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The hidden costs of cash

The hidden costs of cash

Could doing business in cash actually be costing you money? Here are five ways accepting card payments could help your business.

  1. Tap into new sales opportunities

    Australians love the convenience and speed of card payments. According to the Australian Payments Clearing Association, the 2015 financial year saw card sales reach their highest level ever, an average of $44bn a month — four times the amount of cash withdrawals from the nation’s ATMs (1). Payment data also suggests consumers make more purchases and spend more when they pay by card. So if you only accept cash, you could be missing out.

  2. Spend less time handling cash

    In business, time is money. Wouldn’t you rather pay your staff to serve customers, rather than counting and bagging coins, balancing the till or walking cash to the bank? Even an extra minute per transaction can add to your overheads. With card or cashless payments via EFTPOS terminals, the sales transactions would appear in your account on the same day — which makes managing your cash a whole lot easier. 

  3. Speed up reconciliations

    Consider the time you and your staff spend reconciling cash takings and inputting data into your accounting system — not to mention the possibility of miskeying errors. The less time you spend counting coins and chasing cash discrepancies, the more you’ll have to focus on the big picture issues that truly matter. 

  4. Reduce risk for less

    Naturally, you want to minimise the risks involved in holding and transporting cash. However, that can mean spending time and money to secure, store and guard it. But with an electronic payment system, your cash is easily traceable. So, by using card or cashless payments, you’ll be protecting your business against human error, theft or fraud — without the costs of securing cash. 

  5. Make your business more efficient

    Your business may never be able to go completely cash free, but the more transactions you can complete electronically, the more efficient your business will become. That’s because cashless payments and electronic transfers are fast, secure, and easy to reconcile.

    Accepting cashless payments doesn’t have to be expensive or complicated. For example, with Emmy and a Simple Merchant Plan, you can turn your smartphone into a mobile EFTPOS terminal. What’s more, you’ll see payments into your account in real-time so you know where you stand in cash flow at the end of the day. 

    Even if you’re still taking cash, there are ways to automate the process and save yourself time. With an intelligent deposit machine (cash and cheque in deposit ATM), you can skip the queue and self-deposit cash and cheques when it suits you — even outside business hours. These ATMs are available in 335 CommBank branches, so drop in to your nearest branch to get started.

Find out if your nearest CommBank branch has an intelligent deposit machine. Select ‘ATM’, enter your location and look for the ‘cash and cheque in deposit ATM’ symbol.

1 APCA, Transaction Statistics, August 2015.