Feb 27

How cashless solutions are saving businesses money

The Cashless Society appears to be getting ever closer in Britain. We’re now encouraged to pay electronically on almost everything, from buses and tubes to restaurants, bars and even parking your car.

Technology is making this easier than ever, with companies such as Yorkshire-based Cammax pushing boundaries further. And it’s saving businesses money too.

The replacement of older technology, and also jobs, is saving both time and money, with the likes of kiosks and smart technology providing seamless transactions.

Of course time is money to businesses, and now products such as freestanding touchscreen kiosks from Cammax Limited are ensuring very little is lost. These products, which are continually being advanced by Cammax, are being used right across the company and are even cropping up in the unlikeliest of places, including hospitals.

But how are cashless solutions saving companies money?


Cuts Out Human Error

One of the biggest controversies with businesses moving to machines over man is the loss of jobs for people. Which of course is a problem. However, for businesses, it’s saving money in a number of areas.

Firstly, it removes human error from the equation. It’s estimated that in the UK and USA alone, human error costs businesses £26 billion in lost productivity while often resulting in unsatisfied customers.

Not only are kiosks cutting that element out, but businesses also don’t have to pay a wage to a kiosk and money can be automatically processed saving time for accountants when looking at the books.


Increase Speed Of Service

It’s estimated cashless systems are three times quicker than cash-based ones, which ultimately means queues are reduced and more people can be served in a shorter space of time.

UK transport systems have been adapting this in a massive way across all types of transport. The Oyster Card was a huge step forward for the London Underground back in 2003, while cities such as Manchester are also seeing cards and contactless machines on their Stagecoach buses and Metrolink services.

In the capital, buses go without cash at all. The switch came in 2014 and is estimated to have saved them £24million per year which can then go back into the service itself. That’s not to mention the large number of kiosks now found in stations, which tech companies have been making more and more efficient for well over a decade. Today, Cammax have to build their kiosks for airports, railway stations and bus depots taking into account cash, chip and pin and contactless payments, although note and coin slots may well be removed for good very soon.


Pay/Serve Anytime Anywhere

A survey found that half of Brits carry less than £5 in cash on their person, which means at places such as market stalls, farmers markets and craft fairs, business can be lost with stalls that are cash only.

More and more are making the switch towards a more cashless stall, with devices plugged into smartphones able to operate as electronic points of sale. There are now dozens of these products that are relatively low cost, easy to transport, and ideal for small businesses on
market stalls.

It all contributes to business on the go and broadening horizons. For example, restaurants can comfortably and easily pop up at festivals without the need to take a till point or remain cash only, while those in the arts who run events can ultimately curate an event anywhere in
the world.

It’s encouraging to see businesses are continuing to adapt to a consumers needs. The work by Cammax and other leading kiosk makers are making sure we can pay for product, collect tickets, and generally use services quicker and more easily only gets more fluid, in turn saving businesses large amounts of money.

Whether a business is large or small or the size of the cashless switch, money is there to be both made and saved, and 2018 is only going to see that continue as the quest for a cashless society continues.


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