![]() ![]() Restaurant operators should also talk to customers to get their opinions on the matter, either through informal conversations with cash-paying customers or a customer survey. If so, it can make a lot of sense to go cashless, or at least start transitioning to a cashless operation. Determine whether the volume of cash sales is at or below the national average of 12% and whether its falling over time. QSR operators should audit their sales reports over the last 12 months to see what percentage of transactions are cash and how that percentage is trending over time. Those manual processes not only require paid labor time, but also lock up revenue for greater periods than digital payments, meaning that going cashless improves cash flow by making that money available almost immediately.Īdditionally, removing cash from the equation reduces various forms of risk, including basic calculation errors as well as employee theft and the risk of robbery and burglary. Cash, on the other hand, requires a lot of manual processes, like making change, closing out registers and counting and depositing cash. One benefit of card payments and other types of digital transactions is that the movement of money is automated. Improved cash flow, lower risk, labor costs These benefits combined with increased throughput, can produce better brand health and growth. Based on various studies, consumer spending typically increases from 12% to 18% when customers pay with credit, while they have been shown to tip approximately 13% more. As a result, saving precious seconds with each transaction can lead to more customers served and bigger revenue gains.Īt the same time, customers are more likely to spend more when they use cards or mobile payment methods, as opposed to cash. This is particularly the case for QSRs, which drive success through a higher volume of sales. While it may not seem like a huge difference in transaction time, those extra five or 10 seconds for each order add up quickly over the course of each month. The most obvious benefit of having customers pay with a card or mobile payment method is that it's faster than taking cash payments, since all customers need do is swipe, dip or tap and they're finished, while cash customers must dig through their wallets for the right bills, then QSR employees must count the payment and make change. Increased throughput, while growing average ticket price Here then, are some of the benefits of going cashless and the aspects QSRs should consider for each. The benefits of going cashless include everything from speeding up service to increasing the average ticket price and minimizing losses, among others. In fact, there's a huge upside to steering clear of cash altogether, particularly for QSRs. There's a familiar business saying that "cash is king," but in 2020, there are plenty of reasons to question that conventional wisdom.
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