Business Finance

3 Things To Consider If You’re A Cash Only Business

Running a business of any kind is difficult and can be stressful at times, even if you love what you do. If you are cash only, sometimes this can be even more of a headache. In the digital age we are living in, the majority of businesses accept debit, credit, or even ApplePay. Some people may choose to take their business elsewhere, simply because of the inconvenience they don’t have any cash on them. This can be frustrating to say the least. But there are many valid reasons why some businesses choose only to accept cash. If you are one of them, read on. Here are 3 things to consider if you are a cash only business.

Buying An ATM

Adding an ATM to your business is a great idea for several reasons, but especially so if you only accept cash. Most cash only businesses use ATMs as a way to make a little extra money, while also being a convenience for their guests who don’t usually carry cash. If they just have to walk across the room to take cash out of their account instead of down the street to the bank or convenience store, they will be much more likely to stay and give you their business. Make it as easy as possible, and try not to make your ATM fees too high because people will complain about that too. Just remember that there are costs involved with owning an ATM, so be sure that you can afford to get one first and that it makes sense for your business to have one. 

Complaints

If you only take cash, be prepared to get some pretty ridiculous customer complaints at times. Many people never use cash and never have any on them, so if they want to purchase something from your business it might make them angry if that’s their only option. Try not to let them get to you, but if the complaints get really out of hand you may want to consider offering other forms of payment in the future, if only for your own sanity. 

Adding Security Cameras and Safes

As a cash only business, you are going to have a lot more cash on hand than most other businesses will, and if people know you’re cash only because you have signed up stating this, you will be much more susceptible to break-ins and robberies. Install security cameras and make sure they are visible as an added precaution. It is also smart to store all of the cash in a large, heavy safe that you always keep locked. Take the cash from each day home or to the bank right away so that in the event you are robbed, they won’t be able to get much. 

It is still possible to run a successful cash only business, even in this day and age! Just use these tips and your business will be greatly improved already. 

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