As a restaurant owner, remaining relevant, staying on top of trends and keeping an updated menu are some ideal ways to maintain a lucrative business. In this digital age, the idea of going cashless has become more and more popular. While there are still some kinks to be worked out, and a lot of questions regarding the idea of a cashless business, there are undoubtedly some pros and cons to each side. In this series of posts, we’re going to cover both sides. Whether you want to make the stride towards a cashless operation or not, protect your business with a comprehensive Wright City Restaurant Insurance program.
Simplified and quicker transactions.
Without having to wait for customers to scrounge through their purses and bags to find cash, then give them the appropriate change, transaction time is minimized significantly. A cashless model allows the customer to swipe their card or scan their phone and that’s it – no counting required.
Decreased robbery risk.
Without cash in the registers, a restaurant (or any other business for that matter) is less likely to be robbed. While there are still valuable items in the restuarant, the major motivator for would-be robbers is taken out of the equation. If you go cashless, don’t forget to post a sign on your front door that notifies customers.
According to Toast, a restaurant management blog, it’s difficult to understand an individual’s buying patterns or reward them for their loyalty when they always pay with cash. If they use the same card every time, your machines will remember them. The same is true if customers pay with their smartphone using an app like LevelUp, which also helps them accumulate rewards points (plus, mobile payments are forecasted to grow to $142 billion by 2019). You’ll gain a better understanding of your individual customers with this data, which will drive your business insights.
Accurate fee projection.
When you accept a combination of cash and cards, you never know how many credit card processing fees you’ll have to pay. However, by having all credit card transactions, you can more accurately project your fee costs at the end of each day, week, and month.
Stay tuned for our next post where we’ll dive deeper into the potential downsides to running an entirely cashless operation.
About Sine Insurance Group
At Sine Insurance Group, we offer a broad portfolio of coverages to address even the most niche-specific risk you might face. Our comprehensive solutions can be tailormade to include necessary protections such as Food Borne Illness, Food Spoilage, Equipment Breakdown, Valet, Cyber Liability, and more. What’s more, we aim to protect your employees, as well. Our five Certified Workers’ Comp Advisors-through the organization of Work Comp Professionals-are poised not only to secure the workers’ comp coverage you need, but we can also help you control your losses and ultimately reduce premiums. For more information, we invite you to contact us today at (636) 947-1177.