Having Cash In Your Wallet Like Seeing A Submarine

Having cash in your wallet a bit like seeing a submarine

Let me share some observations I made over the last week. On Friday afternoon the SCK Team went for a cruise around Sydney harbour with boys from Skope. Is there anything better to do on a Friday afternoon? The highlight of the cruise while heading back to Manly was seeing a Submarine cruising for the Heads. Now I know Australia had built these Subs. But I had never seen one so close. Gliding through the waves. So why am I telling you about me cruising Sydney Harbour? It's not to make you jealous. Well, maybe just a touch. You see having cash in your wallet a bit like seeing a submarine, I know there's some out there, but you don't see them very often.

We are moving into a cashless society.

frankieleon //flic.kr/p/9jPRBS If you're like me then you probably don't carry a lot of cash. What cash I have is usually claimed by my kids. I'm sure most of you can relate to that. Seeing this rare sighting of Submarine highlighted the few occasions where I forced to pay with cash, this week. Last weekend I had to drive down to Wollongong. After spending over 2 hours driving south. I needed a coffee. So I pull up at the Corrimal Shopping Centre. At least it was open. Walking through the shops I'm trying to find a Cafe. I spot a small Cafe. I check my wallet and soon realise that I don't have any cash on me. So I ask the Cafe owner "Do you have EFPOS?" His response "No mate, we only take cash,"" So then I ask him "Do you know where I can find an ATM?" He grunted "No idea," I was dreading the idea, not a getting a coffee. Relief was hand. 2 shops On I found a crowded Cafe. Let's try this again. So, I nervously asked again "Do you have EFPOS?" He looks up with a beaming smile "No problems. What will you have?" With a tap of my card, I'm now armed with a couple Cappuccinos, Chai Latte & some cakes. So the first Cafe missed out on me spending money with him. The next Cafe was happy because I just spent $27.80. I sure he's thinking to offer EFPOS or Tap and Pay is not worth the cost. He moans "But that costs money" Sure each transaction has a fee, but it's safe to say, he still got a good return from my $27.80 I spent there. Are you making it easy for your customers to pay you?

It's So easy to pay with Tap & Pay

If you think this was an isolated event. Think again. On Tuesday I had to drive into City to pick up my daughter, from a course she was doing for work. Let's face it I don't drive across the Harbour Bridge very often. Sitting in traffic does my head in. So I'm thinking instead of driving back in peak hour, we should grab dinner at Surrey Hills. So like a miracle I found a Carpark in the lane around from the Restaurants in Cleveland Street. It's only 5:30 so it's a bit early. There are some amazing Lebanese Restaurants around this area. I'm captivated by the wafting smells of cumin and other exotic spices. As I walk in I notice there's Dinner Club Sticker on the Front Window. So we sit down and order a couple of plates. The food was delicious. It's time to leave, I head off to pay. Seeing the Dinners Card sign, I assumed I would be able to pay using EFPOS or at least with my Credit Card. I hand him my card, not expecting any problems. From behind the Counter, I'm told "Sorry we only accept cash"

You want cash?

So I ask him "So why do you have a Dinners Card Sign on the front door?" He looked at me "it's an old sign. You still need to pay by cash,"" So I ask &qWhere's the closest ATM?" He tells, me "You could try the pub across the road or the Convenience Store,"" So feeling duped, I paid an extra $2 for the privilege getting money at the Convenience Store. So I went back paid the Restaurant where I'd left my daughter. It seems odd to me. To think it's ok, to make me find an ATM So I could pay. When he had credit Card Symbols on the door. As I handed over $60, he goes "Do you know how expensive it cost to take Credit Cards?" News flash I had to pay an $2 at the Convenience Store. But I would of gladly of paid extra for this convenience, rather than having to look for ATM. It's hard to imagine any business only accepting cash & surviving. Guess what I have a better chance of seeing another Submarine on Sydney Harbour, before I go back to that restaurant. If I asked if he would take EFPOS before we sat down, then we would have gone to the next restaurant. It's not like there's a shortage of restaurants to choose from. If you think it's expensive to accept EFPOS, Tap and Pay or even Credit Card then these customers like me will elsewhere. Even if you were charged 5% for giving customers an easy way to pay then you're still ahead. Put it this way, 95% of something is better than 100% of nothing. It's the cost of doing business.

How do you make your customers pay?

Now I not sure of the exact fee, but talk to your bank for competitive rates. Or look at the non-traditional online payment vendors like Paypal or Stripe. If you make it easy for me to spend money, then we pull out our wallets & Tap and Pay. Don't get left behind because if you're relying on me to always have cash in my wallet then you're going to miss out on my money.

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