Social distancing, uber-sanitized environments, and “contact-less” shopping are now all a part of our lexicon, and our way of life. However, recently businesses began notifying their customers that due to a shortage of cash, they are unable to make change. In some cases, businesses have stopped accepting cash altogether.
Whether this is a sign of “the new normal” or not remains to be seen. However, there are some alternatives to cash you should consider.
If you have not heard of digital wallets, then here is the skinny on the subject. Essentially, it is a way of making and receiving payments electronically, which for most people today, is through your smartphone. This is achieved by linking your bank account or credit card to a payments service.
Today, there are many different apps or services available for digital payments. Apple Pay and Google Pay, are two of the most popular forms of payment. How you know this is available at your local retailer, is that on the credit card terminal you will see their logo displayed. You just simply pull up your digital wallet on your phone, and through a wireless connection, your payment is transmitted, and all without you having to touch the terminal.
What About Individual Payments?
Say you owe your friend $20, or you have a kid in your neighborhood who mows your lawn for cash. How do you pay them? The answer is simple, and again, your smartphone is the tool of choice.
Services like Venmo, CashApp, and even Facebook’s “Payments” are readily available, and require no fee to startup. There are fees associated with how fast you want your money if you are transferring back to your bank account, but there are options for no fees as well. Of course, this is a two way street, meaning the person you are sending money to must have that same type of service.
If you are ready to go digital on payments, but need help setting that up on your own, or for your business, we are ready to help. Give us a call today