January 30, 2017
DITCH IT:
Why Your Business Should Ditch Cash (Christopher Mims, 1/29/17, WSJ)
After his business was robbed for the fifth time in just over three months, the owner of Park Cafe & Coffee Bar in Baltimore decided to do something that would have seemed radical for a neighborhood business just a few years ago: He stopped taking cash. It was a desperation move, but what happened next surprised owner David Hart. His sales didn't go down.A much larger experiment conducted by salad chain Sweetgreen, which has 66 locations on both coasts, yielded the same result. After a year-long trial, the company has decided to go completely cashless in 2017, says a spokeswoman. There were many factors in its decision, from increased transaction speed to the unhygienic nature of cash, but the first reason Sweetgreen's spokeswoman cites is the same as Mr. Hart's--keeping employees safe by reducing the chance of robbery.The U.S. has been slowly moving toward becoming a cashless society ever since the introduction of the first general-purpose credit cards in the 1950s. But, as many businesses are discovering, it's only now possible to ditch it altogether.
Posted by Orrin Judd at January 30, 2017 5:34 PM
