It’s 2025. You’re not still insisting upon your customers to pay in cash, are you? These days, customers expect seamless and convenient payment options. They want to be able to pay for their purchases in ways that are most beneficial to them. For many, that means credit cards that allow them to collect rewards points. For others, that means debit cards that allow them to pay directly without carrying cash around.
What are the top risks of being a cash-only business?
Missed sales opportunities.
Hopefully, this has already been made obvious to you. Without flexibility and options at your checkout counter, many consumers are going to choose to shop elsewhere. Offering payment options like credit cards and debit cards opens your business up to the vast majority of shoppers who prefer to use them. Consider the fact that many customers won’t be able to afford big purchases because they don’t have enough cash on hand. As well, out-of-town visitors, who depend on their credit cards, may skip your business completely.
“When paying cash, the average transaction is $22, while the average non-cash transaction is $112,” reports Mandy Sleight of ZDNET, “You don’t want to lose that transaction to a competitor down the street. That $84 difference could make accepting credit cards worth it for the average small business owner.”
You turn away younger consumers.
Millennials and Gen Z are leading the charge toward a cashless society. Most young people are pretty tech-savvy. They’re aware of the various ways they can pay for purchases, including pulling out their smartphones. Today, a consumer can add their credit and debit card information to their mobile devices. The devices essentially take the place of the cards and can be scanned by payment terminals to complete purchases. This is known as a “digital wallet”. If you own a cash-only business, don’t expect a lot of young shoppers to enter your store.
According to Interac, 69 percent of Gen Z Canadian adults have embraced the mobile wallet. 63 percent prefer to leave their physical wallet at home for short trips. “Gen Z’s Interac contactless mobile purchases also rose 27% in the first half of 2024, compared to the same period a year earlier,” reports Jonathan Chevreau of Financial Independence Hub.
Increased risk of loss or theft.
Whether it’s from employee theft, accidental misplacement or robbery, relying on cash-only transactions can create unnecessary vulnerabilities. Accepting credit and debit cards, on the other hand, reduces the volume of cash on-site. It offers greater financial security for your business.
“Cash is a prime target for theft, both internally and externally,” alerts Kaitie Weaver of Helcim, “Business insurance premiums may be higher for cash-heavy operations due to these risks, and security measures like cameras or safes can add hundreds of dollars annually to your costs.”
Let’s work together on ending your cash-only ways!
At Divvia, we specialize in helping small businesses across Canada adopt secure, cost-effective and easy-to-use payment solutions. Out cutting-edge payment terminals and e-commerce tools make it simple for you to accept card payments and grow your business. Don’t let cash hold you back. Please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!
