Visa Inc (NYSE:V) has announced the names of the 50 winners of the Visa Cashless Challenge. In the contest, small businesses in the food-service sector were asked to explain their businesses would benefit from the cashless movement for a chance to win a monetary prize. The winners will receive $10,000 each and the money will go towards assisting their plans for point-of-sale upgrades, digital commerce enhancements marketing programs and other business improvements. Many respondents said Small business some of the top reasons they prefer cash-free payments for their businesses include increased security for employees, efficiency at the point-of-sale and reduced overall costs.
Andre Andrews of Dre’s Water Ice and Ice Cream in Philadelphia said the cashless system enabled their business activate a big multi-day event in Philadelphia. He said they were able to monitor the inventory and maintain the stock for top selling flavors. They were able to reduce the waiting time for customers and reconciliation of the books.
Visa received participants from all over the United States and across from several food-service businesses, including food trucks, coffee shops, juice bars, full-service and quick-service restaurants. Winners were selected based on video submissions which demonstrated the positive impact that the cashless system had on employees, the businesses, the originality, creativity and passion.
Visa Inc Head of global product and solutions Jack Forestell said when the company launched the Visa Cashless Challenge, the main objective was to inspire participants on the benefits as well as the effectiveness of using the cashless system. He added that since the launch of the challenge, they have seen an increase in the number of businesses going cashless. Forestell said Visa is committed to tapping into the technology and innovation so as to allow merchants remain competitively connected to their consumers
Momentum Continues Toward Cash-Free Future
According to Melinda Emerson, an expert on small business and an author, embracing digital and cashless payment methods can help in improving the bottom line of a business and improve the experience of customer. Emerson said small businesses are seeing the real benefits of having a cashless payment both for the business and their customers.