Cash may still be king in many respects, but plastic is working its way to the throne.
A number of businesses are choosing to go cashless — accepting only debit and credit cards — and it’s legal to do so.
Flock — a Toronto rotisserie chicken restaurant franchise — went cashless in December in four of its five Toronto restaurants after calculating that cash-paying customers only tallied up 3% of business. On the door of its restaurants, customers are cautioned: “We’re cashless. Debit and credit welcome.
“I get that it’s a controversial point being that it’s our national currency, but we looked at the overall business and found all areas covered, it was a wise choice to go cashless,” said Cory Vitiello, Flock chef and co-founder.
According to the Bank of Canada — despite popular belief — merchants don’t have to accept cash.
“It is up to the seller to determine the method of payment accepted for transactions. No law requires anyone to accept bank notes or any other form of payment to settle a commercial transaction,” said Bank of Canada spokesman Josianne Menard.