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Three reasons to move to cashless payments for your business.
1. No more manual ledger recordkeeping required for cash.
As a business owner, you must keep records of every transaction, including cash sales.
For every cash sale you have, you need a general ledger entry in your books to record what the sale was for, the date of the transaction, and the amount.
2. No need to make trips to the bank for deposits.
Having too much cash on hand can be dangerous, but it’s also time consuming. Getting rid of cash payments means you can eliminate daily trips to your bank and less risk to your own safety when carrying large amounts of cash.
Another benefit is the speed to which you get payments into your actual business bank account. Chase Business Bank clients receive their deposits the next business day for no additional fees.
3. Increase safety and security for you and your employees.
Eliminate cash from the payment options you offer and you can avoid buying an expensive safe to store your cash until you can get to the bank. You also protect your business from counterfeit bills, not to mention unfortunate instances of employee theft.
Your customers can also benefit from cashless. Most card companies offer purchase and fraud insurance that isn’t possible with cash payments.
*Payments processed and approved by 5:00 pm Pacific Time (PT) / 8:00 pm Eastern Time (ET), Sunday through Friday (including holidays), will be deposited into the business owner’s Chase business checking account that night; except for businesses in the Eastern Time zone, where some deposits may not occur until 1:00 am ET. All payments processed and approved by 5:00 pm PT / 8:00 pm ET on Saturdays will be deposited into the business owner’s Chase business checking account Sunday morning by 7:30 am ET. There is no additional cost for Same-Day Deposits but standard rates and fees will apply for business checking and payment processing.
Next business day funding is available to eligible Chase Merchant Services clients who deposit into a single Chase business checking account. Visa® , MasterCard® , Discover® , and American Express® OptBlue® credit and debit transactions are eligible. All businesses are subject to business credit approval and all funds are subject to fraud monitoring. In addition, funding is subject to the terms and conditions of the merchant processing agreement. Chase must receive settled transactions by 10:00 pm EST (some businesses may qualify for an 11:59 pm EST settlement; talk to a Chase representative for more details). Funds are deposited on the next business day, excluding weekends and bank holidays. Some exclusions may apply. The listed payment brand(s) are not sponsors of this program. All marks are marks of their respective companies.
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