A recent study from Square, Inc. would seem to support this strategy. The study, which surveyed 310 Canadian business owners, found that businesses are losing 14.5 hours a week by handling cash.
“There’s endless ways to contribute to your business outside of just counting money. Once you get the burden of mathematics out of the way, it kind of frees you up as an operator to expand your business a lot more,” said Allan Bacani, owner of Vancouver based Lee’s Donuts in a phone interview with ITbusiness.ca. “Sixteen hours a week is plenty of opportunity to do stuff like that. If you’re in wholesale, you can do a lot of sales opportunities.”
According to the study, chief among the benefits is increased average transaction totals (up from $5.50 to $8.25), quicker transaction times (up from 1-2 transactions per minute to 3-4 transactions per minute), increased business (up 22 per cent), and the fact that all money is completely traceable, therefore eliminating any issues of missing money at the end of the day. Here is the full article from Buckley Smith from IT Canada
HSL Note: The other consideration not mentioned in the study is the cost of the cashless transaction. A percentage of the sales go to the card provider, whether it is Interact, Visa, MasterCard and/or the Payment terminal provider.