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Hidden business operations2/18/2023 ![]() The Costs of Cash-Related TasksĪccepting cash payments is just a part of doing business, right? Maybe not. The vast majority – 80% of Canadians – prefer to pay by card. While Karisa doesn’t advocate that all businesses go cashless, she recommends business owners to consider their customers and accept the ways their buyers want to pay. She has strong opinions on why businesses are still spending so much of their time managing cash. But counting cash and bank runs are low value tasks and these time-consuming activities robs business owners of their precious time.īusiness expert Karisa Marra from Square has been working with Canadian businesses for over 10 years. Because cash is such a precious commodity, cash-related tasks are often handled by the most senior person or the business owner themselves. Stated another way, each business accepting cash loses a whopping 100 working days per year to low-value, cash-related tasks. The poll found business owners across the country spend an average of 14.4 hours of every work week counting money or making trips to the bank to make deposits and/or withdrawals. It turns out, cash costs Canadian business owners - big time. Start taking payments So, Square Did Some Research…Īccording to new data findings from the payments company, they’ve uncovered the hidden costs of doing business with cash or cash-only payments. If business owners knew there was a better way, they’d choose it, right? ![]() Modern payments and point-of-sale tools like Square give business owners back their precious time and can help grow their business faster. Hidden Costs of Cash Definedīusiness owners spend too much time managing cash – in fact, they’re spending on average over 14 hours every work week.īusiness owners are busy and often too focused on their day-to-day operations to realize ways they could operate more efficiently, especially concerning their cold, hard cash. In fact, 65% of Canadian businesses have taken their first ever card payments with Square. ![]() Square is helping more people to take payments and run their business. The tens-of-thousands of business owners accepting only cash run the risk of losing out on sales during the summer and year-round as Canadians become increasingly cashless. It provides a level of anonymity that can really hinder your ability to gather insights into your business – insights that can inform everything from inventory management, sales tracking, payroll, and taxes, essentially helping guide the direction of your business.
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