How does a cashless society affect contactless tipping?
In recent years, cashless alternatives to payments have become king in the UK, with more people turning away from cash in favour of other electronic payment solutions. According to the Bank of England, the use of cash has fallen from 50% of payments in 2010 to just 17% by 2020.
Due to the significant decline of cash use in recent years, contactless tipping is on the rise for all hospitality and service businesses. Read on for what this change to contactless means for your business and staff…
How has Covid-19 affected customer’s use of cash over contactless payment methods?
In 2020, when the pandemic began, 13.7 million consumers abandoned cash in favour of electronic/ card payments.Covid-19 had a direct impact on how everyone made payments because the use of cash was seen by some as a potential catalyst for increasing infection rates and accelerating the virus. Many businesses that were previously accepting cash tips found themselves at a disadvantage if they were unable to accept contactless tips. In a time where cash use was limited and businesses were facing temporary closures, a contactless tipping solution was a new necessity because tips comprise an important proportion of many hospitality and service staff member’s income.
Is the future cashless and how can tips be protected with contactless tipping?
Now, only 21% of people use cash as their number one payment source. By 2023, cash is forecasted to amount for a mere 6% of all payments in the UK. Although the shift towards cashless alternatives was turbo-charged by the pandemic, it was still seemingly inevitable.
With the latest government law that makes it illegal for employers to withhold tips and service charges from staff, it is important for all hospitality and service business employers to identify a way to account for and distribute these contactless tips fairly, transparently and quickly. That is where EasyTip’s innovative tipping solution comes in. EasyTip’s contactless tipping platform allows for the quick and easy collection of electronic tips.
Customers can send contactless tips directly to their chosen recipients in as little as 3 seconds.There is no need for employee or management admin, so they can spend more time on other important aspects of business.
For EasyTip, it is important that staff members in the service and hospitality industries are not negatively affected by the acceleration of cashless alternatives. With EasyTip, all staff members are assured that they can still receive the well earned tips that they deserve and can expect to increase their tips by up to 30%. The electronic tipping, with the use of mobile phones and a QR code, offers customers a solution to tipping when they aren’t carrying cash. Many businesses share in the values of EasyTip and have signed up to the contactless tipping platform to help knock down barriers to tipping that a cashless society has imposed.
With cash falling out of favour for many, it is important for businesses to adopt a contactless tipping solution that allows for the distribution of tips easily, fairly and transparently. EasyTip is the leading contactless tipping platform that can achieve exactly that.
Your business may benefit from our contactless tipping platform at no cost to you. So, why not sign up today for free? It’s quick, easy and free to join. Get in touch with us and we will be delighted to help you get connected to our electronic tipping platform