Cash has been steadily going out of style for the last decade. Since the start of the pandemic, more and more consumers are choosing tap-and-go transactions versus handling cash. According to the Pew Research Center, about three in ten Americans make no cash purchases during a typical week, and over 60% of retailers now accept some form of contactless payment. So why do some stores only accept cash in this day and age? In an industry as competitive as the restaurant business, a cash-only operation may be tempting to help avoid credit card fees. If you’ve been thinking about becoming a cash-only restaurant, check out the risks and why partnering with a payment processing company for your restaurant is the better option.
Lose Customers
The goal of every business, large or small, is to make a profit. As a restaurant owner, your mission is to ensure every customer is satisfied with not only your food but also your service. This includes the checkout process. While some guests might not mind paying for their meal in cash, a larger percentage prefers to use credit or debit cards. Provide a simple, reliable, and more efficient way to checkout from your restaurant with credit card processing solutions that are intuitive and easy to use.
Theft
The risk of a robbery occurring from either the inside or outside of your establishment is elevated when you keep large amounts of cash on hand. While utilizing credit card processing solutions doesn’t eliminate the possibility of theft, it reduces employees and outsiders from accessing your profits.
Impact Accounting Processes
Many point-of-sale systems keep track of every card-based transaction and immediately import the data directly into an accounting system. With an intelligent payment processing system, you no longer need to count cash or coins. When you partner with Simpay, you can rest easy knowing that all transactions are accounted for, regardless of where they come from.
More Room for Mistakes
At the end of a long and exhausting day, the last thing you want to tackle is balancing the cash register. When you choose to utilize a payment processing solution for your restaurant, you have less chance of errors, both in reconciliation and throughout the busy day. While credit card processing solutions aren’t foolproof, there will be fewer discrepancies than with cash transactions.
Simpay’s Payment Processing for Restaurants
So why do some stores only accept cash? Restaurants that only accept cash payments believe that the fees involved with credit card processing are too high, or they won’t have access to their funds immediately. When you partner with Simpay, this is never the case. We recognize your guests are looking for a simple, more efficient way to purchase their meal. It’s up to you to be equipped with the most convenient and reliable payment options to ensure your customers have the best experience possible. With our help, you’ll receive the best credit card processing for small businesses, and you can take “unreliable payment options” off the menu once and for all. Contact us today to get started.
