|Published:||Aug 17, 2010 9:23 PM EDT|
|Updated:||Aug 17, 2010 6:23 PM EDT|
NEW YORK - Cash only is the new trend at restaurants and bars working with small profit margins in tight economic times.
Restaurant consultant Michael Whiteman said cash only is becoming a more acceptable practice.
"You notice it more and more," Whiteman said. "When times get tough, restaurateurs look to cut costs."
A cash-only restaurant owner said about 5 percent of his gross sales had been going to the card companies for transaction fees.
"The fees the card companies charge hurt the smaller venue," the owner said. "But it's a gamble. You are going to annoy some customers."
Some cash-only venues place ATMs in their establishments so customers can withdraw cash, but the annoyance and the ATM fees are still a problem.
"I've actually gotten up and left places that are cash-only," New Yorker Christine Hanna said.