When was the last time you paid cash for a meal that was over $20? For many of us, carrying large amounts of cash has become uncommon — relying instead on our plastic currency for larger purchases. Therefore, as the use of credit and debit cards become more prevalent than cash, many business owners are considering the benefits of a cashless business model.
By eliminating cash, there are significant time savings for staff and managers that would otherwise allocate valuable labor hours toward counting money, swapping drawers at shift change and making daily trips to the bank for deposits. Going cashless also reduces the likelihood of employee theft and losses due to the mishandling of money.
Another benefit is that eliminating cash drawers, in turn, eliminates the need for a traditional cashier role if self-service kiosks are implemented instead. Instead of standing behind a register waiting to take an order, staff can interact with customers at the kiosks to provide order assistance, deliver food to tables and check in to see how guests are enjoying their meal, ultimately, maximizing the guest experience.
The truly cashless business model is an innovative way of thinking and although it has many benefits, there are some challenges as well, particularly with recent legislation in certain states that have outlawed cashless businesses, citing discrimination. In states where such legislation exists or if going completely cashless feels too intimidating, there are still ways to limit the amount of physical currency being accepted, easing operations and freeing up labor. One way is to integrate a cash acceptor into kiosks, again, removing the need for traditional cashiers and reducing time spent counting and handling cash. Alternatively, businesses can keep just a single cashier for those who opt to pay cash.
A great example of a cashless restaurant in action is BRINE in New York City. Below is a video highlighting its unique business model and how it has been successful.