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5 BENEFITS OF RUNNING A CASH-ONLY BUSINESS

  • By Admin
  • 06 Feb, 2019
Money On Table
Many people assume the days of the cash-only business are over. However, cash-only businesses are still around and won't go away anytime soon. Here are a few reasons you may want to consider a cash business for yourself.

1. CUT FINANCIAL CLUTTER

A cash business can help you cut out many of the administrative hurdles you may have to go through with payment processors. Dealing with payment processors and their systems can become cumbersome, complicated, and expensive. Many businesses can find they're paying far too much simply for the privilege of swiping a credit or debit card.

Cash simplifies your bookkeeping immensely. You can easily mark down your cash amounts without having to navigate complicated programs. You can also avoid the need to closely monitor transactions that may or may not have passed through a bank or payment processing system. This can free you up to put more concentration into growing your cash business.

When you only accept cash, you make all your transactions immediate and unambiguous. You will find it easier to track changes, take note of trends, and keep an eye on profits. At the end of the day, you will know exactly how much money you made without needing to add in pending transactions or transactions that can fail before they clear.

2. AVOID PROCESSING FEES

All payment processors come with one or more fees. The largest card networks charge payment processors fees, and payment processors past those costs on to their clients. Some payment processors can charge fees that have nothing to do with you collecting payments, such as membership fees.

Transaction fees can vary, but losing a percentage of every sale can add up quickly. If your business makes small dollar sales, that percentage out of each sale can severely damage your net profits.

3. MITIGATE RISKS AND FRAUD

Cash businesses do come with some risk. You can mitigate many of the risks that come with keeping cash on the premises with a good safe and security system. Still, payment processors come with risks of their own.

Whether you use a merchant account, online payment processor, or some other payment application, you can face a myriad of potential hazards. Fraud is one of the larger risks with processing card payments. When you accept multiple types of electronic payments, you risk someone using fraudulent payment methods, such as electronic-check fraud techniques.

Other risks include making your business party to identity theft, money laundering, and other electronic payment scams. Even one incident of fraud that occurs with your business can create a lot of red tape and problems for you.

4. APPEAL TO THE COUNTERCULTURE

You may not realize it, but many people don't use debit or credit cards. You may see these people called unbanked or under-banked.

Sometimes people fall into these categories because of economic conditions. Many other people purposefully fall into these categories because they simply would rather spend cash. Having a cash business can attract those people who specifically want to pay for services with cash.

5. TAKE YOUR TIME WITH YOUR BUSINESS

A cash-only business is ideal for startups, entrepreneurs, and people who want to take time to figure their business out. You can always add other ways to accept payments later. Meanwhile, you can save the money you would otherwise spend processing payments.

When considering a cash-only business, you'll have to consider the tools that can help you best to deal with your cash transactions. A high-quality currency counter that gives accurate results the first time is essential. To learn more about keeping an accurate count of your cash and coins, contact The Banker Money Counting Systems today.
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Right now, in your convenience store, you and your employees might count and handle money the oldfashioned way. A currency counter might not seem like a necessary investment, but it's worth the cost. These are a few reasons why these devices are particularly useful in convenience stores.

1. Detect Fake Bills

Because of the sheer number of transactions that are often done in a convenience store throughout the day and because of how fast these transactions usually happen, convenience stores can be at more of a risk of receiving counterfeit bills than many other businesses.

If employees use a currency counter when accepting larger amounts of money, they can quickly check to make sure that the bills they are being given are real.

Even if money has already been accepted by employees and is being counted at the end of the day, the counterfeit detector on your currency counter machine can help you catch fakes so you'll avoid taking them to the bank or keeping them in circulation.

2. Save Your Employees Time

Your employees probably have a lot of responsibilities in your convenience store. Having to spend a lot of time counting money takes away from the other things that they may need to be doing. If you have a currency counter that they can use, employees can make quick work of counting money so that they can quickly move on to the next task.

3. Get Money Put Away Quickly

Convenience stores are at a great risk of being robbed, so taking steps to help prevent theft is important. One of the key things that you can do is to keep a limited amount of money in your cash register drawers. Having employees put money in the safe once they accumulate a certain amount helps decrease the risk of theft, and if theft does occur, it helps minimize the loss.

If employees have to count money by hand each time that they put it in the safe, the money will be left out for longer. Also, robbery may be more tempting if employees are seen visibly counting large sums of money in the store.

With a currency counter, employees can get money counted and put away very quickly and discreetly. This helps keep both employees and the money in your store safe.

4. Prevent Human Errors

Your employees are probably pretty adept at counting money. They might do it all day long when they accept money from customers. This doesn't mean that they can't make a mistake, though, especially if they're in a hurry. Wet bills or brand-new, crisp bills can easily get stuck together, making it easy for a person to make a mistake, for example.

Currency counting machines have high accuracy rates, though. If your employees always use a currency counter when counting money, they will help decrease the chances of a mistake being made.

5. Avoid Spreading Germs

It's no secret that money is often covered in germs. Your convenience store employees obviously aren't going to be able to avoid coming in contact with money, but you should still minimize the spreading of germs.

After all, your employees might prepare hot dogs or other foods for your customers, and you don't want them to spread germs that can make someone sick. You don't want your employees to get sick either.

With a currency counter, you can help minimize how much physical contact your employees have to have with money.

A currency counter is a great investment for any convenience store, whether it's a small, rural convenience store or a large truck stop on a major interstate. Contact us  at The Banker Money Counting Systems to find out more about our currency counting systems and how they can improve your convenience store.
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