Is Your Pocket Money Disappearing?
You can buy money from ancient Rome (A.D. 200 to 300) for less than $20 for a grab bag of uncleaned and undocumented coins. It’s hard to believe that minted money has been available since 500 B.C. In a few short years, our 21st century money may become a relic as well.
More and more businesses are going exclusively digital. The cashless wave is saving some businesses a boatload of 0s and 1s as they eliminate counting cash, depositing cash and signing off on drawers, and take advantage of the overall speed and efficiency increases of cashless transactions. Last year, Visa offered a “Cashless Challenge” to get 50 operators to eliminate cash from their business. Many restaurant chains are starting to go cashless. Most notably on that list is Starbucks, because of the success of its pay app.
In additional to cash, you’re also starting to see another money image disappearing from restaurant menus — the dollar sign. A group from Cornell University — as reported in “Brainfluence,” by Roger Dooley — found that a restaurant should display its prices as a number only and not use a dollar sign or decimal. In the experiment, guests spent significantly more when ordering from menus with no decimals or dollar signs.
Dooley says there is a subliminal negative effect with currency symbols. He calls it the “money effect,” which can change a viewer’s self-interest feelings by seeing images of money or hearing about money.
So take off the dollar signs, you just might sell more 0s and 1s to your customers.