Even before COVID-19, many bars were beginning to consider going cashless. The laundry list of benefits combined with the changing times that clearly indicate digital currencies and cards are more popular makes a cashless business seem perfectly possible. We are going to look at the top benefits that your bar will get from going cashless in the future.
Going Cashless is Safer and Cleaner
Everyone knows that money is physically dirty. Until COVID-19 hit, most people did their best to push that fact to the back of their minds since nobody wants to think of all the dirt and germs on a dollar bill. Now that we have collectively spent so much time worrying about virus spreading, it’s clear that a cashless bar could be attractive because it is cleaner and safer. Paper money and coins are potential vectors for communicable diseases, and by eliminating them, you could very well save someone a terrible bout with illness.
Your Business Won't Be Impacted by Cash Shortages
Another major change that happened as a result of COVID-19’s emergence was a shortage in cash. Some coins stopped circulating through the economy, and it became very hard for businesses to make change for their customers. Not only was this frustrating for the customers, but it led to businesses having to alter their prices or give customers favorable change amounts. By having a cashless bar, you’ll be insulated from coin shortages and other problems that come with carrying physical cash in your business.
You Can Lower the Risk of Internal Theft
A major problem that faces every bar owner is theft from their business. When you are not personally minding the till, you never know what is happening. If you look at any major television shows about bars and restaurants, you can often see that people are slipping small bills out of the drawer and into their apron or pocket. Having a cashless system in place can help you greatly lower the amount of internal theft that occurs with your system. Your monetary systems are far more secure when they are not open to tiny amounts of theft over time such as a dishonest person minding the cash register. It is much more difficult to subvert the security systems that oversee card-based financial transactions, especially for people without the knowledge to do so. Furthermore, if someone did manage to steal, it would be far more obvious that they had done so.
Your Accounting System will Benefit
Accounting can be a difficult task for bar owners, and that is why so many have turned to third parties to help them. Keeping track of money is difficult when you are receiving it in so many different forms. You have to account for the cash till, the digital payments, card swiping, and more. The only system that doesn’t have a built-in accounting system is the cash. When you do all your accounting through a POS system, you will have the information about sales right in front of you. It’s easier to manage all the accounting aspects of sales since you will have reports available from your POS. Furthermore, you can also get the benefit of having a paper trail for any purchases, and that is something that is important in the event you have a pay dispute. If you went completely cashless, then your accountant would thank you.
Storing, Transporting & Depositing Money is Simpler
When you have money on the premises, you have to keep it secure. That means you need to have a safe at the very least. You can’t keep too much cash in the building, either. So, you must consistently make deposits to avoid becoming a target for criminals, both internal and external. All those problems evaporate when you develop a cashless system. All your money is simply kept online in digital transactions where you never have to interact with it.
Checkouts at Your Business Will be Quicker
Another great benefit of using a cashless system in your bank is that your checkouts will be incredibly swift relative to using money. When you are trying to check out a customer in the middle of a rush of business, it can get very hectic. You could drop money, lose the change, or have a line of people waiting to pay in cash and get change that you might not have due to the coin shortage. Eliminate all those problems by using a cashless system, and your checkout lines will move swiftly, and tabs can be paid off immediately.
Customers Will Enjoy the New Payment Options
More and more customers want to have the option to pay with unique payment methods. If you move away from cash, then you can spend time integrating your systems to take mobile payments, cryptocurrency, and touch-based payment methods. Customers will enjoy having the opportunity to pay you with modern payment methods, and it will bring a unique twist to your business.
No More Arguments Over Who Gave You How Much Money
Every bar has dealt with someone who imbibed too much alcohol and forgot how much money they gave the bartender as a tip or to cover their tab. The second you take cash out of the equation; you get the benefit of having a tangible record of their transaction with your business. That means there are no more arguments about someone paying or not paying, and you can prove that they signed off on giving gratuities to the bartender. Your frontline workers will appreciate the ability to document every transaction as it will lead to fewer confrontations.
Bars and restaurants are continually moving away from cash as a form of payment. Some are even starting by eliminating tips. While you will only find a few cashless establishments right now, they are going to become more common as time goes on. Between the advances in technology and the convenience offered by not utilizing cash, businesses and their customers will probably opt for going cashless future. With so many benefits available to your bar, it is worth considering whether or not you should ditch cash.