Plastic Is King At New York Restaurants That No Longer Accept Cash

NEW YORK (CBSNewYork) — They say cash is king, but it may not be for long.

A growing number of eateries are going cashless and accepting plastic only.

Swiping is the new sound of business at Mulberry And Vine in TriBeCa.

“It’s credit cards, debit cards, no metro cards,” general manager Joshua Mead said.

Two Forks is among several eateries near Bryant Park that went cashless this year too.

“Cash was only making up 1 to 2 percent of our sales anyway,” owner Michael Kaplan said.

Restaurants said no cash means no wasting time running to the bank for change, or spending hours counting money.

They also say business is up.

“So much faster. With one person on one register we can move 150 people through here in an hour. It’s insane how much faster it is,” Mead said.

Most customers told CBS2’s Lisa Rozner, they weren’t even carrying cash.

“I haven’t withdrawn cash for like 2 years or something,” Paul Havergducos said.

So what happens if you come to a cashless business, but you’re only carrying cash? Most will work with you if you have exact change.

“I try to carry exact change, I really do. If I can’t I leave the merchandise,” Rose Smith said.

“I like to be able to pay with cash to not have like very small purchases on a card,” Sarah Cassel said.

Experts said with credit card companies offering rewards programs, and mobile apps like Venmo and Apple Pay technology, not cash, is the new king.

“This is something that’s not going to change,” Fast Company editor and managing director, Robert Safian said.

The downside to the change is that there’s still a threat of security and ID theft when paying electronically.