The Bookapitch Blog

3 important reasons to stop dealing in cash

Posted on May 22, 2020 in Top tips

Cash as a method of paying for sports facilities is declining rapidly. These are the 3 key reasons why:

1. Covid-19.

Cash has almost become a “dirty” word as a result of COVID-19. In the initial outbreak of COVID-19 in the UK, Link, the operator of the UK’s biggest network of ATMs found that cash usage halved within a few days. Venues that handled cash before Covid-19, will be very reluctant to do so for the foreseeable future.

2. Security risk.

Having cash on-site poses a significant security risk to the people both handling the cash and keeping guard of it. It also provides unnecessary temptation to the people handling it and is very difficult to account for.

3. It’s expensive.

Banks are now charging more and more to handle cash. It has become very expensive to physically lodge compared to transferring it online. More and more banks are discouraging their customer to use cash.

Key benefits of taking online payments:

  • Full transparency.
    • Receipts are issued after every transaction.
    • Easy to keep track of all your payments.
  • No Debtors.
    • You don’t have any debtors because people pay in advance of their booking.
  • Better security.
    • You don’t have any cash lying around or on-site.
    • No chance of money going missing.
  • Reduce “No-Shows”.
    • Because people have paid in advance, you dramatically reduce the number of “no-shows” and cancellations, which costs venues a lot of money.

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