3 Major Reasons Your Cash-Only Business Won’t Last

Do you own and operate a cash-only business? If so (we hate to break to you…but), your business isn’t going to last very much longer. Unless you have a staunchly devoted list of supporters who swear by your brand, it’s not feasible for a business to deny consumers the ability to choose their payment methods and continue to remain competitive.

In today’s world, plastic is king! The vast majority of Canadian shoppers prefer to pay for their purchases using their credit cards or debit cards. If you refuse to accept either, you’re putting your business in jeopardy.

Here are three major reasons your cash-only business won’t last:

1. You’re limiting your sales potential.

The last thing you want is to turn customers away, right? Well, when you don’t accept their credit cards and debit cards, you’re often giving them no choice but to shop elsewhere. To maximize sales in your store, it’s imperative that you not discriminate between the various methods of payment that are out there.

On Business.com, Jaimie Yun describes a scenario that plays out in far too many small businesses. “Beth owns a boutique, and every day shoppers fill her store,” she writes, “But time and again, when they get to the cash register and see her ‘cash only’ sign, they sigh, put their items back, and walk out of the store. She’s missing out on serious sales opportunities.”

2. You’re not giving customers what they want.

At the end of the day, isn’t a primary objective of every business to satisfy its customers? Simply put, credit cards and debit cards are what consumers prefer. Most don’t even walk with cash on them anymore! By insisting upon cash payments, you are inconveniencing your customers. Your “cash only” sign is a declaration that people who visit your store must either visit an ATM first or simply look for somewhere else to shop.

“A recent study found that 40 percent of consumers prefer paying with their credit cards and 35 percent prefer paying with their debit cards, while only 11 percent of consumers preferred cash,” informs Zakry Chami on Zomaron.com, “Now, imagine your business not catering to the 75% of individuals that like paying with credit or debit…The survey also found that 51 percent of consumers under the age of 30 hate paying with cash.”

3. Your brand appears outdated.

You don’t need a reminder that it’s 2019. With so many companies taking advantage of the latest advances in technology, it looks pretty bad on your business to be stuck in the stone ages. This is the impression you give when you showcase your “cash only” sign and display your archaic cash register with no POS terminal.

“Face it: we live in an era where technology talks,” states Yun, “If you’re still using a hand-cranked cash register and only accepting cash, your customers will leave you in the dust, with the rest of your antiques.”

With the Poynt Smart Terminal, you won’t just be able to accept credit and debit – you’ll do so in style! For more information about this revolutionary POS system, please don’t hesitate to call Canadian POS  at 1-877-748-2884 or email us at info@cdnpos.com.