Will Paying With Actual Money Soon Become a Thing of the Past?

Why businesses are embracing the cashless trend, and what's at stake when they do

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In his nearly 30 years in the restaurant business, having done every job from waiter to regional director, Michael Ryan has learned a good deal about running a profitable house. His operational savvy helped make a success of legendary New York City names like Shaw’s Crab House and Blue Water Grill. Meanwhile, his watchful eye took note of many liabilities: the time it took to count the register drawers at night, for example, or the fivers and ten spots that would sometimes disappear into employees’ pockets as they worked behind the bar.

Which is why both locations of his latest concept, Filipino taqueria Flip Sigi, do not accept cash.

Before the restaurant adopted e-payments exclusively, “the manager was spending 20 hours a week counting cash, going to the bank and signing off on everybody’s [drawer],” Ryan says.

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This story first appeared in the Feb. 4, 2019, issue of Adweek magazine. Click here to subscribe.