Transaction Trends

The New York Times this week reported on a cashless revolution, taking place quietly, at eateries nation-wide. When Sweetgreen, a fresh-focused fast casual eatery, stopped accepting cash at some of its locations this past January something interesting happened – very few people noticed at all.

In the article, Sweetgreen co-founder and co-chief executive Jonathan Neman explained that over the restaurant’s nine years in business, they witnessed cash transactions decline from 40% to less than 10%. Part of the reason cited for consumers choosing to pay electronically is convenience – no cash means shorter lines and according to Neman, employees at the cashless locations have been able to accommodate between 5 and 15 more transactions per hour.

In addition to accepting cards, Sweetgreen has developed a payments app, which now accounts for 30% of the company’s transactions and allows for value-added interactions such as discounts and data feedback. Sweetgreen is also developing pre-paid or gift-card payments solutions to serve those whom may not have access to credit and debit cards or smartphones.

As the article notes, going cashless hasn’t been a total success for all fast casual restaurants, however, Sweetgreen, catering to its tech-savvy convenience-oriented diners, is expected to be a cashless success

Read the full article here.