Cashless payment systems offer many benefits to vendors and consumers alike. They provide the opportunity to collect customer data, offer greater convenience and security and can ultimately improve the customer experience. Having said that, the benefits of a cashless payment system extend far beyond the realm of practicality as there are also environmental factors to consider. Thanks to developments in the fintech industry, EPOS systems offer many environmental benefits that can help businesses of all sizes reduce their carbon footprint. In this blog, we will explore the environmental benefits of a cashless vending system.
What is a cashless vending system?
A cashless vending system is a type of electronic payment system that allows customers to make purchases without using cash. This can be done via a number of methods such as credit and debit cards, mobile phone apps, and contactless payments. The main benefit of these systems is that they offer greater convenience for both vendors and consumers. For businesses, they provide the opportunity to collect data and improve the customer experience. They can also help to increase sales by making it easier for customers to make impulse purchases. For customers, cashless vending systems offer the convenience of not having to carry cash, as well as the ability to track spending and receive loyalty rewards.
What is the difference between cashless and contactless?
Contactless payment takes cashless electronic payments one step further by eliminating the need for a physical card. Contactless is a form of cashless payment which uses NFC (Near Field Communication) technology. This allows customers to make payments by simply holding their card or device near a reader, such as a card terminal, to complete a transaction. This can be especially convenient for small purchases such as coffee or newspapers.
What are the environmental benefits of going cashless?
There are many reasons to consider a cashless payment system for your business, and the environmental benefits should not be ignored. EPOS systems offer businesses the opportunity to save money and energy, as well as reduce their environmental impact. A cashless vending system may seem like a small change, but it can have a big impact on the environment. It not only offers convenience and security, but by reducing the number of transactions that require paper currency, we can reduce our carbon footprint and ultimately help save the planet. Here are 6 environmental benefits of a cashless vending system:
#1 Reduce Carbon Emissions
The manufacturing of paper money and coins requires a lot of energy and has a harmful impact on the environment. The process of printing paper money and minting coins uses large amounts of water and chemicals, which can pollute local waterways. In addition, the transportation and processing of cash and coins emits greenhouse gases into the atmosphere, further contributing to climate change. Cashless payments can help to reduce greenhouse gas emissions, as there is no need to transport physical currency from one location to another. By opting for cashless payment systems, businesses and consumers can help take action against climate change.
#2 Reduce Energy Consumption
The energy consumption of an ATM is often overlooked. ATMs require a lot of energy to run, and they produce a significant amount of greenhouse gas emissions. They are a major source of greenhouse gas emissions, and their energy consumption is a major contributor to climate change. By encouraging vendors and consumers to use cashless transactions, we can reduce the environmental impact of ATM machines.
#3 Reduce Polymer Bank Notes
As the world becomes increasingly digitized, many businesses are beginning to embrace cashless payment methods. One of the benefits of this shift is that it reduces the need for physical bank notes, which are typically made from a plastic called Polymer. This material is not only harmful to the environment, but it also takes hundreds of years to break down. As more and more people move away from cash and towards digital payment methods, we can expect to see a decrease in the production of Polymer bank notes. In turn, this will help to protect our environment and leave a smaller ecological footprint.
#4 Reduce Paper Waste
Cashless payment systems help to reduce paper waste. Every time you make a cash transaction, a receipt is generated – and often, these receipts end up in the bin. With a cashless payment system, receipts can be emailed or stored electronically, eliminating the need for paper. In addition, cashless payments can help reduce the amount of time spent counting and reconciling cash at the end of the day. This not only saves businesses money on paper and labour costs, but it also helps to protect the environment by reducing waste.
#5 Less Food Waste
Though they may seem like a small convenience, cashless payments can actually have a big impact on reducing food waste. When customers pay with card or phone, businesses can more easily track inventory and avoid over-ordering. As a result, there is less food waste overall. This not only benefits businesses, but it also benefits the environment and society as a whole. With less food waste, we can feed more people and reduce the amount of greenhouse gases that are released into the atmosphere.
#6 Sustainable Consumption
Cashless payments make it easy for customers to see exactly how much their purchase is costing them in terms of energy and resources. This transparency encourages customers to make more sustainable choices, as they are able to directly compare the environmental impact of different products and services.
Cashless payment methods require less energy to process and don’t have the same negative environmental impact as traditional cash payments. Consequently, they have the potential to make a real difference in the fight against climate change. With so much to gain, it’s time for businesses to embrace cashless payments and do their part. By switching to a cashless system, we can help to reduce our environmental impact and make a positive contribution to protecting the environment.
Here at EPOS Solutions, we specialise in the supply, production, installation and support of Epos Retail Solutions & associated products to the retail & hospitality industry. We offer specialty bespoke solutions to suit your needs.
Contact us today to find out more about our cashless payment solutions, or give us a call on (01) 274 5807.