It wasn’t too long ago that the majority of payments in a coffee shop were made by cash but contactless changed that. Since it’s introduction it’s slowly gained popularity but it’s in the last 3 years as the vast majority of retailers adopted the technology that it really caught on.
Cash is a difficult and costly thing to deal with and here is why:
– It’s where theft occurs (mostly an internal staff threat)
– It needs to be stored and transported securely
– It is difficult to count and highly prone to human error
– The banks charge for change orders (yep can be up to £1 per £100 in change)
Last year at Urban we polled our customers to get their opinion on going cashless and we got a 50/50 response fore and against, we actually expected the results to be much more clear and in favour of going cashless. At the time given the feedback we decided not to change anything but a year on and a new till system, we now have the data to make better decisions. The till data tells us on a day by day basis what percentage of our transactions are paid by card or cash. Every month 1% more of our transactions have been by card and that’s been consistent for the last 6-months and it’s now running at 75% card and 25% cash.
So this time we decided to carry out a little experiment rather than ask customers, we have gone cashless at weekends to see what impact it has.