Digitalisation has taken the world by storm, causing a paradigm shift that accelerates the need for humans to adapt and take the step forward to switch from cash to cashless payment. Such transactions have been on the rise recently, with a surge in the number of people relying on credit cards to make payments while other business owners have adopted various payments methods like QR code payment or even credit payments (where the store helps settle the payment first).
When the idea of digitalisation was first introduced, many people were hesitant to embrace new technology, afraid of the risks that the technology may pose. However, as Singapore progresses towards being a Smart Nation, the benefits of tech adoption have become much more apparent. The convenience and efficiency of adopting cashless payments are the two main driving forces of the switch from cash to cashless payment. Contrary to popular belief, adopting cashless payments are much safer as compared to collecting physical cash as it minimises theft and miscalculations.
While some may wish to welcome technology with open arms, there may be constraints for them to do so. Business owners who have been so used to their old operational ways may find it a hassle to make a switch to streamline their business operations. With a Point Of Sale (POS) system, businesses can easily replace their cash register with a single machine that can help them generate sales reports to better manage their stores. A POS can also help business owners accept multiple payment modes, making it much more convenient for customers to make their purchases as most people may not bring around large wads of cash and would not have to take the trouble to withdraw money at the nearest ATM.
Why go cashless?
It is safe to say that digitalization has also created an abundance of opportunities for Small and Medium-Sized Enterprises (SMEs), allowing them to no longer be shadowed by larger companies. Adopting a Point of Sale (POS) system will allow SMEs to thrive in this technological age, allowing them to gain a competitive edge to evolve and elevate their businesses to greater heights.
It is without a doubt that switching from cash to cashless payment has greatly increased the efficiency of businesses. Even though technological solutions may not be obtained at a low price, they help to reduce costs in the long run. The adoption of technological solutions can help pursue efficacy while cutting on manpower, thus increasing productivity and minimising wastage of resources. With that said, technological solutions also increase the speed of business operations, allowing more operations to be carried out at the same time.
Moreover, the switch also increases the safety of business operations, helping to lower the crime rate by preventing internal theft. In fact, one of our EPOS clients in the minimart industry shared with us how our POS system has helped them uncover the truth that their cashier had been pocketing over $8,000! Luckily, they were able to use records provided by our EPOS system to make an insurance claim to recover their loss!
Why the reluctance to switch?
Since technology offers more convenience and efficiency, the pertinent question is why some people are still unwilling to tap on technology and make the shift from cash to cashless payment.
There are numerous people who refuse to or are unable to keep up with technological advancements. Many a time people find it troublesome to set up an entirely new system in place of their cash registers as it not only takes time but is also costly. In addition, people may find it bothersome to learn how to operate the system and would rather stick to the conventional, traditional method of using a cash register. At EPOS, our team provides free training and consultation upon installation of your POS system and our technicians are available from 9am to 11pm every day.
Opponents of the switch pin the blame on technology for over splurging. Some claim to spend more when they cannot see physical cash and thus are unable to fully rationalise their purchases at times. While this may be true, all it takes to curb this problem is proper monetary planning and thinking carefully before making any purchases. Compulsive spenders should not blame technology for a persistent and ongoing problem due to their fallacious practices.
How to make the shift?
In spite of the limitations of going cashless, the benefits certainly make up for it, allowing businesses to have more opportunities, as well as operate more efficiently and with tighter security. In order to make the switch from cash to cashless, business owners need to have a clear understanding of their goals and have adequate planning. Here at EPOS, we offer free consultation for business owners to understand more about the system so that they can make more informed decisions.
So, the real issue here is not whether businesses should make the switch, but rather, how? Some may be worried about the exorbitant price of digital solutions, but here at EPOS, there are multiple grants available to help offset the cost of a POS system, thus making it very affordable! Moreover, the less technologically inclined may be worried about the complexities of using digital solutions, but our EPOS team is here to provide free training upon installation of a POS system and all year round tech support!
At EPOS, our POS machine accepts various payment modes which include credit card payments, QR code payments and much more! Our system can provide features such as the generation of sales reports and Customer Relationship Management (CRM) that cash registers do not provide, thus allowing you to streamline your business operation with a single POS system. Looking to bring your business up to the next level? Contact EPOS today at 8482 1888 or drop us an email at [email protected]!
Interested to see what EPOS POS system can do for your business? Fill in your contact details and we’ll reach out to you to schedule a demo.
If you’re curious about more digital solutions that can improve your business, check out www.IT.com.sg. They compile the best business IT intelligence, professional tech, and software products and services.