(CBS) — Cash may no longer be king. In an age of apps and electronic payments, a number of businesses in Chicago are no longer accepting cash payments.
CBS 2’s Vince Gerasole counts out the reason why in this original report.
At Goddess and the Baker, you can swipe away to pay, but don’t count out cash because they won’t take it.
The fast casual restaurant went cashless Aug. 1, hoping to increase transactions by 15 percent an hour. The move, say managers, also guards against robberies. Instead of counting out money in the office, managers now work the floor, getting food to customers faster.
“They have 30 minutes, 40 minutes for lunch, and really we want to expedite them through the line,” Tamar Mizrahi says.
They are not alone. Sweetgreen Salad restaurant switched to electronic-only sales as their cash business dropped from 40 percent to just 10 percent of all purchases.
Even Metra has hopped on the cashless train, somewhat. Their Ventra ticket purchasing app, launched two years ago, is now used by one third of its commuters.
“It’s already our number one sales channel for selling tickets,” Metra spokesperson Mike Gillis says.
At old school landmark like Lou Mitchells diner, 30 percent of transactions are still in cash, a number continually shrinking.
Some say accepting less green keeps the planet green. Sweetgreen said it’s eliminated 100,000 driving miles, plus gas, by no longer needing armored car service.
Still, there is worry the cashless trend leaves some Americans behind. In fact, in the state of Massachusetts, accepting cash payments at restaurants is required by law.