What is 'going cashless'?
The notion of abolishing cash might seem like a big step, even now in the 21st century. But going cashless doesn't happen overnight, and it's certainly not mandated. Instead, individuals and businesses that want to exploit the many benefits of automation take the smart decision to digitize their transactions and go cashless.
Essentially, each time a person uses a physical debit/credit card to pay, a cheque, or a digital wallet, they participate in a cashless transaction. Cryptocurrencies, gift cards, payment apps, and wire transfers are also a means to pay and not use physical money.
The three biggest benefits of going cashless
New payment alternatives massively enhance not only the user experience, as paying becomes as easy as pressing a button, but also significantly boosts security - two significant considerations when choosing how to manage your expenses.
Safety: There is less risk of theft and less risk of money mismanagement. And while these benefits are considerable when it comes to individuals, they carry even more weight when applied to business spending as per below.
Transparency: When all of your business transactions are automated, you have a clear, up-to-date record that allows you to track payment activity easily. Naturally, this clarity enhances decision-making and encourages a deeper understanding of company finances.
Efficiency: Working with physical money requires accounting teams to spend extra time and manual labour managing and counting cash. Automating the process allows companies to close their books quickly each month and focus on growth.
Advancing transparency and efficiency are major advantages of subscribing to a cashless model of doing business. Explore our previous blog about business digitization and why CFOs should prioritize it and enjoy the benefits.
What does Payhawk do to enable contactless payments?
By providing company cards backed by powerful financial software, we virtually eliminate the need for companies to operate with physical cash. All transactions can happen electronically; hence users reap all the benefits of going cashless.
Employees trusted with a corporate card have easy access to company money, while managers can follow transactions in real-time, set budgets, and approve requests for additional funds.
With your Payhawk account, you have dedicated IBANs, making transferring and receiving funds effortless and fast, as we support SEPA Instant and Faster Payments. The data from all cashless transactions then conveniently reconciles with your ERP and accounting systems, such as Xero, Quickbooks, Microsoft Dynamics, and more, saving time and money to business owners.
As we believe going cashless is a priority for all companies, we recently announced a 3% cashback on all POS spend, capped at your subscription as part of our Enterprise Suite campaign. With 3% cashback capped at subscription, the Payhawk cards and expense software practically pays for itself.
Empowering employees to focus on what matters most, instead of being dragged into slow processes of requesting and waiting for reimbursements, is one of the pillar benefits of Payhawk, and consequently of going cashless.
Now, users also can add their company cards to their digital wallets via Apple and Google Pay. Digital wallets are yet another means to move towards a cashless society, and such integration makes using Payhawk even more convenient for employees.
Is the world ready to abolish cash altogether? We'll find out in the years to come. In the meantime, we put together a practical ebook about how to build your cashless business, assess your business readiness, and discover your next steps.