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Enhancing Business Operations Through Cashless Payments

Updated on February 14, 2018
Rahma Khan profile image

Rahma loves traveling, technology & food. Being a millennial herself, she loves to write about the challenges faced by millennials every day

Cashless payments are gradually taking over the cash payments in many parts of the world. Implementing a financial transaction system which does not require handling of physical money is beneficial for both; business as and the customer.

Cash handling is a complex process which involves many vulnerabilities and threats. Though there have been many technological advancements to monitor and maintain secure transaction of money, however, carrying a large amount of cash is not considered to be a favorable option due to related threats such as theft or loss of money.

How Business Operations can be improved through Cashless Payments?

1. Customer Management Application:

Smartphone applications are one of the best ways to stay connected with the targeted customers. The smartphone usage in most of the developed countries is very high, therefore it drastically increases the chances of getting connected with the people through a mobile application. Many companies have developed their mobile applications to stay connected with their customer all the time.

For the retailers offering cashless payments through RFID technology, a customer management application will help in getting connected with the customers at all the times. The application can include different features; such as a mobile wallet to display detailed information about the current balance of the customer in the account and details about the previous purchases and customer preferences. Moreover, to enhance customer satisfaction, features such as customer feedback regarding the market services and products can be added.

2. Promotional Sale and Reward System for Customers:

Promotional sales have always been a successful approach to boost sales. With the help of cashless payments, new innovative features can be added to the sale system, which can help in enhancing the overall sales. By designing an online system the financial detail of every individual customer can be saved and monitored. It will facilitate in knowing the customer’s shopping habits more closely.

With the cashless payment software, a promotional sale can be offered to the customer based on their likes. The system will help in tracking the customer's shopping preferences and based on their preferences, the software can offer a discount/sale to the customer.This kind of targeted sale will help in improving overall customer service and satisfaction as the sale will be customized for each individual customer for their shopping preferences.

Moreover, a customer reward system can be established to reward the customer to makes a purchase of a certain amount or more. This will urge the customer to make more purchases in order to receive the reward. In this way, the customer will feel more satisfied with the dedicated services offered by the store and it will extensively improve and simplify the entire the customer shopping experience, which cannot be made possible with the conventional cash payment systems.

3. Better Budgeting:

Cashless payments have built-in features to track money transaction through which users are able to see and review where their transactions. The record of the transactions helps the users to keep tabs on their spending, which also greatly help in maintaining a disciplined budget.

This has been resulted in being extremely beneficial for the customers to plan out their spending and prepare a budget accordingly. Furthermore, it also helps in keeping the purchases within the allowed budget limit only as all the spending are precisely tracked and monitored.

Technology has enhanced customer convenience to a great extent. Any data stored online does not pose the threat of being lost or stolen. Moreover, it is relatively very easy to review and track the spending through simplified record sheets which can store the information regarding the transactions, thus improvising overall budgeting.

Better Customer Service - Major Benefit of Cashless Payments

One of the major benefits of cashless payments is the improvised customer service. For enhanced customer satisfaction, cashless payment helps in offering the advanced security of money to the customer. As in many countries across the world where the crime rate is relatively high, people do not consider it safe to carry a large amount of money with them. Cashless payment is the ultimate solution in this situation as the money of the customer is safe online and it cannot be stolen. There is various verified security software, which regulates and prevents all the financial transactions online. In this way, cashless payments result in being very beneficial for customer satisfaction.

© 2018 Rahma Khan

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