The longer term Is ‘Cashless’. Is Your online business Ready?

Customers losing their wallets could be the most effective thing to happen for your business! Surprised?  PayPal , the leading global provider of payment solutions for consumers and businesses, says that with customers being increasingly inclined towards carrying ‘digital wallets’, the standard wallet may soon be assigned to the annals of history. And this may inevitably present a good chance for businesses to sell more! The long run is ‘Cashless’ – is your enterprise ready?

PayPal Global Consumer Survey 2013

PayPal, which billed $14 billion in mobile payments last year (greater than every other corporation and a rise of 250 percent over its previous year’s volumes), has recently published the findings of an international survey conducted across 5 major countries – america, Uk, Australia, Canada and Germany – at the way forward for the wallet. Whether its going to the gym, the laundromat, food market, restaurants or perhaps to the beach, 83% of the 1000 respondents surveyed expressed the will of having the ability to move and not using a wallet. The figure for U.S consumers desirous to go ‘wallet-less’, was even higher at 86%.  

The business side of this story is lost sales opportunities, with a massive portion of American consumers reporting that they have got been unable to pay for something because they only didn’t have enough cash on them.

PayPal’s Cash for Register Offer for Growing Businesses

The Survey clearly shows that customers are desirous to dispose of keeping cards of their wallets, carry around cash or having to house spare change that may be often handed over after a transaction.  To help growing businesses address this, PayPal has introduced the offer to encourage smaller businesses emigrate from the old cash registers to trendy day payment solutions resembling PayPal Here (which enables card/ check acceptance and PayPal processing over iOS and Android mobile devices) or any of its payment processing partners similar to ShopKeep, Vend, ERPLY, NCR Silver. Business owners trying to enable the full gamut of non-cash payment methods for his or her business can, due to this offer, achieve this at nil transaction processing fee on these systems for rest of the year.

And so what does the way forward for payment processing hold? David Marcus, President of PayPal, in a contemporary blog aptly called ‘Lets lose our wallets’ had this to claim, “I don’t learn about you, but I’m anticipating the day where i will be able to lose my wallet altogether – both the word and the physical object”. As per David, his company is concentrating on developing technologies that could simplify people’s lives and never just act as facilitators of forex. PayPal’s Sign in and Order Ahead app as an example allows users to spot themselves online and pre-order before walking in to gather their items (available at select locations within the U.S). So imagine that you just make your monthly visit to the local stationery shop and the instant you’re there, the shop attendant knows who you’re and what you would like. 

Clearly, growing businesses aiming at a much bigger chunk of the market must enable non-cash acceptance methods  for their clients. And the money-for-register free trail offer may be the suitable opportunity for plenty small businesses to think of doing so.

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