Across the world, many restaurants are going completely cashless. Here's why.
Better security for you and your staff
Handling large amounts of cash comes with a high element of risk. For many restaurants, transporting cash every evening from the premises can be a cause of tension. Cashless transactions eliminate this. For example, Hill Country Barbeque in Washington lost over $60,000 through multiple break-ins in 2017. After going cashless in 2018, this came down to zero.
Faster, more efficient operations
Cashless operations speed up operations, as customers and staff no longer have to fumble with cash. UK healthy food chain Tossed was suffering during rush hour, finding it hard to cope with demand. Since going cashless, revenue has increased by 13.6% to over $14 million.
Better use of employee time
"Going cashless just helps us focus that much more on doing a good job," says Leo Kremer, co-CEO of the US-based Dos Toros chain. According to him, his managers now save two hours a day that used to be spent counting cash, arranging change and going to the bank.
Integration with online operations
Globally, online sales have been a significant revenue stream for over a decade. Developing markets such as India are growing at 15% per annum. Cashless systems allow for seamless integration of online and offline sales, leading to simpler, more efficient accounting.
Automated customer loyalty programs
In the past, customer loyalty programs have often been messy, involving cards, physical mailing, and administration costs. A cashless system can easily link transactions to loyalty programs, automatically releasing incentives, as and when customers achieve them.
More scope for customer delight
Cashless systems are leading to a re-examination of how a restaurant business is structured. The traditional model built around movement to and from a cash counter is giving way to a more fluid approach, where servers spend more time roaming around tables and interacting with customers. Many new possibilities are opening up. "We believe the future is hyper-experiential and hyper-convenient," says Jonathan Neman, co-founder of fast-casual chain Sweetgreen, "The middle is going to get squeezed out."