It was one thing when online marketplace eBay banned cashed, but now a restaurant? If anything, some restaurants don't accept credit cards due to the fees incurred. But Fast Company recently wrote about a company that is going "fully cashless" in 2017.
"Sweetgreen is an American fast casual restaurant chain that serves "simple, seasonal, healthy food," Wikipedia
The company told Fast Company
about the benefits of refusing to accept cash as a payment method - no robberies, better employee hygiene, no need for managers to spend time counting cash, faster transactions.
But the most important reason appears to be the data the company can collect about its customers.
"Through its app, Sweetgreen has been able to garner behavioral data about which locations customers eat at regularly and what they order. In the future, Neman and Jammet hope that they can develop a way (possibly using a tablet) to get that information to salad servers so they can more meaningfully interact with customers."
Perhaps you thought retailers had to accept cash (it's "legal tender," after all), but Fast Company wrote that's only true in some states, such as Massachusetts, where it's illegal not to accept cash.
"Under the law, United States money as identified above is a valid and legal offer of payment for antecedent debts when tendered to a creditor. By contrast, Federal statutes do not require that someone who is not a pre-existing creditor must accept currency or coins as payment for goods or services. Private businesses may formulate their own policies on whether to accept cash unless state law requires otherwise."
There's something very satisfying about using cash to pay for a transaction, whether it's at a store or at a flea market.
Forcing customers to use digital forms of payment provides vendors and merchants with valuable data - should customers start thinking about ways to be compensated for the data they provide retailers?