PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Some Cafes Going Cashless

Raymond Pucci by Raymond Pucci
January 8, 2018
in Analysts Coverage
0
Financial Institutions Bank on Change to Stay Competitive - PaymentsJournal

Interior Of Coffee Shop With Customers Using Digital Devices

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

You can leave home without it—cash, that is. Some casual food shops are finding that not accepting cash payments speeds up their order fulfillment and wins approval from customers, as the following article reports.

General Manager Erica Ritchie smiled politely before breaking the news to the young woman with a $10 bill in her hand.

“We’re actually cashless,” said Ritchie inside Bluestone Lane, a bright cafe in the shadow of City Hall in downtown Philadelphia.

“Oh,” said the young woman, a bit sheepishly, before handing over a credit card to pay for her small coffee.

By now, Ritchie is used to the exchange, though it’s not terribly common anymore. Most of Bluestone’s customers are regulars who come because it’s close to work — and because they rarely carry cash. They like the reassurance in this food-crazed city that they won’t need it.

“I can’t remember the last time I got out cash. Probably like a few weeks ago – a month ago? Maybe something like that,” said Samuel Foote, a social worker in the office building above the cafe, as he waited for banana toast. “And it was like to give money to my father who doesn’t have Venmo.”

Bluestone, which now has 20 stores in the U.S., went cashless last October.

A big reason: Nearly 90 percent of customers were like Foote. They never paid in cash.

Another reason: The lines move faster when employees don’t have to make change.

“We’re talking about someone ordering and paying in roughly 40 seconds versus with cash, which is around a minute,” said Bluestone CEO Nick Stone.

Shaving that kind of time doesn’t make Bluestone more money. In fact, it’s more expensive to be cash-free because of the additional debit and credit card fees tacked on to each transaction.

Don’t expect cashless to become widespread in U.S. coffee shops and cafes in the foreseeable future. Despite consumer use of payment cards, and even as contactless payments are becoming more prevalent, many coffee shop customers find it convenient to use cash to pay. Nationwide chains will not turn away cash and practically all have loyalty based, card payment systems anyway. But there will still be some small chain cafes that will use cashless as a way to eliminate dealing with currency and coin handling. Could this be the beginning of the end for the veritable tip jar? Not likely.

Overview by Raymond Pucci, Associate Director, Research Service at Mercator Advisory Group

Read the quoted story here

Tags: CashCashless
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023
    payments

    Key Challenges from Growing Payment Methods and Volume

    March 13, 2023
    Data Governance is a Journey, financial data

    How FIs Can Power Their Operations with a Modern Data Architecture

    March 10, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Autorek complimentary report: Payments Industry Outlook 2023: