READIES, STEADY GO!

from The Hotel Magazine May 2023

A DETAILED RESPONSE

John Apthorpe, Commercial Director from G4S explains why cash remains king in the hospitality sector.

On Monday 20th March, parliament debated a petition which secured more than 55,000 signatures. The objective of the petition was to maintain payment choice and make it illegal for retailers and services to decline cash payments.

Whilst the Government denied the proposal, this was evidence that whilst the digital revolution continues to drive consumers towards contactless technology, cash is going nowhere in the short to medium term.

Indeed, recent research commissioned by LINK, the UK’s largest cash machine network, found that at the end of 2022, around 70% of people said they’d recently used cash to make a purchase.

What’s more, there are lots of demographic groups that will be left behind if cash acceptance is no longer a payment option. Research shows that groups including the elderly or those with physical or cognitive disabilities have a clear preference to making payment via cash.

However, it’s not just payment preference. The British Retail Consortium has seen the cost of accepting debit card payments rise steadily since 2015.

What has become clear is that whether the payment preference is cash or card, customers should have the right to choose what method works best for them.

As a consequence the modern hotelier has to make adequate provision to ensure appropriate security is in place and that positive cash flow is maintained, for both digital and physical cash payments.

Failure to do so can result in serious financial consequences and supplier frustration - all of which has a negative impact on the people that matter most - your customers.

So how to approach cash handling? G4S has a number of options:

CASH360 is a secure and integrated cash management and cash collection service from G4S. The service involves the installation of one of our intelligent cash safes on your premises. The solution uses software to create a link back to central monitoring services, in effect it becomes a bank branch within your own premises.

When cash is deposited into your smart safe, the amount will be credited into your bank account while the notes and coins are still on site. Then, with the software, you can see your cash flow – from physical, online and terminal sales –in real time.

Of course, your cash can be collected too.

G4S cash collection service uses trained personnel and a fleet of armoured money transport vehicles to pick up cash at your chosen location. From the moment cash is collected and transported it is no longer your responsibility, so you have full peace of mind.

Find out more and access preferential rates by contacting us on 0845 644 1239 and quoting HOTEL23

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