A cashless future is on its way – here's how you can ensure your business is ready.
Not even a $4 coffee is safe from the cashless movement. Where small-dollar purchases, such as your morning caffeine addiction, were once a way to use up the coins jangling in your wallet, they can now seamlessly be made electronically thanks to innovations such as Apple Pay and Android Pay.
"Debit card transactions have grown significantly over the past decade or so with the use of cash falling at the same time," says Sam Edmond, digital marketing manager at Live Payments. "This shift has predominantly been consumer driven so it's essential that businesses continue to keep up with their customers and ensure they have the right technology in place."
Live Payments is a cashless payment service that aims to make every electronic transaction easier for small businesses, from gaining approval to use the device to the ability to send receipts directly to a customer via SMS.
Since it began in 2006, more than 8000 Australian merchants are now part of the Live Payments.
As a Qantas Business Rewards member, you can earn up to 1 Qantas Point for every $1 on customer transactions made through Live Payments black.
Towards a cashless future
Though the move towards electronic payments for everyday transactions has been largely driven by consumers, businesses have embraced it for a number of different reasons. Handling less cash means heightened security – especially for businesses with high daily turnovers – and becoming a card-only business means one less job at the end of each day for time-poor small business owners.
The significant improvements in instant payments technology has also made it easier for consumers to move away from using cash. As well as debit and credit cards with improved security and tap-and-go technology, mobile payments such as Apple Pay, Android Pay and Samsung Pay mean consumers don't even need to carry a wallet to do a little shopping – all they need is their smartphone.
And Edmond predicts the cashless movement will only gain more traction. "The number of card-only shops and restaurants is on the rise and an increasing number of our clients don't accept cash," he says. "Last year the Reserve Bank of Australia banned small businesses from excessive surcharging so we will likely see businesses abandoning things such as the 50-cent charge for card payments on your daily cup of coffee. This will likely drive card use up even further." Therefore, it's important your business has the most up-to-date technology.
The best solution for your business
No matter the size or annual turnover of your small business, there's a suitable Live Payments solution. The wireless, handheld payment device makes it especially beneficial for businesses that require portable payment, such as delivery services or restaurants.
Edmond says that Live Payments black, recently upgraded with a new interface, is often used by businesses transacting large daily dollar amounts, such as accountancy and law firms.
The standard Live Payments device is ideal for businesses who have a lower daily turnover or are new to earning Qantas Points (it has a different earn rate of 1 Qantas Point per $25 transacted) and is slightly cheaper than the black option.
All Live Payments devices come with Connectivity+ which links with Telstra's 3G mobile network. Live Payments devices also accept all major cards as well as mobile payments such as Android Pay, Apple Pay and PayPass.
A smooth transition
As well as earning Qantas Points for dollars your business earns rather than dollars your business spends, Live Payments merchants also have access to an always-accessible member portal and a dedicated relationship manager to help manage any questions or feedback.
The application process is simple, too. After filling out an application, approvals will be complete within five days.
"Most customers also enjoy the flexibility on offer with no lock-in contracts, set up fees or exit fees," says Edmond. "We stand behind our products and service and are confident our members won't want to leave us!"
Learn more about how your business can earn Qantas Points with Live Payments.
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