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16/09/2009 -
The rapid shift to credit cards and other plastic payment methods is not recent news. Yet nothing exemplifies this trend better than Commerce, a New York City restaurant that has decided to stop accepting cash.In this 21st century-variation of the once common "cash only" rule, the restaurant has taken the credit card trend to what some might say is an extreme.
"If you don't have a credit card, you can use a debit card," the restaurant co-owner, Tony Zazula, told the New York Times. "If you don't have a debit card, you probably don't have a checking account. And if you don't have a checking account, you probably shouldn't be eating at Commerce to begin with."
Putting aside the potential customer service implications of such a move, accepting only plastic may benefit the restaurant in a number of ways.
For one, the Internal Revenue Service will likely be happy, because electronic transactions are more transparent and harder to hide, the Times noted.
In addition, the restaurant no longer has to worry about being robbed, and their cash flow management will likely be simplified and streamlined.
Although it may not be advisable to take credit card processing to this level, the benefits of accepting payment cards are not to be ignored.
