Should fooderies go cashless? Maybe not...

Jan. 9, 2018 Share Source

Accepting multiple payment methods can be a good thing in today's digital age, but that should not mean refusing cash. That's the word on the street in New Jersey, where a sub-sandwich chain spokesperson recently declared their loyalty to the king of payment options. Cash.  

Since Visa's Cashless Challenge enticed fooderies across the USA to go cashless.. (allegedly without going totally cashless... whatever that means), new business models have spoken up about the pros of going cashless, but we couldn't help but wonder what the tech-savvy yet cash-loyal fooderies have to say about why they're not fooled by Visa's self-interested campaign.  

Excerpt from QSR article The Case Against Going Cashless

Guests placing an order at Jersey Mike’s can pay for their meal in a variety of ways: credit card, Apple Pay, Google Wallet, online through a delivery-ordering system, through their mobile phones, and more. The New Jersey-based sub sandwich chain prides itself on being aware of upcoming digital technologies and is always trying to move customers through the line faster, says Jersey Mike’s CMO Rich Hope.

But that doesn’t mean the company is thinking of going cashless.

“Cash is still a viable method in this country, and I don’t think we intend to eliminate it anytime soon,” Hope says, adding that at Jersey Mike’s, cash transactions are often faster than credit-card ones.
" Rich Hope (as quoted by QSR) CMO Jersey Mike's

Cash has its advantages. It doesn’t come with a service fee, it might encourage tipping, and it requires human interaction that can shine a light on superior customer service, says Virgil Dickerson, marketing manager of Illegal Pete’s, a Denver-based burrito concept that had considered going cashless but decided against it. The brand is, however, incorporating more digital payment options than just credit cards...

“I think we’re getting closer [to a cashless market]—a lot of change has happened, but I’m not ready to give up on cash just yet. I don’t feel like everyone is comfortable with all the technologies you have to use to go cashless.”
" Virgil Dickerson (as quoted by QSR) Marketing Manager Illegal Pete's

...Cash’s continued use is a core reason to keep it in the limited-service space. For example, it’s around 20 percent at Illegal Pete’s. In contrast, Sweetgreen was processing fewer than 10 percent cash transactions, Neman told the New York Times... Continue reading

Read QSR magazine article here

Sources

Reader, Ruth. "Sweetgreen Is Going Fully Cashless In 2017." Fast Company. December 30, 2016. Accessed January 09, 2018.

Szalay, Jessie. "The Case Against Going Cashless." QSR magazine online: payment processing. January 05, 2018. Accessed January 09, 2018.

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Catch Up: New York Times 'Cash Might Be King, but They Don’t Care'
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Catch Up: Fast Company 'Sweetgreen Is Going Fully Cashless In 2017'
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Catch Up: Cash Matters 'Poor Visa! The company now wants to pay people to use their product...' 
In an unprecedented act of despair, Visa announced plans to pay thousands of dollars to 50 small merchants. They would receive the money for restricting their customers’ choice when it came to payments by no longer allowing cash payments. In Visa’s own words, this is part of the company’s "strategy" for “putting cash out of business”.

Catch Up: Cash Matters 'Chicago Alderman Decrees Ban on Cashless'
Chicago's distinguished Alderman Edward Burke (14th Ward) introduced an ordinance to prohibit licensees from refusing cash as payment for goods or services at a City Council meeting on 11th October 2017.

Last Updated: Feb. 1, 2018