afford to lose out on even one penny. Every single dime counts, and it is immensely important to keep tabs on your finances. Cashless transactions for your business can help you achieve this goal given that every penny spent shall be marked digitally, and you will know where you have spent your money exactly. This might not always be possible when you have high volumes of liquid cash flowing through your organization. There is a higher chance of money laundering and fraudulent activities with high volumes of liquid money. Going cashless can help your business from not having to suffer from these aspects.

Wrapping it up

We cannot stress enough on the importance of a cashless society, especially when the fate of human lives hangs in by a thread. Transacting in physical forms of money can increase the risk of infection and put several lives at risk. It is in no way a means to flatten the curve that the entire world is aiming at with bated breath. Therefore, if one has to curb the spread of the infection, it is important to do our bit. And id businesses have to stay afloat and save the economy, it is important for them to go cashless post lockdown.

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