Like other Western economies, the Australian government is encouraging small businesses to ditch the cash register and move towards accepting payments via Electronic Funds Transfer (EFTPOS) or debit card instead.
The move is an attempt to crack down on the black economy and also offers a chance to reduce the number of banknotes in circulation, thereby cutting costs. By 2030 it is estimated that the Australian economy will be completely cashless.
But all this raises a question for most small business owners. Are you ready to go cashless, and if not how are you going to go about it?
When most small businesses think about going cashless they consider installing chip and pin machines and EFTPOS terminals. But in practice, these devices can create more problems than they solve. For example, it is easy for businesses to double charge for services using an EFTPOS machine. This will require a significant amount of time to resolve and may even cost more than using cash.
To really get the efficiency benefits that a cashless society promises, small businesses need to think about integrating their payment systems with the rest of their small business software stack. But with traditional small business management software, that is easier said than done.
The integrated solution
That's where Pencil In comes to the rescue. As an integrated small business client management and billing solution, Pencil In can provide your small business with a range of solutions to help streamline your business processes. This helps to reduce costs, simplify accounting and increase profitability.
Specifically designed for small service businesses, the Pencil In small business management app was created to help small businesses deal with the burden of back office management, bookings and payments. The FREE version comes with a range of features out of the box to suit all types of service businesses, including scheduling, invoicing and client management, all from a single integrated solution.
But the real beauty of this integrated system is that it can also serve as a small business payment gateway capable of accepting mobile payments, credit cards and debit cards. This reduces the risk of double charging for services and streamlines the whole payment and accounting process from start to finish.
By using Pencil In as a simple low-cost small business booking tool, service businesses can accept cashless payments, schedule appointments, manage client relationships, and reduce bookkeeping expenses all from a single low-cost cloud hosted solution. Click here for more information about what Pencil In can do for your business.
