Heading Towards a Cashless Society
Cashless payments are certainly not a new thing. The trend towards cashless started way back in the 1990s when electronic banking was becoming more common and people were looking for ways to manage their money in a safer, more secure way.
Although people were understandably hesitant at first, concerned about the safety of having their money kept ‘virtually’ somewhere they couldn’t see it, it is now considered far more safe than cash and the way in which almost all UK citizens manage their finances.
The rise of cashless payments
There have been a number of events throughout history that have pushed cashless payments on an even faster trajectory than they were already on. One of these is the rise of the internet and online shopping. With the ability to purchase almost anything you want online, it’s vital to have a secure method of payment, whether that’s directly paying using your credit or debit card, or using an online payments provider such as PayPal.
In more recent history, the COVID-19 pandemic pushed even more physical businesses to use cashless payments, with merchants and customers alike seeing it as a more hygienic way to pay for their goods, rather than carrying cash around.
At FFP, we’ve seen a huge shift in how merchants and customers alike approach cashless payments and the types of technologies they’re looking for. Online and phone payments especially continue to rise as people move away from carrying cash, or even their bank cards.
The benefits of cashless payments
In comparison to cash, there are a huge number of benefits when it comes to making cashless payments.
Firstly, they tend to be faster. There is no waiting around to count out the right amount of money, or for someone to give you your change. You can pop your card into a reader or use the contactless function, and your payment is done. You can also see your transaction almost immediately in your online bank statement, making it much easier to track your spending and stay on top of your finances.
They are also far safer for both customer and merchant, with very little risk of money being lost in the process. If you lose your payment card, most providers will now give you the option of blocking or freezing your card immediately to stop anyone else from using it if they find it. Merchants are also at less risk of fraud, with no concerns about counterfeit cash being used. Cashless payments also means that shops have less cash on the premises, making robberies less common.
From a money laundering perspective, online and cashless payments have a much greater audit trail, meaning that there is almost no opportunity to steal, launder or evade tax. At FFP, we are dedicated to providing safe transactions for our clients, keeping their customers safe with PCI compliance support functions included in all of our payment options.
Online payments can also help people make easier payments across borders, for example if you wish to use your credit or debit card abroad. Although some banks will charge an additional transaction fee for this, it means that you don’t have to go through the process of transferring your money into local currency when you go to a different country.
What does FFP provide?
Foley’s offer a range of payment solutions that can be tailored to suit your business. We handle every stage of the setup, from installing the card terminal to completing the switchover from your current provider, with affordable solutions for all circumstances.
Whether you’re looking for POS card machines, online payments, phone payments or EPOS systems, we have a huge selection of options.
Our solutions include no setup fees, 24/7 customer support, contract buyouts, same and next day payments, assistance with PCI compliance and personalised packages.
To find out more and to get a free quote, get in touch with us today.