New York City Bill Proposes Eliminating Cashless Stores and Restaurants

New York City Bill Proposes Eliminating Cashless Stores and Restaurants

“Supporters of a new bill want to make sure New Yorkers are able to keep paying cash at their local stores.

The New York City Council held a hearing last week on the bill that proposes to ban stores and restaurants from refusing cash. The legislation is in response to a push for cashlessness across the city and the nation. Backers of the bill argue that by refusing cash, these establishments discriminate against the poor, victims of domestic violence, homeless people and undocumented immigrants—all of whom are more likely to be unbanked.

“Given the sheer prevalence of unbanked people, I worry deeply about the cashless economy,” said New York City Councilman Ritchie Torres, who introduced the bill. “Not everyone has access to debit or credit, but everyone has access to cash.”

See more here.

How Restaurants Can Cut the Costs Of Handling Cash

Image result for restaurant operations cash handling

“One of the last things a quick-service restaurant manager wants to do at the end of a long shift is count down registers and fill out reports. They’ve been on their feet all day, helping customers, prepping food and putting out fires (only the figurative type, hopefully).”

“(…) Counting, reconciling and depositing money manually causes unnecessary inefficiency and risk in the business. Managers and staff remain on the clock at the end of the day, making the simple act of counting and reconciling cash costly in itself. Other risks include:

  • Potential for errors
  • Opportunity for theft
  • Untracked deposits
  • Time away from customer-facing activities like cleaning, service or food prep/safety.”

“According to a 2018 study of cash by IHL Group, 41.1 percent of quick-service transactions are in cash. While debit and credit might prevail in other areas of retail, the Federal Reserve reports that cash is still the payment of choice for transactions under $25—certainly within the sweet spot for average quick-serve tickets. Shake Shack learned this lesson recently as its customers demanded the ability to pay cash at a previously cashless location.”

Read more here.