Are You Still a Cash Only Business?

Nov 15, 2020 | Bookkeeping

If you’ve always run your business on a cash-only basis, now is a good time to rethink your options. Like all local business owners, you’ve probably been working through some pretty tough times. If you’re up and running, that means you’ve made the necessary changes to ensure your customers’ safety. You must also acknowledge that your customers have made some changes too.

People still want your goods and services, but they’re not always willing to buy them the way they used to. Customers now understand that it’s not always safe to linger inside their favorite businesses. They don’t always want the responsibility of evaluating indoor ventilation, crowd size, mask compliance, and other health and safety considerations. Some customers don’t even want to handle cash.

Out of necessity, many customers have adjusted to ordering and paying online or by phone or completing their transactions in an app. Some shoppers now prefer scheduled deliveries or a touchless drop-off at their front door. Others want the option to pick up their orders at the curb.

These alternatives have one thing in common. Your business must be able to process credit or debit card transactions to complete your customers’ orders.

The New Business Normal

As a business owner, you need every possible advantage to continue moving forward. If you’re still running a cash-only operation, it’s probably time for a change. That’s the only way to comply with the new business normal.

During the pandemic, companies had to adapt to their circumstances. It was the only way to ensure their survival. To meet their customers’ social distancing needs, restaurants, grocers, retailers, and other businesses signed up with independent delivery contractors or they set up their own delivery services. They established or expanded curbside pickup operations. Some restaurants listed new delivery and pick up options on Connecticut Tourism’s Ways to Dine Out While Staying In page. All of these changes continue as part of the new business normal.

It’s All About Meeting Your Customers’ Needs

If your business relies heavily on cash-only paying customers, you will likely survive without credit card processing capability. Your cash-only customers will continue entering your store, buying what they need, and paying with cash.

If you want to retain those customers who now prefer to order online or in an app, you must give them the option of using their credit or debit cards. It’s all about meeting your customers’ needs.

Contact Goode Bookkeeping and Consulting

If it’s time for your business to offer credit and debit card payment options, we can help make your implementation process easier. We get to know your business and your requirements. We then pair you with a merchant service provider that’s compatible with your business needs.

To learn more about our Merchant Services, Contact Good Bookkeeping and Consulting at (860) 659-6543.

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