Questions to ask yourself
Now you know the pros and cons, how do you decide whether cash-free is clever? The answer is different for everyone, but these questions can help you decide:
How reliable is your card terminal connection? If card payments sometimes fail, it’s wise to accept cash at least as a backup option.
Is it likely some of your customers will not be able to use cards? If yes, how will that affect your turnover and till point interactions?
Does every extra payment option make a big difference to your bottom line? If yes, it can be the strategically-best choice to go for the most profitable payment option which is very likely cards-only.
Different situations call for different benefits and downsides. For instance, it’s less important for a large business to pick sides because they have the capital to invest in all payment methods.
Other traders like busy coffee shops and food stalls may decide to ignore cash because it’s much more efficient to tap a contactless card than exchange cash, especially under pressure. Cities and student towns with a young adult population may find that no one even wants to pay by cash, so removing that option can save time and money.
In any case, payments habits have got us to the point where we can even thrive going cashless. It’s definitely not a lighthearted choice, though, so best to consider how the pros and cons apply to you in particular.