Embracing Cashless Payments: A Guide for Toronto Small Business

Mobile and web payments are widely spread and are shifting the way people buy and pay. A few years ago, cash was mostly the only mode of payment. However, with the coming of debit cards and digital wallets such as Apple Pay, Google Pay, and PayPal accepted, some owners of a Toronto small business struggle to keep up with the changes. Hence, affecting their financial status. As an IT company dedicated to helping owners in the Toronto small business community, here are some things you can do to assist you in moving towards a seamless cashless society. 

Toronto Small Business Embracing Cashless Payments

Why Make the Move to Cashless? Toronto small business

Embracing a cashless society is all about satisfying the customer. It involves fast and safe means for the settlement of payments. As a means that has grown more important with the advent of the pandemic, today’s consumers prefer these options wherever they go. This is because it is convenient, quick and minimizes the cases of theft.  

In a survey done recently, 46% of the American sample responded said that their contactless payment is on the top of their wallets. Similarly, over 80% of the respondents are confident that this is the safer mode of payment. Being a Toronto small business, one should seize this trend in a bid to improve operations.  

Advantages of Adopting Cashless Systems Toronto small business

Not going cashless is not just about being “old school,” there are actual benefits that make it worth the transition for Toronto small business owners: 

Enhanced Customer Experience 

Aside from the easy payment methods for clients, companies also offer incentives for them. Hence, making go back to them for every transaction made.  

Lower Staffing Needs 

With the less time needed for payment, this results in less manpower needed. 

New Payment Options 

Customers can pay in advance. As such, employees bear less workload, and processes become less complicated. 

Toronto Small Business Steps in Getting into the Cashless Revolution

How to Transition to Cashless Payments Toronto small business

Here are the steps you, as a Toronto small business owner, can take to start offering cashless payment options: 

Step 1: Choose the Best Payment Options 

Ask your customers about their preferred methods of payment. The first three digitally integrated wallets should be implemented for consumers. This can be followed by the addition of extra wallets if the consumers request them. Remember to factor in the possibilities of a bit higher transaction fees into the equation because some might be cheaper than credit card fees.  

Step 2: Educate Customers on Payment Choices 

Ensure that customers are aware there are new changes in how they can pay for their products. Let as many people know about it as possible, via social networks, mailing lists, and every possible way. Frequency is useful here as the brain always requires several indications that new behaviors are effective. Have payment options included in the social media posting schedule and include them in the invoices. 

Step 3: Secure Your Systems 

To ensure your business and your customers’ satisfaction, by enrolling your digital payment systems. For higher security, POS devices should be connected to the POS network. Likewise, the POS system should have password protection with an additional authentication measure.  

Step 4: Track Transactions and Trends 

Cashless methods provide a wealth of information to your business by analyzing the processes that are used. Analyzing transaction data helps you understand things such as most popular payment types, peak times for customer traffic and highest-performing products or services. These pieces of information allow small business owners in Toronto to optimize their offerings.  

Step 5: Stay Updated and Plan Ahead 

More importantly, it is necessary to track the payment flow and to be ready for changes. Customer feedback is an opportunity to know more about their favored method of making their payments. New trends may present valuable opportunities for small business owners in Toronto.  

Need Help Setting Up Cashless Payment Options? Toronto small business

The cashless revolution has arrived, and now’s the time for small business owners in Toronto to join in. Here at EB Solution, we want to make your life easier. Therefore, we are here to assist you at any time you need us. Contact us today to learn how to secure your cashless payment options for your business. 

Get in touch now!

Toronto small business