More businesses no longer accepting cash

More businesses no longer accepting cash

(CBS News) - More businesses are no longer accepting cash payments; it's credit and debit cards only. Kenneth Craig found out why an increasing number of establishments are making the switch, and the efforts underway to ban the trend from becoming the future.

There's an open secret to keeping the line moving at busy New York City lunch spot Two Forks, and owner Michael Kaplan has no problem sharing it.

"With every cash transaction, the payment process was slowing down significantly," Kaplan said.

So cash is now off-limits at his fast-casual restaurant. It's debit or credit card only, and most customers seem to be embracing the switch.

"I never have cash on me, I always have my card on me – so for me, it's pretty much easier," said Alex Yanoff, who is a customer at Two Forks.

From coffee shops to larger restaurant chains, more businesses are now banning bills. Proponents say eliminating hard currency is not only faster, it also reduces the risk of robberies.

But not everyone's buying into it.

Opponents argue these kind of places discriminate against people without cards who may be on low incomes. And in some places, efforts are underway to actually ban businesses from banning cash.

A Chicago lawmaker is pushing the city council to make it illegal. It already is in Massachusetts.

"Not everybody has plastic," Chicago Alderman Edward Burke said.

A recent survey found only 11 percent of Americans chose cash as their preferred form of payment.

"I think it's sort of a way of the future," Bill Hunscher, who is a customer, said.  "I don't use cash, it actually seems strange to use cash."

Dos Toros Taqueria owners Leo and Oliver Kremer say they rarely have to turn away cash-loyal customers.

It just feels like that's where everything is going. China is there already. India is halfway there. a lot of parts of Europe are mostly cashless," Leo Kremer said.

They're ready to cash in on a cashless future.

To encourage establishments to go cashless, Visa has offered thousands of dollars to small businesses to only take cards. None of businesses featured in this story say they were given any money to go cashless.

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