10 Benefits of Using Cashless Payment Technology As an SMB in Canada

Even before the COVID-19 pandemic, Canadians were moving quickly toward becoming a cashless society. Today, that has kicked into a higher gear. Sixty-two percent of Canadians report using less cash than they did before the pandemic. More than ever, accepting cashless payments is critical to your growth and success. In fact, here are 10 benefits to your using cashless payment technology.

Source: A Study conducted by Payments Canada on payment trends during COVID-19 comparing spending behaviours pre-COVID-19 and at week five of the pandemic

1. Accept More Currencies

Cashless technology converts different currencies for you. Rather than just taking Canadian and potentially United States dollars, you can process payments in person or online, from a multitude of countries and currency types.

2. Improve Customer Experience

For customers in your physical location, processing cashless payments means less time standing in line, and more freedom to pay in the ways they find most comfortable. If you meet your customers' needs, it improves your reputation and your bottom line.

3. Serve More Customers

Beyond the convenience, cashless payment technology lets you serve more customers. Each transaction is faster, and more customers can buy your goods and services. You expand the number of sales available to you every day.

4. Grow eCommerce

You can manage some online transactions by following with cash payments, but to run a true eCommerce cash flow, you need cashless payments. This technology gives you a chance to grow.

5. Safer Payments

The current pandemic is not the first, and won't be the last. Cashless and contactless payment options help you and your customers avoid an exchange that creates a key source of viral spread in the retail world.

6. Better Security

Secured electronic payments transfer money without leaving cash on hand. It renders a robbery in the store less effective and protects your revenue better than cash payments ever can.

7.  Data Collection

Every electronic payment transaction provides you individualized data on your customers. Cashless payments thus boost your market research and give you a chance to know your customers better.

8. Accounting Accuracy

Counting cash receipts opens the door to human error. When your payment system tracks money received automatically, it makes your accounting more accurate by removing that chance for mistakes.

9. Accounting Efficiency

Not only is automated accounting more precise, but it is faster, too. A processing solution integrated into your accounting software saves you the time and cost that manual accounting necessarily brings.

10. Boost Revenues and Profits

All of these advantages lead to one overarching benefit to accepting cashless payments: an improved bottom line. You can bring in more revenue by taking cashless payments, and reduce the costs associated with mistakes, labor, and time.

Cashless payment technology allows you to do more with your business day and generate higher profits—both immediately and over time. Work with a payment processing provider that will allow secure electronic payments for your business. With the technology available today, there is no excuse not to move your business forward.

10 Benefits of Using Cashless Payment Technology As an SMB in Canada

About the Author

Bridget Kenny, VP, Canadian Partners

Bridget heads up Nuvei's Canadian partner channel. With over a decade of payment processing and merchant services experience, she has been instrumental to the growth and continued success of the company's ISO and agent partnerships.

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