When it comes to managing transactions, there are two schools of thought. You can either go entirely cash only or eliminate it altogether for entirely cashless payments. Either way, you can buy an ATM machine to help facilitate your business. At Hella ATMs, we see the benefits of both so we’ve put together a guide to help you make a decision according to what’s better for you.
If you’re running a cash-only business, you can benefit by avoiding charging credit card fees. This saves you and your customers' money so you can not only build loyalty with them but establish trust that you’re not overcharging them. This also guarantees that you won’t have any customers with credit card denials. Of course, it’s nice to have cash on hand should you require giving change to a customer for any reason.
Conversely, there are going to be cons to running a cash-only business. Anytime you have a till full of cash, your business has a security risk. If you can minimize the amount of cash in your register, you can feel much safer operating your business on a daily basis. One major problem that you could run into when you don’t accept debit or credit cards is the inability to serve customers who don’t carry cash on them. The ultimate bummer with running a cash-only operation is that you open yourself up for an audit from the IRS. The government wants to make sure that you’re tracking everything appropriately and it’s difficult for them to do this if you’re operating solely in cash.
When you make the transition to cashless transactions, there are a few things about how you do business that you’ll notice. The first of them will be faster transactions. Without the exchange of money, a transaction is complete as fast as your system can process the card. You’ll also quickly find that balancing transactions at the end of the day is much faster. With no cash to balance, you simply print your reports and check them against your records. Finally, as a cashless business, you don’t have the security risks of having large cash reserves on hand.
A major con to only operating with debit and credit card transactions is the obligation to pay credit card fees. If you don’t tack these onto the price of your product, they can add up and take a significant chunk of your profits. Similar to running a cash-only business, a cashless business can’t accommodate all of your customers. While most of your customers will have some sort of debit or credit card with them, this might not always be the case. Furthermore, not all of your customers will have a secondary form of payment should a card get denied. Finally, and possibly the worst-case scenario with a cashless business is that you have to shut down if your system goes down.
Get in touch to learn more
No matter what you decide is best for your business, Hella ATMs can help. Whether you’re looking to buy an ATM or would like a POB terminal, we have what you’re looking for. Get in touch with our team to learn more about our ATMs and POB terminals. We can help you transition to a cash-only or cashless business. Even if you’re simply looking to facilitate more of your customers, we can help with that, too. Give us a call today at 800-484-5752 or message us using our contact form.