Find out how cashless transactions can work for you!
Digital technology provides many great things to the society of today. It’s hard to imagine life without technology — so much that when we are without it, we feel a significant loss or discomfort. Thus, technology continues to evolve and improve itself in order to make the world a better place.
In the world of trade and commerce, these technological advancements dictate what businesses should and shouldn’t be doing in their day to day operations. From foundational Internet connectivity to specific tools businesses can use to make their customers’ experiences better, tech companies everywhere are now providing a wide range of services and solutions for entrepreneurs to use in their trade.
In the Philippines as well as our neighboring countries, one of the most widespread technological changes made in the field of commerce is the cashless mode of payment. It’s time to learn more about going cashless.
Going cashless, as its name suggests, simply means not having to use on-hand cash in securing transactions between buyer and seller. The most familiar type of cashless payments in the Philippines is the use of cards — credit and debit cards, which buyers can use instead of presenting cash when paying for things.
Other forms of cashless payments include paying by check, gift cards, fund transfers, or e-wallets.
In all of these cases, going cashless works for both the buyer and seller. For buyers, it means not having to bring around a bulky wallet full of bills, and for sellers it means not having to receive said cash and store it somewhere it could get misplaced, damaged or even stolen.
From that alone, it can be said that efficiency is a definite advantage to going cashless. But there’s more to it than that. Let’s take a look at the other benefits cashless transactions have on both buyers and sellers.
In this age when technology is growing at an accelerated rate, security is one of the top concerns on everybody’s mind. Especially in the case of cashless transactions, where no actual, physical cash is being exchanged, it’s important to know that someone’s money is going in the right place.
With cashless payment, buyers get not just physical security in knowing that their cash isn’t being brought out every time they pay for something, they also get assurance that their payments are being made properly and without a hitch. Similar to writing a check with the amount you’re paying, in the case of mobile or e-wallets, you are often asked to input the amount you intend to transfer to your seller’s account.
On the other hand, sellers also appreciate the added security in knowing that no mistakes can be made when they are given money. With cashless transactions, the customer can input the specified price of an item, and the seller can approve. This eliminates the need for change, which also eliminates the chance of someone getting the math wrong or giving out wrong change. Not to mention, a completely cashless business won’t have to worry about keeping cash in its register, where it’s at a constant risk of theft or loss.
Everyone knows paying with cash can take a while — cash needs to be counted, change needs to be computed, and receipts need to be printed. With cashless transactions, most if not all these processes are sped up or even removed.
In the case of cards, cash and change are no longer a concern although there is still the hassle of needing to sign for some payments — something that has recently been fixed by the concept of just tapping your credit or debit card to pay. Now, there’s only waiting for receipts to be printed and customer copies being kept.
In the case of electronic wallets, all these concerns are automatically waived. Cash and change are still obviously not an issue, but there’s an added benefit of not needing to sign or wait for anything, because everything is paperless. Confirmations of payment come in the form of e-receipts, and are received immediately after a payment is made.
This is useful for both parties, of course, as buyers can know immediately that their balance has changed and sellers can see their transactions in real-time.
For consumers, there’s something fulfilling about having the solution to every need right at your fingertips. This has never been more pronounced than at present, when most if not all technologies can be accessed through a mobile phone.
Mobile wallets are the next step in making phones the ultimate go-to for any digital need. When all you need is your phone, you can do so many things faster, without a hitch and without needing much more than an Internet connection.
In the case of merchants, what better way is there to entice customers than to give them that chance of accessibility, speed, and efficiency?
Go Cashless with GCash!
Now that you’re familiar with the benefits of going cashless, why not try it out? Entrepreneurs who use Globe’s cashless option GCash experience a new mode of transacting that’s efficient, safe, and hassle-free. More than that, they’re providing their customers with an easier mode of payment that only requires a cellphone.
Try out GCash today!
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