The rise of digital payment services like Samsung Pay, Apple Pay, Google Wallet, PayPal, and TransferWise has led many countries to go cashless, with Ghana being no exception. Thus, small and medium-sized enterprises (SMEs) in Ghana should consider eliminating cash payments to take advantage of this trend. Here are three main benefits of doing so:

1. Increase in Checkout Efficiency

No customer wants to wait in long lines and waste time. That’s why companies such as Starbucks and Walmart are offering mobile order-and-pay apps and scan-and-go services to let customers pay ahead of time and skip the checkout line. This allows for a more efficient checkout experience, which could also translate into more purchases, loyal customers, and savings in both time and money.

2. Easier to Manage Accounting

Dealing with cash can be exhausting and time-consuming, especially when you have to count down to every penny. Not only is this frustrating, but it also leaves a lot of room for error. However, you can eliminate such issues and inconvenience when you use mobile and digital payments since every transaction is automatically tracked and recorded. Moreover, you will no longer have to visit the bank to receive change or make deposits, saving you a lot of time. Real-time data regarding your company’s cash flow will also help you identify areas of improvement and make better business decisions.

3. Minimized Risks

One of the main risks associated with handling large sums of cash is theft. Countless SMEs in Ghana are victims of random armed robberies each year. Not only are random robberies a problem, but employee theft is also another issue. Fortunately, going cashless will help boost employee safety while keeping your company assets safe.

Although cashless payments are growing in increasing popularity, this does not always mean it’s right for every business. You must first consider your customer base and weigh out all the pros and cons before deciding to go cashless.

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