Using innovative technology to limit large cash floats in your register can keep your business safe
Getting to grips with cashless payment solutions can give small business owners peace of mind during the busy festive season, when crime and business robberies are expected to be at their peak.
The festive season often leads to increased sales, but this is against the backdrop of increasing business robberies, and business owners need to take precautions to minimise the risk of falling victim.
According to recent figures by the South African Police Service (SAPS), business robberies overall increased by 13.7% in the 2013/2014 financial year, whilst the Consumer Goods Council reported that retail robberies were up 30% between April 1, 2013 and March 31, 2014.
Vuyo Mpako, Head of Innovation and Channel Design at Standard Bank, says protecting your business and its resources should be a priority to any small business during the festive season. There are number of ways that a small business can protect itself; from varying bank visits to increased armed security on its premises. But another effective way is adopting cashless payment solutions to eliminate or minimise cash on premises.
“Businesses are increasingly seeing value in offering a cashless payment solution to their clients. Not only does this improve cash flow management, but it makes reconciling at the end of the day so much easier and helps to keep your business safe at all times,” says Mr Mpako, adding that it takes away the need for a large cash float in your register which leads to fewer trips to the bank.
Cashless payment solutions are geared to equip small businesses with a quick, easy, affordable and secure payment solution. One payment solution that businesses should consider adopting is SnapScan, which is currently being used by over 12 000 businesses in South Africa.
“SnapScan is driven by Quick Read (QR) technology that allows customers to pay using their smartphones by scanning a QR code that is unique to each merchant and confirms the transaction with their PIN.”
As the merchant, you receive proof of payment via SMS and the payment made directly into your account.
“We have created a business solution that is as easy to install as it is to collect payments. Our business strategy is to create accessible, convenient and secure solutions for businesses,” says Mr Mpako.
“Consumers are becoming more vigilant and they do not want the hassle of having to draw and carry cash. As a business, you would want to tap into and take advantage of these changes in consumer behaviour by offering a safe and secure solution.”
Small businesses already face a number of challenges during this time of the year, ranging from longer working hours, increasing stock levels, hiring additional staff and maintaining quality standards. With a cashless payment solution in hand, business owners can at least focus on efficiency and increasing sales revenue.