Cash is king, or not. A recent opening of a restaurant in New York called the Shake Shack has brought attention to its unique style of payment method. The new business will only accept payment by phone or card but not cash. This move for many signifies the dying of currency based coffee shops and other hospitality related businesses using cash. Globally more and more people are recognizing that cash can be a business nightmare at times. The daily bank deposits, cash counting and theft all cost time and inevitably money. Perhaps these changes to how currency is viewed and used will forever change the hospitality sector and business sooner than we think some would say.
- Shake Shack is opening its first cashless restaurant in New York. Other coffee shops, restaurants, and food service outlets are following suit.
- When customers pay in cash, it slows down service at a food service outlet.
- Most customers, including millennials, believe that paying in cash will still be an option in the future.
“Cash brings a number of challenges to food service outlets; the cost of cashing up and banking every day, the lack of personalization options (as cash is anonymous), hygiene, and theft.”