Build efficiencies in your business by using cashless payments

In today's fast-paced business world, it's essential to keep up with the latest technology trends to remain competitive. One of the most significant changes in recent years has been the widespread adoption of cashless payment methods, physical cash is not the norm anymore. From online payments, mobile wallets and contactless payments, these cashless transactions have transformed the way we conduct business. They make it faster, more convenient, and more secure.

In this blog, we’ll explore the benefits of 3 popular cashless payments (Stripe, Crezco and GoCardless) and how they can help you build efficiencies in your business. We'll discuss different service payment options, how they can streamline your operations and what they are best used for.

Benefits of cashless payment systems for your customers and your business

But first, let's look at the benefits of using cashless payments. We understand the importance of keeping up with modern payment methods. Embracing cashless payment methods can benefit your business in numerous ways, including increased convenience, efficiency, and security. Cashless payments allow for faster transactions, eliminating the need for cash handling and reducing the risk of errors. Accepting cashless payments can help your business adapt to the ongoing trend towards a cashless society, attracting customers who prefer digital transactions. This can expand your customer base, and improve accounting and record-keeping. So, adopting cashless payment methods can help your business stay ahead of the curve and reap the rewards of a rapidly changing cashless economy.

Types of payment methods

Let's dive into our top 3 cashless payment systems.

#1 Stripe

Stripe is a payment service that allows businesses to accept payments online. Stripe has become incredibly popular due to its ease of use and its extensive range of features. It’s used by companies such as Lyft, Shopify, and Kickstarter.

One of the main benefits of Stripe is its ease of use. This digital payments interface is user-friendly, and the setup process is straightforward. Stripe’s documentation is also excellent, which makes integration with other platforms and software much easier. Stripe offers a wide range of payment options for online purchases, including credit and debit cards, digital wallets such as Apple Pay and Google Pay, and even cryptocurrencies.

Another benefit is its flexibility. Stripe can be customised to meet the unique needs of your business. For example, if you offer subscriptions or recurring payments, Stripe’s subscription management tools can help you manage your customers’ subscriptions easily. Stripe also offers a wide range of fraud prevention tools, which can help you detect and prevent fraudulent transactions.

In terms of pricing, Stripe charges a standard transaction fee of 2.9% + 30 pence per successful transaction. This fee is competitive with other payment services in the market and doesn't charge any setup or monthly fees.

#2 Crezco

Crezco is a payment service that specialises in cross-border payments. This cashless payment systems platform is designed to simplify the process of making international payments, allowing businesses to reach new markets and customers.

One of the main benefits of Crezco is its ability to handle multiple currencies. Crezco can process payments in over 150 currencies, which makes it an excellent choice for businesses that operate internationally. Crezco’s platform also includes features such as currency conversion and multi-currency accounts, which can help businesses save money on foreign exchange fees.

Another benefit of Crezco is its payment tracking tools. The digital payments platform allows businesses to track the status of their payments in real-time, which can help businesses stay on top of their finances and improve their cash flow management.

In terms of pricing, Crezco charges a competitive transaction fee of 1% per transaction, with a minimum fee of £25. Crezco also charges a £20 monthly fee for its standard plan, which includes features such as payment tracking and multi-currency accounts.

#3 GoCardless

GoCardless is a payment service that specialises in recurring payments. GoCardless’s platform is designed to simplify the process of collecting recurring payments, making it an excellent choice for businesses that offer subscription-based services.

One of the main benefits of GoCardless is its Direct Debit system. Direct Debit is a popular payment method in Europe and the UK, and GoCardless’s platform makes it easy for businesses to offer this payment method to their customers. GoCardless’s Direct Debit cashless payment system offers businesses greater control over their cash flow, as they can schedule payments in advance and have greater visibility over when they'll receive payments.

Another benefit of GoCardless is its integration with popular accounting software such as Xero and QuickBooks. GoCardless’s platform can automatically reconcile payments with invoices, which can save businesses time and improve their accounting accuracy.

In terms of pricing, GoCardless charges a competitive transaction fee of 1% per transaction, with a maximum fee of £2. GoCardless also charges a £40 monthly fee for its standard plan, which includes features such as Direct Debit processing and payment reconciliation.

In conclusion, payment services like Stripe, Crezco, and GoCardless offer many benefits to businesses of all sizes.

By using payment services like Stripe, Crezco, and GoCardless, businesses can save time and money by streamlining their payment processes. These cashless payment services offer a wide range of features and tools that can help businesses improve their cash flow management, reduce fraud, and improve their accounting accuracy.

They are secure and reliable, by using industry-standard encryption and security protocols, which is crucial for businesses that handle sensitive financial information.

In today’s fast-paced and digital payment environment, it's essential to have a cashless payment service that can keep up with the demands of your business. Whether you are a small business owner or a large corporation, payment services like Stripe, Crezco, and GoCardless can provide you with the tools and features you need to manage your payments effectively.

By using digital payment methods and streamlining payment processes, you can focus on growing your business.