Cash Still Plays an Important Role in the Hospitality Sector
Cash is still a significant payment method in the hospitality market, while cash may be reducing, it’s still important to manage your cash efficiently.
While recent surveys suggest that card payments will overtake cash for the first time in 2020, with almost 80% of all point-of-sale transactions across Europe conducted in cash, any forecast of a cashless society can be put on hold for the foreseeable future.
What does this mean for businesses? Whether we consider the retail, banking or service sectors, there is a continuing need to process cash efficiently. In highly competitive markets the key to improved margins is reduced costs and effective use of resources while at the same time delivering best in class customer service.
As well as reducing losses due to error and shrinkage, the effective deployment of cash handling solutions allows you to free up staff from labour intensive costly processing tasks, enabling them to refocus on higher value customer facing activities. It's about keeping cash in motion, both in the front and back office. When it comes to efficient operation, as well as focusing on the supply chain, progressive companies recognise the importance of cash chain management in delivering competitive advantage.
Glory will be speaking at this year’s Hotel & Spa Tech Live Show on Chris Webb will be “The Importance of Cash in Today’s Society”
We would debate that limiting consumers to one choice of payment doesn’t work from a personal choice, but also from a technology perspective. 9 out of 10 global consumers use cash on a daily, weekly and monthly basis. Hear about how cash has evolved over the years and how it has featured throughout the payments evolution. After all, cash still makes the world ‘go round’.
Download the whitepaper Driving Your Working Capital to learn how cash standing still loses value. Cash on the move delivers value.
Download the white paper https://www.glory-global.com/-/media/GloryGlobal/Downloads/EN_GB/Whitepapers_EN_GB/Glory-Driving-Your-Working-Capital-White-Paper-EN.pdf