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Tuesday, February 19, 2013

Going Cashless - Latest Trend in Consumerism by Josef Toth

Modern day consumers are smarter than their ancestors. They believe on innovative technologies and use them in their daily life. Technology has affected almost every area of our life and the shopping habits and trends of modern consumers are also affected.
Going cashless is the latest mantra among modern consumers. They no longer prefer carrying cash along with them everywhere. While on overseas trips for touring or business work people prefer to shop a lot, for which they need money. However, carrying large amount of cash is risky as well as uncomfortable for people nowadays.
Modern banking systems made it easy, secure and convenient for people to carry their maximum purchasing power while on move. By introducing different types of ATM and Credit Cards they have provided the best alternate of carrying cash everywhere. Now people no longer need to carry cash for anything. The ATM card is enough to handle every transaction coming along their way.
Nowadays shopping depends upon heavy use of latest transactional equipments. Merchants have several options of using transaction equipments to make the transaction process simpler and clutter free for both shoppers and merchants. Cashless ATM and Credit card Processing Units are very popular these days. You can spot one everywhere at food chains, petrol or gas stations, pubs and nightclubs, and all other type of stores.
Cashless ATM's are on top of priority by merchants. Using a cashless ATM is beneficial for both shoppers and merchants.
Why Shoppers/Customers Prefer Using ATM Cards?
According to some recent surveys, modern consumer tends to use their ATM card instead of their credit cards. It helps them in reducing their excess expenditure, through ATM cards they can shop till a definite amount, whereas in case of credit cards consumers are more prone to overspending. One more benefit is that they have to pay very less amount as processing fee (if compared to high processing rates of Credit Card Payments) when they use their ATM's for making payments.
Benefits for Merchants
One thing is obvious that if modern consumers prefer using their ATM cards, then they will prefer going to places that provides payment facility with specialized processing machines for payments by ATM card. Although every credit card processing unit is capable of receiving payment by ATM cards, but for that customers have to pay extra processing charges. Even, merchants have to pay a fix amount (which is far more than payments by Cashless ATM's) for such kind of transactions. It reduces their overall profits on smaller transactions.
By installing a Cashless ATM merchants can attract more and more customers. It will also make transaction simpler and beneficial for their customers as well as for them.

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