The human race has moved from barter trade system to precious metal coin currency, trade bills, legal tender currency notes over the centuries, and now the time to adapt to cashless ecosystem has arrived. Exactly how the usage of bank cheques has been reduced astronomically over the years, cash also might become obsolete soon.
A huge majority of consumers find it easier to make payments online or using debit and credit cards in comparison to usage of cash. Instead of resisting the change, small business owners should also embrace it and adapt to the cashless ecosystem.
Highly user-friendly payment solutions like PayStand, Flint, and many others, have surfaced for accepting payments from customers. Leading banks have reduced the costs associated with setting up POS and transaction charges to encourage cashless transactions.
Although the benefits of the cashless ecosystem are limitless, businesses must consider checking feasibility before implementing it. This animated infographic from Total Processing is a great resource for small business owners to understand the pros and cons of offering cashless payment options to their customers.
View the full infographic here