Cannings Free Range Butchers in Hawthorn Victoria have gone cashless. The sign on their window says they made the move to improve hygiene, save shoppers time, keep their costs down and eliminate errors.
Other benefits of cashless trading for retailers include less employee theft, less health risk and better management options. While cards can contain germs like cash, some research indicates the indigence is less than with cash.
Challenges for newsagents making a similar move include transaction size and volume as well as customer patience at the checkout. However, as customer traffic and shopper visit purpose changes the opportunities for us going cashless will also change.
This move to cashless trading is interesting, one for us to watch and consider.
Cashless will come and I acknowledge the benefits Mark states above. Yes, a good chunk of my sales are cashless, and I even accept cards for Lotto.
But I will not go cashless until cash has disappeared. Why put a barrier in the way of customers wanting to spend their money? As retailers, we should be focussed on making it easy for customers to buy and permit them to pay in the way that best suits their needs.
I wonder what they do when a customer only wants a dog bone?
With the increase in electronic spending, plastic money and now crypto currency making larger and larger waves every day in business im curious if you have any plans Mark to implement any features that allow accepting of bitcoins as payment. While not huge in Australia by any means, is it something that has been brought up around the office?
Michael it’s been discussed at several levels. The challenge right now is that bit coin is not considered legal tender and therefore is problematic for retail acceptance via a banking relationship.
Going cashless means higher EFTPOS FEE, for those in QLD, Go-card top up (bus card), Lotto and other agent product’s sales commission take a considerable part in their business. For me personally, I am with Tyro, and my monthly merchant fee could be as high as $2000