The world of business is going digital, fast. Cashless payments are becoming the new norm. Get ‘on-trend’ with the money flow by exploring the options available on the market for your business. Depending on where your place of business is, you will find different options. Keep an eye on developments. Options for cashless payments are evolving, fast. Opening accounts and using them is easy. Don’t be nervous. Start off by trying a few payments and learning the ropes. When you are comfortable, you may find your entire business going cashless. Save yourself time and money.
Here are five benefits of cashless payments.
The ease of conducting financial transactions is probably the most important reason to go digital. You don’t need to carry lots of cash, credit cards, or queue up for at an ATM. It’s also easier when you are on the road and in the case of emergencies or crises. Paying for a medical bill or changing your air ticket. You don’t have to be there in person and can do it 24/7.
All good business is built on volume. If your business processes a large number of transactions using traditional payments, this incurs standard fees. Cashless payments usually offer discounts, sometimes significant discounts, on transaction fees. So, in a month or a quarter, your costs of making and receiving payments can be lowered. Often you can also receive reward points and loyalty benefits.
With blockchain already started around the world and set to become a new, important force in business, tracking transactions will change.
“If all transactions are on record, it will be very easy for people to keep track of their spending. It will also help while filing income tax returns and, if you get audited, you will find it easier to explain,” says the CEO of one cashless payment provider adding, “Besides tax, it will be good for your budgeting.”
Apps and other tools help you to analyze your spending patterns. This is useful information for you and other stakeholders. Controlled spending means you will have more money left over for investing. There’s also less chance of mistakes, budget leaks, and unaccounted for spending in your budget.
In the case of theft, it is easy to block your mobile wallet remotely. This is especially true while travelling, especially abroad, where the loss of cash can be a real hassle. In the near future, cashless payment options may evolve to include biometric ID (fingerprints, eye scans), making it more difficult to hack.
With the COVID-19 pandemic, hygiene is now one of the biggest concerns. People are looking for ways to minimize transmission by minimizing contact. Going cashless is now the ‘new normal’. It is time to look at how this major change can help in business sustainability.
In the 1980s, Singapore embarked on an ambitious plan to move the country towards becoming a cashless society.
The NETS Group is a leading payments services group, enabling digital payments for merchants, consumers and banks across the entire payments value chain. Mint Payments launched its white-labeled Unified mPOS (mobile point of sale) solution in Singapore through NETS. The Unified mPOS solution enables Singapore businesses to accept both contact and contactless payments on a single NETS terminal. The unified mPOS terminals can be integrated to the merchant’s point of sale (POS) system, increasing efficiency and saving costs. The unified mPOS solution allows merchants to receive payments in-person and on-the-go and is useful for businesses that are run on tablets and mobile devices.
Malaysia may have cash flow problems as a country but that doesn’t mean that it is not a good place to do business. With a new era of transparency dawning, there couldn’t be a better time to start doing business in or with Malaysia. You can do it without cash.
Opening a PayPal account in Malaysia is free, easy and effective. Simply register online and get going. Start with a few simple test transactions, link these to your bank account or credit card and enjoying getting paid and spending your money without more than a few clicks. You can also do this easily through the PayPal App on your mobile phone.
Going cashless can be free, easy, and fast. If you haven’t tried one of the new options available for cashless payments, try one. Exploring the options for cashless payments will bring benefits to your business.