Your challenge, if you choose to accept it, is to convince other members of your family and community to see the benefits of going cashless and paperless. Need help? We’ve got some ideas to get you started. Your reward? Ultimate cashless convenience.
Convert prospect #1: The Contractor
Notoriously a cash-only dealer, your contractor could be a tricky one to convince. The instant nature of cash and the confidence that it’s money in-hand (no authorizations, waiting for cheques to clear, or paper trail) make cash a go-to payment method.
The cashless solution: Interac‡ e-Transfers
Because the money you send is instantly deposited into the recipient’s account, your contractor can walk away with money in the bank. All they need is an email address or mobile phone number and a Canadian bank account. It’s simple, secure and avoids stops at the branch to deposit a chunk of cash.
Convert prospect #2: Your Child’s Daycare
If you have kids in daycare, you’re likely used to filling out 12 post-dated cheques once a year. Having relied on this payment method for decades, the daycare may not be ready to switch from their tried and true process.
The paperless solution: Pre-authorized payments
Your daycare can easily set up pre-authorized credit card payments through their financial institution. They’ll avoid the costs that come with making manual deposits at the bank, and because payments are processed more quickly than cheques, they get paid faster.
And the bonus benefit for you? By using your credit card, you get to collect rewards points on every transaction.
Convert prospect #3: The Babysitter
Ever count your money on the way home to make sure you have enough cash for the sitter? Ever pay a bit too much because you didn’t have the exact change? While babysitters have historically been an exclusively cash-based business, your sitter could really benefit from taking payments electronically.
The cashless solution: Interac‡ e-Transfers
Chances are, your sitter has a cell phone. You can send money via text message quickly and securely – and you can send it during the cab-ride home, or while you’re making awkward chit-chat about their plans for the future. They get the money right away and it’s always the right amount.
Cashless prospect #4: Your Family
Baby showers. Birthday gifts. Wedding presents. There are many occasions where your parents and siblings may be splitting the cost of a gift with you. If you’ve ever been the one waiting for a cheque to arrive in the mail, you know someone always gets stuck fronting the cost and following up hoping they’ll get paid back. It doesn’t have to be that way.
The cashless solution: Interac‡ e-Transfers
Simple, fast, convenient and even free in some cases. No waiting, no excuses.
Cashless prospect #5: The Door-to-Door Cookie Seller
For years, cookie buyers across Canada have been scrounging for cash when the wide-eyed little girl knocks on their door selling cookies. Countless would-be buyers have had to say “sorry, I don’t have any cash on me,” foregoing yummy cookies and depriving the girl of a sale.
The cashless solution: Square
With a Square magstripe reader, cookie sellers – or businesses of any kind – can accept credit cards anywhere. The device plugs into the headphone jack of Apple and Android smartphones or tablets, making accepting payments on mobile a breeze. Lemonade stands take notice!
Cashless prospect #6: Your Teenage Kids
Do your teenagers ask you for money? Has this rare phenomenon ever happened, and left you digging for bills so they can go to the movies or the mall?
The cashless solution: A joint credit card
If the thought of giving your child a credit card makes you cringe, just wait. A joint credit card is actually a smart, safe and practical solution. You can assign spending limits, and if you have a rewards card, you get the points whenever they use it. They can add the card to their smartphone too, making it extra convenient for your teen to spend your money.
Armed with knowledge and great reasons to make the switch from cash, see how many people you can convert to a cashless lifestyle!
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
