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Gary Heath, Managing Director of GiroVend, the UK’s leading cashless payment solutions provider, gives us his thoughts on how the cashless payment industry is evolving.
The current economic situation is forcing organisations to cut capital spending, reduce overheads and make systems work harder. Cashless payment solutions at first glance seem a luxury staff benefit, however the overriding benefit of ‘going cashless’ is increased cost and resource efficiencies.
Cashless payments are quick. Less time is spent queuing at the till, more transactions are processed in a shorter period of time resulting in less resource being required to work the tills. Back office management systems (standard with any GiroVend contract) provide a comprehensive range of simple reporting capabilities, to track purchasing patterns, busy transaction periods and favoured menu options, which reduces waste and assists with stock control.
In a world where ‘bespoke’ and ‘custom’ is most often prioritised and seen to be superior, cashless turns this on its head by moving away from bespoke solutions to a standardised approach.
The ever increasing trend to pay electronically either through the internet or by debit / credit card is continuing. The ease and simplicity of the electronic payment has surely aided this revolution, however the speed at which our daily lives operate has also risen year on year, in line with our demands for immediate service and response.
Cashless payments have been around for many years in a range of guises, the Oyster card system, debit and credit card payments and Paypal all offer us quicker and easier ways to part with our cash. Closed solutions, only operating within a specific environment, have been around for equally as long, however most have been expensive, bespoke and highly complex solutions.
GiroVend have been providing cashless payment solutions for over 20 years, maintaining an impressive client list including Marks and Spencer, Centrica and HSBC. Designing, manufacturing, installing and maintaining their systems GiroVend have used this knowledge to become the UK’s leading provider.
Economic Trend
With organisations looking at ways to improve efficiencies, ‘going cashless’ is a long term investment and one that can save an organisation hundreds of thousands of pounds over the lifetime of a contract. Labour and stock efficiencies are added to through onsite spending and impulse purchases.
Traditionally a cashless solution has been networked and managed through an organisations internal server. However the future is dawning as organisations such as GiroVend, offer a Hosted alternative solution. More efficient, extremely secure and one less thing to worry about, a Hosted solution offers organisations an easy way to manage their cashless payment operation.
A Hosted solution, although not managed through an organisations internal network, still offers the same benefits as the alternative traditional cashless option. Back office management audit reporting and purchase analysis provide organisations and caterers with the information to run a more efficient operation. Group pricing structures, subsidiaries and salary sacrifice options allow organisations and staff to benefit through bonus schemes while visitors and contractors operate on a separate tariff.
Market Drivers
The market is clear in what it wants, a simple solution configurable to suit each site. Standardisation is how cost efficiencies can be passed on to the client and how providers, such as GiroVend are able to tailor solutions to meet specific site requirements.
The mix and match of a standard range of products, payment options, management capabilities and add ons allows a truly tailored solution from a standard range of options. For example, the customer selects to have a till as part of their cashless solution, then has the option to configure the screen to suit their requirements, instead of choosing from a range of tills all with single screen configuration. Simply select the modules required for each site, add on salary sacrifice or group pricing structures, select Hosted, Traditional networked or even Online and incorporate your cashless payment solution into existing on-site access control smart card technology.
GiroVend is unique in being able to provide a truly single card solution. As a division of Group 4 Technology (G4Tec), the UK’s leading security solutions provider, GiroVend seamlessly integrates with the G4Tec Symmetry™ Security Management Solution, including access control and identity management. Flexibility is key to the customer, where as the user wants the simplicity and convenience offered by a single card solution.
Third party integration is a key element of any cashless payment solution. Working with third parties such as vending manufacturers and contract caterers is what enables a truly cashless, streamline solution, where by staff are able to use their card for all purchases across single or multiple sites.
Responding to market requirements and the current economic climate, GiroVend has set itself as the market leader through the provision of robust, standard solutions that respond accurately and effectively to user requirements. With the ever increasing trend towards outsourcing and the cost efficiencies it offers, Hosted does seem to be the future of cashless payments.
The challenge providers are facing
Each market sector has varying requirements from both a catering operation and a cashless payment solutions provider. The challenge facing all cashless payment solutions providers is in creating a truly standardised ‘pick and mix’ solution. GiroVend have ensured flexibility remains key throughout their product range, so although each item of equipment is standard, the configuration, management options, loading options and even payment options are all tailored to the clients requirements.
As an industry leader GiroVend are setting the standard when it comes to cashless payments and proving that everyone benefits… |