VIDEO - Cashless technology catches on at restaurants

At a growing number of restaurants, your money — or your cash at least — is no good.

For a variety of reasons, more eateries are refusing to allow cash payment, and only accepting debit and credit cards. One of them is fast-casual chain Sweetgreen, which went cashless last year. Separately, burger giant Shake Shack said recently that it's testing a cashless, kiosk-only location.

When Two Forks opened in New York City just over a year ago, owner Michael Kaplan told CNBC they accepted both cash and cards for the first few weeks. That quickly changed.

"…We were noticing that with every cash transaction, the payment process was slowing down significantly," Kaplan said to "On the Money" in a recent interview. After doing some research, the eatery saw that "generally everyone pays with credit cards anyway."

With that in mind, Kaplan decided to eliminate cash as a payment option. "We thought it was a good next step," he said.

Dos Toros co-CEO Leo Kremer said that "simplicity" was the reason behind his 14 location chain's decision to be cashless. Kremer explained to CNBC the goal in hospitality is really simple.

"To delight your guests every day. But it's hard to do that," he said.

"It's about great food and great service and a clean environment and those things require time and focus and manager time is eaten up by cash handling procedures. Going cashless just allows us to focus that much more on doing a good job," Kremer added.

The restauranteur said his managers save about two hours a day that used to be spent counting cash, buying change, and making bank runs. He added that time can be used to coach the team of employees and engage directly with customers.

https://www.cnbc.com/2018/01/26/cashless-technology-catches-on-at-restaurants.html