How would the hospitality industry benefit from becoming cashless?

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How would the hospitality industry benefit from becoming cashless?

Last year more than five million people led an almost cashless life and debit cards were the most popular method of payment. This could be the reason why an increasing number of hospitality venues across the UK are opting to become cashless.

Changing to cashless could be massively helpful for hospitality organisations for various reasons:

Time-saving

If cash makes up 20% of a business’ earnings, it can take between 6-10 hours per site weekly to process the money. Cash payments also incur charges when making bank deposits, security pick-ups etc. Becoming cashless prevents mistakes at the till, staff theft and receipt of fraudulent notes.

Better security

Removing cash from a venue protects staff by deferring thieves from the business.

Increase the speed of service

Going cashless can significantly speed up service, which is essential for businesses with busy lunchtimes, such as sandwich shops, that require efficient service during peak times. On average when switching to cashless businesses can reduce their queuing time from nine minutes to three minutes.

Higher customer satisfaction

The average person in the UK carries around £5 on their person day to day, and millennials are increasingly using smart money apps, capped pre-paid cards and apps that offer instant updates on card transactions and balances. Many people also find cash a nuisance.

Spending boost

Reducing queuing times at busy grab and go restaurants will increase their turnover. Around 70% of people said contactless payments made them more prone to impulse spend, this is good for the hospitality industry.

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