As we move towards a cashless society, payments made with cards or digital wallets are fast becoming the norm. In recent years, the share of payments made electronically has risen as cash and cheques are used less frequently. New technologies and payment options are providing flexibility and simplicity to consumers and businesses. More and more transactions are done via cards, phones and watches than ever before. In 2022/23, Australians made around 730 electronic transactions per person on average, compared with about 330 back in 2012/13.

Debit and credit cards are the most commonly used retail payment method in Australia, making up three-quarters of consumer transactions made using tapping or swiping cards. Additionally, in the past few years, and accelerated by the COVID-19 pandemic, there has been a significant shift towards consumers favouring contactless card payments through digital wallets on their smart phones. According to the RBA, the share of debit and credit card payments through digital wallets, such as Google Pay , Samsung Pay  or Apple Pay , reached 35% in 2023, up from 10% in 2020.

As a small business owner, you’ll want to offer convenient cashless payment options to customers to stay competitive in a cashless economy. While getting used to new technology may seem daunting, there’s a simple payment solution that’s fast and easy to install and use. NAB Easy Tap lets you use your Android device to accept digital payments, with no up-front setup costs and no need to buy or rent a separate EFTPOS terminal or payment reader.

How contactless payments work

Contactless payments use Near-Field Communication (NFC) technology which is available on almost all smartphones. There’s no need for the customer to insert or physically swipe a card when making a payment. Instead they can now add their card to their digital wallet on their smartphone and then tap the payment device with their phone to complete a purchase.

Benefits of taking cashless payments

Cashless payments offer a seamless and efficient end-to-end experience for your customers and can reduce their purchase waiting times and need to carry cash.

You can finalise an account, at a café, a shop or even a market stall, for example, and be ready fast to serve another customer within seconds.

Cashless transactions also make accounting more manageable. No more searching for receipts or invoices because cashless payments leave a digital trail. This makes it easier for you to track and manage your business’s financial records without wasting time. It also reduces paper-based record keeping and removes the need to manually enter transactions into your accounting software.

By minimising cash handling, you can also enhance the security of your business by reducing the risk of theft and counterfeit money. 

Seeing your transaction data also helps you to spot sales trends, and plan inventory and labour to grow your business.

How to become a cashless business 

To cater to the ever-changing needs of customers and give them payment choices, offer a variety of cashless payment options.

To reduce the barriers to purchase you need to give customers choices in how they pay for goods and services, which may include using credit cards and digital wallets on their mobile device.  

Choose a payment option

There are a number of payment options available for small businesses. You may consider a standalone EFTPOS machine or one that you can integrate with a point of sale system, or an app-based solution. You can learn more about your options at accepting payments in person.

Train your staff

Staff need to be able to handle cashless transactions correctly.

Understand the benefits of going cashless and be able to handle any objections from customers. Be able to clearly state the cards accepted and the methods of acceptance – payments can be initiated from not only cards but a phone or even a watch.

Tell your customers 

Display signage and communicate to your customers that you accept cashless payments and get ready for your customer satisfaction and business to grow. 

Want to learn more about our payment solutions? 

We have more helpful articles below. Alternatively, speak to a business banking specialist on 1300 338 767 Monday to Friday, 8:00am to 6:00pm (AEST/AEDT)

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