![\"ABTK-small-blog-image-cashonly-01\"](\"http:\/\/www.abtek.com\/blog\/wp-content\/uploads\/2015\/02\/ABTK-small-blog-image-cashonly-01-150x150.png\")
<\/a>The Out-Cashed Consumer<\/h3>\nModern consumers utilize credit and debit cards to close a majority of their purchases, with cash becoming infrequent among shoppers. Statistica: The Statistics Portal<\/a> revealed an astonishing 7.2 percent of shoppers were all-cash-buyers in the U.S. in August 2014. The trend may be capable of hindering businesses reliant on the cash drawer.<\/p>\nNobody likes inconvenience, and consumers unable to make easy credit card payments<\/a> may feel alienated. Exchanges may be written off as an interaction worthy of any preference, but the following sales options are hindered by an all-cash system:<\/p>\n\n- Individual-based returns<\/li>\n
- Loyalty programs<\/li>\n
- On-account returns<\/li>\n<\/ul>\n
Additionally, customers, it seems, are instantly deterred from all-cash payments upon entering a retail atmosphere. Credit card processing is considered a modern commodity within retail realms, and a consumer unable to access what they perceive as a holistic buying experience may turn away from prospective purchases altogether.<\/p>\n
![\"ABTK-small-blog-image-cashonly-02\"](\"http:\/\/www.abtek.com\/blog\/wp-content\/uploads\/2015\/02\/ABTK-small-blog-image-cashonly-02-150x150.png\")
<\/a>Mobile Payments: The New Retail Realm<\/h3>\nSpeaking of commodity, mobile wallets and smartphone-accessible payments<\/a> are on the rise. A Digby.com<\/a> industry survey revealed several notable statistics surrounding mobile-based retail purchasing, and each proposes an increasingly digital-based future:<\/p>\n\n- 27 percent of worldwide companies intend to implement location-based mobile purchasing<\/li>\n
- Mobile purchases accommodate for 12 percent of Americans\u00e2\u20ac\u2122 mobile media consumption time<\/li>\n
- Retailer applications capture five times more engagement than non-mobile providers<\/li>\n<\/ul>\n
Increasing mobile trends and heightened technology will likely deliver a new era of retail purchasing. Unfortunately, cash-only businesses may be behind the curve due to massive inaccessibility to such mobile platforms.<\/p>\n
Besides consumers strictly \u00e2\u20ac\u0153not wanting to pay cash\u00e2\u20ac\u009d out of principle, a business operating away from mobile accessibility may appear \u00e2\u20ac\u0153shady\u00e2\u20ac\u009d, or even \u00e2\u20ac\u0153untrustworthy\u00e2\u20ac\u009d in modern retail realms. Linking a reliable mobile application\u00e2\u20ac\u201dor even a company website\u00e2\u20ac\u201dto user accounts promotes a stable, sustainable consumer community.<\/p>\n
![\"ABTK-small-blog-image-cashonly-03\"](\"http:\/\/www.abtek.com\/blog\/wp-content\/uploads\/2015\/02\/ABTK-small-blog-image-cashonly-03-150x150.png\")
<\/a>Cash Volume and Increased Risk<\/h3>\nUnderstandably, security expenses are important. While maintaining an expansive credit and checking system may be expensive, losing money due to theft dominates a store\u00e2\u20ac\u2122s potential losses.<\/p>\n
Maintaining an all-cash location is considerably more dangerous than utilizing a digital payment system. Modern security technology and information technology solutions are incredibly effective, and provided security measures often provide more than enough coverage to protect an aspiring company.<\/p>\n
The Modern Purchasing Standard<\/h3>\n
Excess cash is also a security risk for the consumer. Additionally, the consumer aversion to carrying around large sums of cash may further limit an all-cash business\u00e2\u20ac\u2122s revenue capabilities. A consumer limited to cash is similarly limited to the amount their willing to carry on them. Few people walk around with enough cash to make large-sum transactions.<\/p>\n
Security reasons aside, however, the world\u00e2\u20ac\u2122s retail atmosphere is evolving towards digitalization, and all-cash businesses may be behind. After all, as companies grow and become more relevant, they\u00e2\u20ac\u2122ll likely garner competitors. Feasibility is a consumer benefit, and a consumer may opt to purchase a competitor\u00e2\u20ac\u2122s product when a quick card scan or swipe is available.<\/p>\n
\nStay updated on payment processing trends by following Abtek on Twitter<\/a> and Facebook<\/a>. Sign up<\/a> to receive our newsletter, too.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Cash-only businesses may seem lucrative in terms of quick payments, bookkeeping and simplicity, but an all-cash standard may incur a heftier expense: Customers. Cash-only businesses thrive from cash-drawer-reliant setups, and boosting a start-up business\u00e2\u20ac\u2122s potential on a cash-only platform may reduce professional downtime. However, several revealing statistics have shed light upon the trend. Credit card […]<\/p>\n","protected":false},"author":12,"featured_media":419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[56,58,59,57],"class_list":["post-415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-merchant-service-providers","tag-credit-card-payments","tag-mobile-wallets","tag-security-technology","tag-small-business-management"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
Nobody likes inconvenience, and consumers unable to make easy credit card payments<\/a> may feel alienated. Exchanges may be written off as an interaction worthy of any preference, but the following sales options are hindered by an all-cash system:<\/p>\n Additionally, customers, it seems, are instantly deterred from all-cash payments upon entering a retail atmosphere. Credit card processing is considered a modern commodity within retail realms, and a consumer unable to access what they perceive as a holistic buying experience may turn away from prospective purchases altogether.<\/p>\n Speaking of commodity, mobile wallets and smartphone-accessible payments<\/a> are on the rise. A Digby.com<\/a> industry survey revealed several notable statistics surrounding mobile-based retail purchasing, and each proposes an increasingly digital-based future:<\/p>\n Increasing mobile trends and heightened technology will likely deliver a new era of retail purchasing. Unfortunately, cash-only businesses may be behind the curve due to massive inaccessibility to such mobile platforms.<\/p>\n Besides consumers strictly \u00e2\u20ac\u0153not wanting to pay cash\u00e2\u20ac\u009d out of principle, a business operating away from mobile accessibility may appear \u00e2\u20ac\u0153shady\u00e2\u20ac\u009d, or even \u00e2\u20ac\u0153untrustworthy\u00e2\u20ac\u009d in modern retail realms. Linking a reliable mobile application\u00e2\u20ac\u201dor even a company website\u00e2\u20ac\u201dto user accounts promotes a stable, sustainable consumer community.<\/p>\n Understandably, security expenses are important. While maintaining an expansive credit and checking system may be expensive, losing money due to theft dominates a store\u00e2\u20ac\u2122s potential losses.<\/p>\n Maintaining an all-cash location is considerably more dangerous than utilizing a digital payment system. Modern security technology and information technology solutions are incredibly effective, and provided security measures often provide more than enough coverage to protect an aspiring company.<\/p>\n Excess cash is also a security risk for the consumer. Additionally, the consumer aversion to carrying around large sums of cash may further limit an all-cash business\u00e2\u20ac\u2122s revenue capabilities. A consumer limited to cash is similarly limited to the amount their willing to carry on them. Few people walk around with enough cash to make large-sum transactions.<\/p>\n Security reasons aside, however, the world\u00e2\u20ac\u2122s retail atmosphere is evolving towards digitalization, and all-cash businesses may be behind. After all, as companies grow and become more relevant, they\u00e2\u20ac\u2122ll likely garner competitors. Feasibility is a consumer benefit, and a consumer may opt to purchase a competitor\u00e2\u20ac\u2122s product when a quick card scan or swipe is available.<\/p>\n Stay updated on payment processing trends by following Abtek on Twitter<\/a> and Facebook<\/a>. Sign up<\/a> to receive our newsletter, too.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Cash-only businesses may seem lucrative in terms of quick payments, bookkeeping and simplicity, but an all-cash standard may incur a heftier expense: Customers. Cash-only businesses thrive from cash-drawer-reliant setups, and boosting a start-up business\u00e2\u20ac\u2122s potential on a cash-only platform may reduce professional downtime. However, several revealing statistics have shed light upon the trend. Credit card […]<\/p>\n","protected":false},"author":12,"featured_media":419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[56,58,59,57],"class_list":["post-415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-merchant-service-providers","tag-credit-card-payments","tag-mobile-wallets","tag-security-technology","tag-small-business-management"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n
<\/a>Mobile Payments: The New Retail Realm<\/h3>\n\n
<\/a>Cash Volume and Increased Risk<\/h3>\nThe Modern Purchasing Standard<\/h3>\n
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