While cashless transactions have been around since the 1990s, the technological boom of the 2000s and global events like the COVID-19 pandemic have definitely propelled it to the mainstream. The World Bank posits that up to two-thirds of adults worldwide can send and receive digital payments. Cashless ecosystems are growing in new markets, and they won’t be slowing down anytime soon.
If you’re a startup entrepreneur or own a small- or medium-sized enterprise (SME), know that setting up a cashless payment solution is not enough. Your goal should be to strengthen your cashless ecosystem to maximize its potential benefits for both your business and your customers. Below are a few practical strategies for maintaining a profitable cashless ecosystem:
1) Open a Business Account with a Digital Bank
A truly robust cashless ecosystem begins with your business’s financial infrastructure. For this reason, you’ll want to consider opening a business account with a digital bank that’s known to have strong cashless solutions.
There are several benefits to having a digital bank account for your business. For one, digital banks are often better equipped to meet modern financial needs. They typically offer seamless integration with digital payment platforms and provide real-time transaction tracking. For another, these banks understand the importance of digital transactions and can provide the necessary tools to streamline your cashless operations.
In the Philippines, you’ll have an ally in Maya Business—one of the first financial technology or fintech companies in the country to specialize in financial solutions for startups and SMEs. This includes Maya Business Deposit, which enables businesses to efficiently funnel their revenues for different income streams into one business account. Clients can further use Maya Business Manager, a dashboard that monitors a business’s cash flow, to gain an accurate view of their overall financial health and their revenues from cashless transactions.
2) Provide Solid Online Payment Options
Any business that operates online should have user-friendly online payment solutions integrated into its e-commerce website. You’ll want to ensure that your website can accept various online payment options from your customers, from credit card payments to online wallet payments. You should also motivate your customers to go cashless upon checkout by promising them an online checkout process that’s smooth, secure, and hassle-free.
E-commerce websites on the Shopify or WooCommerce platforms can use Maya’s platform-specific internet payment solutions. Through Maya’s custom Shopify and WooCommerce plugins, your business will easily accept card and digital wallet payments from your customers. Best of all, online payments processed through these payment gateways are encrypted and secured.
3) Offer Multiple Digital Payment Options
In a diverse market, it’s essential to be able to cater to a variety of customer preferences for cashless payments. To enhance your customers’ overall experience in your stores, be sure to offer them multiple digital payment options. Moreover, remove barriers that might prevent potential customers from completing transactions by providing flexibility in their payment methods.
Philippines-based businesses with physical stores can turn to solutions like the Maya Terminal and Maya Terminal Lite. These are next-generation payment terminals that can easily integrate a business’s existing point-of-sale or POS cash register. Aside from accepting credit and debit card transactions, the terminals can also accommodate digital wallet payments as well as QR-code payments from QR Ph.
4) Educate Your Staff and Customers
A cashless ecosystem thrives when both staff and customers are well-informed about how to use it to their advantage. As such, train your employees on how to process digital payments securely. In addition, encourage them to assist customers in navigating the cashless experience, addressing any questions or concerns that the latter may have in a prompt manner.
Also take the time to educate your customers about how cashless payments will benefit them. You can highlight the convenience and security these types of payments provide compared to cash transactions. Above all, establish your business as a trustworthy facilitator of cashless payments, and demonstrate how much you care about your customers’ privacy, convenience, and wellbeing.
5) Incentivize Cashless Payments
How do you encourage customers to use cashless payments more often? One particularly effective way to do so is to incentivize cashless payments through rewards.
For instance, you can implement loyalty programs or provide cashback rewards to motivate your customers to go cashless. If there’s something in it for the customer, like a discount or other perk, they’ll see the logic of choosing a cashless payment over paper money and coins.
6) Update Your Technology Regularly
To keep your business’s cashless ecosystem both competitive and secure, don’t be remiss in updating your payment systems and software. Remember that regular updates ensure access to the latest security features and technology. Establish a schedule for updates and maintenance to prevent disruptions to your cashless operations.
7) Be Conscientious about Regulatory Compliance for Your Cashless Infrastructure
Finally, staying in compliance with payment industry regulations and security standards is non-negotiable for a business that wants to go cashless. Keep abreast of the regulations in your region, and ensure that every component of your cashless ecosystem aligns with these standards.
Maya’s proprietary payment terminals, the Maya Terminal and Maya Terminal Lite, are ATEX-certified, EMV-certified, and PCI-DSS-compliant electronic and card payment machines. Knowing that these devices meet stringent payment industry regulations, you won’t have to worry about your customers’ security. You can also be confident in your ability to use a cashless ecosystem that operates under the highest financial and ethical standards.
Strengthening your cashless ecosystem is an endeavor that requires strategic planning and ongoing commitment. Through these approaches, and by partnering with an online payment processing company like Maya Business, you can build up a cashless ecosystem that not only meets your customer expectations but also plays a huge part in your business’s growth and success.