The long run Is ‘Cashless’. Is Your enterprise Ready?

Customers losing their wallets could be the suitable thing to happen for your business! Surprised?  PayPal , the leading global provider of payment solutions for consumers and businesses, says that with customers being increasingly inclined towards carrying ‘digital wallets’, the common-or-garden wallet may soon be assigned to the annals of history. And this may inevitably present an excellent chance for businesses to sell more! The long run is ‘Cashless’ – is your business ready?

PayPal Global Consumer Survey 2013

PayPal, which billed $14 billion in mobile payments last year (greater than some other merchant and a rise of 250 percent over its previous year’s volumes), has recently published the findings of an international survey conducted across 5 major countries – the us, Uk, Australia, Canada and Germany – at the way forward for the wallet. Whether its going to the gym, the laundromat, food market, restaurants or maybe to the beach, 83% of the 1000 respondents surveyed expressed the need of having the ability to move with out a wallet. The figure for U.S consumers desirous to go ‘wallet-less’, was even higher at 86%.  

The business side of this story is lost sales opportunities, with an enormous element of American consumers reporting that they’ve been unable to pay for something because they just didn’t have enough cash on them.

PayPal’s Cash for Register Offer for Growing Businesses

The Survey clearly shows that customers are desirous to remove keeping cards of their wallets, carry around cash or having to accommodate spare change this is often handed over after a transaction.  To help growing businesses address this, PayPal has introduced the offer to encourage smaller businesses emigrate from the old cash registers to trendy day payment solutions akin to PayPal Here (which enables card/ check acceptance and PayPal processing over iOS and Android mobile devices) or any of its payment processing partners including ShopKeep, Vend, ERPLY, NCR Silver. Business owners seeking to enable the whole gamut of non-cash payment methods for his or her business can, attributable to this offer, achieve this at nil transaction processing fee on these systems for rest of the year.

And so what does the way forward for payment processing hold? David Marcus, President of PayPal, in a up to date blog aptly called ‘Lets lose our wallets’ had this to mention, “I don’t find out about you, but I’m looking ahead to the day where i will lose my wallet altogether – both the word and the physical object”. As per David, his company is specializing in developing technologies that may simplify people’s lives and never just act as facilitators of currency trading. PayPal’s Sign up and Order Ahead app to illustrate allows users to spot themselves online and pre-order before walking in to gather their items (available at select locations within the U.S). So imagine that you just make your monthly visit to the local stationery shop and the instant you’re there, the shop attendant knows who you’re and what you wish. 

Clearly, growing businesses aiming at a larger chunk of the market must enable non-cash acceptance methods  for their clients. And the money-for-register free trail offer could be the best opportunity for a lot of small businesses to think of doing so.

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