Payment Processing
Why Restaurants Are Investing in Cashless Operations
Have you considered going cashless at your restaurant? You’re not alone. Spurred by the enthusiastic embrace of contactless dining during the COVID-19 pandemic, more and more restaurants are offering an “end-to-end cashless experience” that relies on credit cards, digital gift cards and mobile payment options (ie. QR codes and Apple Pay) that can all be integrated into your restaurant’s modern Cloud POS system.
In 2021, nearly 60% of U.S. consumers reported that they prefer to pay without cash. The number of Americans using cash for nearly all purchases has dropped precipitously since 2011, while the number of Americans saying that they never use cash continues to rise.
While you will only find a few completely cashless bars and restaurants right now, they are going to become more common as time goes on and technology improves. Cashless operations create convenience for your business and your customers.
Here are the top benefits of going cashless at your restaurant:
8 Benefits of Going Cashless
- Money is dirty. Filthy, actually. Going cashless is safer and cleaner.
- Remember the coin shortage of 2020? In a cashless establishment, currency shortages are irrelevant!
- Have a customer who wants to argue over their bill? A cashless system creates a straightforward record of all transactions.
- Ever have a few dollars “go missing” from the register? A cashless system in place can help you greatly lower the amount of internal theft that occurs with your restaurant.
- Owners of cashless restaurants don’t have to worry about regularly running to the bank to make deposits.
- A cashless system allows you to do all of your accounting through your integrated Cloud POS system, which tracks digital payments, credit card transactions and more, and can provide detailed reports whenever needed.
- Cashless systems can streamline operations and speed up your service since customers no longer have to fumble through their wallets and employees no longer need to make change. This can make a big difference when it comes to turning tables during a rush of business. Cashless systems also minimize human accounting errors, which, no matter how small, always add up!
- Encouraging digital/card/mobile payments allows restaurants to gather additional consumer data, which can be used to better understand your customer base and deliver a more personal experience.
What About Employee Tips?
While going cashless — or simply having less cash on hand due to changing customer preferences — can make tipping out your employees challenging, there are several ways to offer electronic payments to employees. For example, a new tip-out card (coming soon!) allows employees to receive same-day payouts at the end of their shift on a debit-type card. Employees will no longer have to worry about walking out with a wad of cash, nor will they have to wait around for a manager to cash them out at the end of their shift. Meanwhile, you benefit from an electronic log of all payments for bookkeeping and reconciliation purposes.
BOTTOMLINE: As mobile payment technology improves and makes substantial gains in popularity, going cashless will become more and more common. Doing so will save your restaurant time and money while also creating a frictionless experience for you, your employees and your customers.