In most communities, cash remains the main payment system. However, the trend seems to have changed in the last few years. Going cashless becomes a growing practice. So, will you cashless restaurants in your city? A number of signs to the shift have been visible in many aspects. They are specially evident in fast-casual restaurants. In addition, more non-cash payment options are available now, compared to only credit cards or debit cards in the past.
Trends of Cashless Restaurants and Benefits
The trends toward cashless restaurants are influenced not only by the practicalities but also the operational efficiencies. Instead, many restaurants report some other benefits for the business management. As noted by Andrew Rigie – Contributor of Forbes, the following are some of the benefits:
Safer Cash Management
It was common for fast-casual restaurants to face employee theft, particularly during the busy hours. This happened as the employees had the chance to do so, while the employers could not fully control the cash management. Fortunately, cashless restaurants can minimize the risk of theft, since less cash is available in the drawer.
With non-cash system, the restaurants do not need to transport large sums of money to the bank anymore. This minimizes the risk of business robbery and loss. The restaurants get the food payment right into their bank account. It is much safer, right?
Faster Payment Process
Of course, payment using mobile system or credit cards is much faster and simpler than accepting and counting cash, as well as giving change. Simpler payment methods benefit fast-casual restaurants since they can serve more customers even during the busy lunchtime. As a result, they get more sales, more benefits, and happier customers. Furthermore, non-cash payment system reduces the risk of incorrect change given to the customers.
Imagine the time, which the employees required to sort the money before being deposited into the bank accounts. This way, the employees have more time to improve their skills. Or, the employers can allocate more time for the employee training.
Controversies about Cashless Restaurants
In fact, existence of cashless restaurants remains controversial. The society has been familiar with cash payment system for many years. As a result, transition to non-cash system is not as easy as it sounds. The practice is actually faced with broad societal implications. Why?
- As reported by New York City Comptroller, around 13% of the city dwellers do not have any bank account. It equals to an estimated 825.000 adults. They do not have debit cards or credit cards. As a result, some analysts see the practice of only-cashless system is discriminatory for certain segments of population
- States like Massachusetts even prohibits cashless stores. Other states are expected to follow, with their own regulation. This makes adoption of cashless system in the United States is relatively slow compared to other countries like China, Sweden, and India.
- A number of community-based organizations have expressed their concern about the cashless restaurants
Despite the controversies, the use of digital payment systems is expected to grow even faster in the future. If the businesses want to keep in line with the consumer purchasing habits, then they have no choice. Do you agree?