Your customers want cashless payment options: debit and cards, mobile wallets. If they can swipe, tap, or dip to pay — they’re doing it.
And if your business has typically operated as cash-only, you’re likely missing out on significant revenue. But how do you know if it’s the right fit? There are actually several types of businesses that can benefit from adding cashless payment systems. Read on to learn which industries are making the switch.
1. Vending
At this point, going cashless at your vending machines is a no-brainer.
In fact, consumer use of cashless payments at vending machines has been growing steadily over the last several years, according to a series of studies Cantaloupe conducted in partnership with Michigan State University. From January 2020 to October 2021, the overall share of cashless transactions increased dramatically from 51 percent to 62 percent compared to cash transactions.
Plus, people spend more when they use cashless payment methods at vending machines. By October 2021, the average cashless transaction was $1.83 — and with recent inflation in the price of consumer goods, that’s likely higher now. So offering your customers the option to pay by debit/credit card or mobile wallet is a smart business decision.
2. Amusement and arcade
Cashless payment systems are ideal for claw machines, arcade venues, amusement parks, and commercial body dryers. Since cashless payments process almost instantly, amusement and arcade customers can enjoy most important part of the experience: play.
(Don’t just take our word for it. Read how Sneaker Syndicate nearly doubled their sales intake when they installed ePort cashless card readers on their machines.)
3. Lodging
In the hospitality business, the goal is to make your guest experience as comfortable as possible.
Low-maintenance amenities like a self-service pantry offers convenience for a guest who forgot something in their toiletry bag or just needs a snack on the go. It also isn’t burdensome on your staff, since it can be set up with a cashless payment system for guests to do self-checkout. Easy for your guests, easy for your staff.
5. Vehicle services
Vehicle services — typically cash-dependent operations — can benefit from installing cashless payment systems. This includes self-service car washes, gas station air pumps, and even self-parking stations.
Electric vehicle (EV) charging stations are an emerging opportunity, thanks to recent federal grant pledges that will support the buildout of EV charging infrastructure across the country. And just as consumers expect to pay with their card (or even mobile wallet) at the gas pump, they expect the same at an EV charger. California law even requires it. So integrating a cashless payments system into these new charging stations is a no-brainer.
For services that offer convenience to drivers, cashless payment systems can take that experience to next level.
Interested in learning how cashless payment systems could transform your business?
Why else would you want to switch your business to operate on a cashless payment system? Not only will you see all your sales data in a single dashboard, you’ll also be able to monitor your machine performance at the same time. More transparency can lead to more informed business decisions.