The fact that cash use is on the decline is a well-known and much publicised one.  It is also apparent that the pandemic forced many still using cash regularly to explore alternative ways of paying for their goods to reduce contact with others.  A widely cited article from March 2020 misreported that the World Health Organisation (WHO) considered cash a possible vector for Covid-19 infection. Soon enough, retailers began encouraging digital transactions in lieu of cash payments, or even refusing cash payments entirely.

The result is that many will now be used to not carrying cash – and simply expect flexible payment options.  It is essential for hospitality providers to evolve to ensure they keep up with changing consumer payment habits.  If they don’t, they risk losing valuable business – impacting on the ever-important bottom line.

Our closed loop cashless payment solutions provide a fast and convenient method of payment which not only eliminates costly transaction fees but provides rich data for businesses.  Many organisations we work with use an access-control system to enter their facility, so incorporating cashless payment options to these passes makes sense. Users don’t need to carry anything other than their ID badge with them;  they simply tap-and-go on a card reader which instantly takes payment – reducing queue time and allowing on-site hospitality to be on offer 24/7 without the need to increase staffing costs.

For hospitality providers these card readers can be installed at point of sale terminals, self-service kiosks and vending machines – making it easy to implement across the facility. They are also compatible with the mySYSTOPIA app which users can link multiple payment cards to as well as tie in with loyalty, subsidies and reward schemes, promoting repeat business and providing valuable transactional data, key for boosting margins.

As restrictions ease and we emerge out of lockdown driving revenue will be essential for the recovery of the hospitality sector. Offering varied payment options that align with what consumers are naturally seeking, will hugely help attract people back in.

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