The benefits of becoming a cashless business

A few years ago, it was commonplace for businesses to be cash only. Even those few places that were ahead of the curve and did offer card payments often charged their customers more for the luxury. 

Fast-forward into 2021 and consumers expect the choice of cash or card, with a lot of people opting for card for convenience and efficiency.

In fact, last year it was reported that seven million people across the UK are choosing to live an almost cashless life. Arguably, the global COVID-19 pandemic has pushed us even closer to a cashless society – and we can see this shift play out in our every day, as ‘cash only’ signs are being replaced with ‘card only’ ones. 

So, as more and more people make card their preferred method, should businesses consider ditching cash altogether?

The benefits of going cashless

It’s no lie, digital payments are rapidly becoming the most popular and preferred method of payment, globally. With new technology and safer payments, it only takes a touch of a button or a tap of a machine to pay for what we need.

Aside from giving your customers the freedom to pay their way, here are some other benefits may come with card only payments:

Cut down queues and save more time

Card payments can often be a lot quicker than cash ones, as your customer can pay with the exact amount. This means no more counting the loose coins they give you, or you give them.

This may not seem like a huge difference, but think about what five minutes saved per customer could add up to during a day. This could potentially mean more time replenishing stock and serving customers, and less time worrying about an extra few pounds here and there. 

As well as potentially saving time when serving customers, you may no longer need to spend hours reconciling and counting cash at the end of the day. In fact, with Dojo card machines, you can simply print out your end of day transactions summary.

Minimise the risk of on-premise theft 

Across the retail sector alone it was reported that in 2020 there was an industry loss of £2.2 billion due to theft – an increase of 16% on the previous year.

With less cash on your shop premises, there is the chance you could decrease the risk of theft. Although break-ins can result in the loss of valuable goods, the risk of having your takings stolen may be reduced significantly with a card-only operation. And, if you do opt for a card only model, your signage may be a deterrent for potential thieves. 

Cut down on profit losses

As well as possibly reducing any losses through theft, you may decrease the number of human errors you make when processing a cash transaction. For example, giving out the wrong change is a frequent mistake that happens during busy periods in retail shops. 

The odd wrong payment now and again can easily be accounted for – but in peak trading times, when cashiers are rushed and want to keep queues down, it can become more commonplace and costly for small business owners.  

Increase your transaction values

Research from Visa shows that once businesses begin accepting digital payments, their revenues increase on average by 17%. This is for a number of reasons – and one of them is due to an increase in the transaction value for those who pay by card. 

Consumers may not feel comfortable carrying a large sum of cash around with them, so if you only take cash it’s less likely they can be tempted to purchase higher-priced items on a whim. 

Card payments are in line with customer preferences

Ten years ago, cash accounted for over half (58%) of all payments in the UK. Now, over a decade later we’ve seen cash drop to less than a quarter of all transactions.

During March 2020, when the UK went into a national lockdown to help reduce the spread of COVID-19, ATM withdrawals were down by a huge 60%. It’s now more commonplace for people of all ages to pay for things, even of a small transaction value, such as a coffee, with their debit or credit card. 

The downsides to being a card only business 

Although card transactions are favoured by a large number of consumers across the world, giving customers the choice to pay their way could be favourable. If you already know your audience demographic well, then you may not risk alienating any potential customers or pushing them away by operating with card only. 

But, if you are catering for a diverse range of customers, it’s worth bearing in mind that, often, older customers may prefer to pay with cash. This is because they may not be as accustomed to new digital technologies, or have the same access to contactless devices as other people. 


A lot of smaller businesses have pivoted during the global pandemic to become contactless and that includes banishing cash. And in the hospitality industry, the option of taking card payments could help customers self-serve by ordering and paying directly from their table using an app. 

As a business owner trading in 2021, contactless card payments may well be your priority, while also having the option to accept cash payments.

If you’re hoping to shift gradually to card payments, you may want to use clear displays and signage that tells customers that card payments are preferable. Monitoring customer feedback before ousting cash for good may also be crucial.

Not yet offering card payments to customers? There’s been no better time to start. With Dojo, we’ll offer you next working-day transfers, a nifty app to monitor all of your card sales, and customer support that goes the extra mile. 

Get your online quote today.

Your card statement is more than just rates!

22% Swing!

Many businesses have in recent years turned more towards taking card payments. Since Covid-19 raised its head there has been a 22% swing from Cash to Card [1] Reports at the end of 2019 commissioned by Visa and Mastercard already put the use of card payments at over 70%. There is probably no surprise that there has been a shift, indeed many readers will know from their own experience habits have changed through peace of mind alone.

Who knows the answer?

Since mid-March, when our internal directive became work from home where possible, I have spent more time helping prospective clients gain access to their online merchant account (retailers are called merchants) so that they can download the monthly statement. This has been caused by the trend with Acquirers (the institutions that move the money) to move as much activity online as possible and dispense with paper statements being posted out at the end of the month. Larger merchants don’t have an issue with this, because there is someone in a dedicated role to look after this, but the smaller merchants it falls on the business owner, their spouse or their outsourced bookkeeper.

You need to have a look!

Whoever it is at your organisation looks after the money needs to look at your monthly merchant statement. With card use increasing, so are your business costs. Fees will be proportional to your card takings, but what about your compliance? Are you paying for telephone support and not using it? Are you paying for access to your online account AND not using it? Are you paying for paper statements and not opening the envelopes!? What is your terminal rental charge? What is you integration charge? What are you charged for over the phone payments? I really could go on…..but my message is, unless you look at your monthly statement you do not know the answers and more importantly you do not know how much is going to be taken until AFTER the Direct Debit has already left your account.

You are not alone

We can’t always save money, but it is rare, I will as a minimum look to share my knowledge and understanding so you can access the business information so that you are better informed about the decisions you are making with regards to payment services. Feel free to contact me and start to understand your data.

Source: [1] Paymentsense research and POS Provider data Jun-Jul 2020

Owner of a closed business?

Owners of a closed business because of lockdown restrictions are finding it tough right now. This goes without saying, but if this is you, then there are people out there that can help.

I was called this week by one of my clients who runs a Café in Hull but the practicalities of operating solely as a takeaway just don’t add up. The client wanted help as he has monthly outgoings that collectively are daunting but while I can only help with our part of his problem it has helped ease the burden a little, he now has the confidence to talk to his other suppliers and providers to help him through.

The key part of what I recommended was actually to identify what services from us he actually needed. At Paymentsense we have a customer App which give visibility on transactions, transfers, billing and on Dojo you can also complete the compliance in a matter of minutes.


This means the client no longer has to pay for the external reporting service, paper billing, phone support for compliance or benefits program. These were all part of his plan which were of use a couple of years ago when he first joined, but with the advent of our App and the hunkering down because of necessity we eased a bit of that pressure and reduced most of his outgoings to us.

So whats the “takeaway” then?

Whether you have a card payments provider or other service provider for that matter. You have the time to sit down and go through the finer details of what you are paying for, or being fined for in cases with non-compliance, and get help to resolve it. My field is card payments so thats where I can help. Get a hold of your bill, if it comes on paper immediately see if your being charged for paper statements it’s usually £3.50+/month. Login to your providers online account, there are details available to tell you what you need to create an account if you don’t have one. If you do have an online account check they are not charging you it can be £5.00+/month. If you can’t find out how to login in message me directly I have access to the information on the majority of the acquirers in the UK.

Compliance – If you are not compliant you are likely to be charged £20+/month, if you get assistance from your acquirer you could be paying £25/month and if you have both these fees definitely get in touch!

While you are looking at the past bills though this is the time to review your rates. Rates for many of the large acquirers have consistently been going up in recent years. They have been advising customers as they are obliged to do, but, guess what? People don’t open envelopes, they don’t read emails! Why? because they’re too busy. IF you are closed, you are more likely to have time, IF you are open then your bills are likely to have shot through the roof with the additional card turnover, so make time.

If I can be of service please drop me an email on, or complete the enquiry form. If you can do it yourself great but please just do it because its your money!


Why are we so different?

We are passionate about making payment services simple and we are driven by Customer First. Whether you need a standalone card terminal to take face-to-face payments, virtual terminal to take over the phone payments or payment gateways to take online payments automatically we have a solution.

Worried about the future?

With the business landscape constantly changing at the moment if you already take card payments we can now offer you a monthly rolling contract and cover the cost of exiting your existing contract up to £3000. This now gives customers freedom without the worry about what is around the corner and remove long-term liability for the business owners.

What does your current statement say?

It’s not unheard of for customers to only see the direct debit amount disappear from their account once a month and not know the breakdown. Look out for the “know-hows” to understand your statement is more than just your rates.