It was not too long ago that we all needed money in our pockets to be able to go out anywhere. However, a decade later, we can associate our society with the projections of a futuristic dream where we don’t need to physically carry currencies to conduct business. From carrying briefcases of cash to the bank for deposits every day to simply checking your bank balance from the daily credits, we’ve gained wings in the form of cashless payments. But how deeply do we benefit from living in a cashless society? Come, let’s take a look at four ways commerce and business have been transformed!
1) Digitized payments are convenient: In the past, making and receiving payments from business vendors used to take several business days to get processed. In the long term, deposits and withdrawals were painful due to the wait time, leading to losses and delays in further transactions. With the inception of core banking technologies, that was changed and we haven’t looked back ever since. From real-time money transfers to international and domestic recipients, the process is now possible at the touch of a button. Not only does this make conducting business transactions easy, but also convenient for your customers to buy your products easily. Wire transfers, debit and credit cards, unified payments systems, and other third-party wallets have made it simpler to send and receive money with greater cash limits as compared to a decade ago.
2) Lowered dependency on cash: The purchasing power your customers hold today is unparalleled as compared to just five years ago. While carrying cash in wallets was the prerequisite while stepping out of the home, your clients can simply scan a QR code and make any payment for a product or service acquired. The norm of old would have limited your business prospects and opportunities solely due to the cash and cheque system. Today, your B2B and B2C customers can make payments directly to your account, which also saves you a few trips to the bank to deposit cash.
3) Prevention and monitoring of commercial frauds: The number of bank frauds is on the rise, especially data theft scams. However, the cashless system is also highly sophisticated which doubles down on fraud prevention. There are several organizations like HPS-Worldwide.com that can enforce such protective mechanisms around your business modules so that you can fearlessly go about your transactions while they look after the security aspect. Fraud monitoring today can help you track transactions both internal and external to ensure that your data remains safe at all times.
4) Secure and safe: It has become increasingly difficult to defraud people out of their money with cashless payments. While businesses operate, cashless payments can help remove the fear of theft and burglaries in shops and offices. The payments are also secured with third-party integrations which create effective firewalls and barriers against fraudsters from stealing your money. Also, cryptocurrencies have been pivotal in creating end-to-end security with their private and public key encryptions.
Now that you can understand the depth of changes and convenience that were brought to us with cashless systems, we’re sure you’ll appreciate it even more. After all, anything that improves business is great leverage to have. We hope that this blog shed some light on how maximizing cashless systems can help you accelerate growth.