5 Good Reasons Why Covid-19 Will Kill Cash in Restaurants
Cash transactions in most restaurants were already on track to represent less than 10 percent of sales. It is time to remove cash transactions from the restaurant experience, and here are the 5 reasons why.
- Dirty Money-Money is filthy, and it is a contact surface handle by hands. Hands are dirty; that is why hand cleaning and sanitation are a priority in a restaurant environment. Eliminating Cash will provide safety for your team members as well as your patrons.
- The Rise of the E-Wallet on Phones-Restaurants welcome to the new platform of payment. With restaurants required to serve only take out over the past few months, customers have become more comfortable utilizing these apps. People don’t want to touch anything, not money, not credit cards, not the credit card machine, and especially not a pen and paper receipt that a restaurant employee has handled.
- Time and Productivity-Something incredible happens when you stop excepting Cash in a restaurant-Your managers get back an incredible amount of time to focus on what is essential to the success of your business. No Cash = No banks to count, no bank runs, no employee cash bank checkouts, no safes, no cash reports, and the list goes on.
- Safety and Risk Management-An employee making a trip to the bank is a dangerous, risky proposition. Where there is money, there is a temptation for theft: no money, no safe, one more risk eliminated from internal and external forces. Restaurants will become less of a target for robberies.
- Tipped Employee retention-How are you going to handle Credit Card tips if there isn’t any cash. Let’s all agree that no one likes dealing with credit card tip payouts. Not your team members who are having to wait for their money, not the managers who have to account and distribute the funds. Fortunately, new companies are coming up with solutions for this, like Kickfin, where once the tips are calculated for that shift, they are deposited immediately to the employee’s bank account, and a notification sent to their phone. Innovative companies will be developing solutions to address a cashless society.
Covid-19 may have provided an opportunity to think differently about your business. It’s essential to treat it as a new venture. Your patrons are excited to see that you will be reopening, now is the time to make changes as they will be adaptable and accept new changes during the initial reopening grace period of goodwill.