4 payment methods that are completely cashless

The best method of payment? Depends on what you sell

Paying for cars will definitely be different than paying for chewing gums. In general, the more expensive your product is, the more likely you need to offer cashless payment methods. Customers will be unlikely to have thousands of dollars in their pockets. But on the other hand, they might not have changed either. It’s therefore important to consider a cashless payment method even if you sell products of low value.

In some countries, cashless payment methods are common only in large stores and supermarkets, making it harder to pay in local shops or cafés. If customers don’t have enough cash on them, they will end up going to a supermarket that offers a cashless solution, whether they want it or not. If you have a small business, introducing cashless payment could attract more customers.

What other benefits do cashless payment methods have?

As we have already said, society is transforming and the pace of everyday life requires everything to be fast. People don’t want to stand in long queues, waiting for the shop assistant to count bills and return change to everyone. That’s why a cashless payment method can make your shop look much more attractive. Moreover, cashless payments are also safer for both merchants and the customers and enable an easy and reliable record of all transactions.

Here are 4 cashless payment methods that you should consider 

Do you want to start using a cashless payment method? There are several options available to you: credit cards, online payment gateway, bank transfers, or clever payment apps. What are their pros and cons and which one should you choose?

1. POS device for credit cards

This is the most common method of payment which is 100% cashless. All your customers need is a credit card. The problem with this option is that, as a merchant, you’re charged a percentage on each transaction (between 0,5% and 2% depending on the credit card and the country). Another issue arises when customers don’t have a credit card – which happens more and more often. If they don’t have their credit card on their phone, they wouldn’t be able to pay you, and that means a lost customer. 

2. Online payment gateway

 These are third-party APIs that are added to your website and through which you can receive payments. The commission is usually above 1,1% + €0,5 and can go higher depending on the monthly revenue. On the other hand, customers usually trust these providers and appreciate the security of the payment.

3. Bank transfers

This method has been probably the least used lately as it requires customers to add you as a merchant in their preferred payees. There are ways to avoid this by sharing a QR code but not all banks have this option available, unfortunately. 

4. Payment apps like Trisbee

These apps enable customers to pay with a click of a button. All that is required from the customer is to scan the QR code that will send him to the merchant’s page, enter the amount to be paid, and it’s done. That makes the payment very convenient, as the only thing that customers need is their cell phone – which, nowadays, most people always carry with them (unlike wallets or credit cards).

What makes it the best method of payment not only for customers but also for merchants is that some of these apps, such as Trisbee, are absolutely free and without commissions. You can receive payments easily, fast, and with no additional costs.

Cashless payment methods are on the rise in Europe

What is the situation with cashless payment in Czechia, Spain, and Italy? 

• In Czechia, cashless payment is the new normal. The most common form of payment is a credit card, representing 88% of all cashless payments. However, the system is moving forward very fast, and we see more and more people paying with their phones.  
• In Spain, the number of cashless payments is increasing. According to Think Spain, Spain is becoming a cashless society. 
• In Italy, the biggest turnover appeared in relation to the coronavirus. The government introduced a plan to support cashless payment methods, in order to stop the contagion. Even though cashless payment is not extremely common in Italy, we can expect its rise.

According to a 2018 research by Statista, the cashless payment methods accounted for 93% of the total value of payments in Czechia, 57% in Spain and 50% in Italy. The average in Europe is 48%. Newer research has not been done but it is estimated that the numbers have increased since.

Get Trisbee for your business

Trisbee app is free, fast, and easy, becoming more and more popular among stores. Contact our sales team if you’re interested in learning more about how we can help you with cashless payments or just take a look at more details and join us straight away.