A growing handful of Latest York City restaurants are determined to not handle money despite the Big Apple’s ban on refusing hard currency – and so they are turning to a latest twist on old technology.
Slutty Vegan, an Atlanta-based vegan comfort food chain with outposts in Harlem and Brooklyn, is amongst restaurants which might be installing “reverse ATM machines” that spit out prepaid cards to get across the “Money-22” dilemma, Side Dish has learned.
One service provider – called ReverseATM, appropriately enough – rents out ATM-style machines that accept money bills in exchange for an “open loop” debit card whose balance may be used anywhere that Visa and MasterCard are accepted.
An executive on the ReverseATM – whose clients range from fast-food eateries to large sporting venues like Madison Square Garden – told Side Dish that customers are never charged a fee for the debit cards.
Restaurateur Stratis Morfogen, founding father of the Brooklyn Dumpling Shop, says he’s currently in talks to bring the ReverseATM machines to his eateries — especially at his East Village location, which is open all night on weekends.
“Money is dirty. We realized this throughout the pandemic. And it’s also not protected for our staff to have money registers stuffed with money,” Morfogen said. “Whenever you carry money, you’re a goal for criminals, and I’m not comfortable having my staff with money.”
Stratis Morfogen, founding father of the Brooklyn Dumpling Shop and Brooklyn Chop House.Stephen Yang
Reverse ATM machines accept money and spit out prepaid cards.
The Latest York City Council, nonetheless, passed the cashless ban in November 2020 at the peak of the COVID pandemic out of concern for the lots of of hundreds of Latest Yorkers who don’t have bank accounts or just prefer to pay in money.
A crackdown soon followed – spurring fines for businesses that skirted the law including upscale ice cream parlor Van Leeuwen and popular Bushwick pizza joint Roberta’s.
It also helped spark interest within the reverse ATM idea.
Slutty Vegan founder Pinky Cole, who says her business is now valued at $100 million, said the risks and hassles related to money took an early toll. Cole started off in September 2018 with a single food truck in Atlanta with just three items on the menu: burgers, pies and fries.
Pinky Cole said the risks and hassles related to money took an early toll. Sterling Pics
Along with criminals, sticky-fingered employees and the chance of IRS audits, Cole said she desires to avoid spreading germs through money that’s literally dirty.Slutty Vegan
“We were making $15,000 to $20,000 a day, with five- to six-hour lines. Sometimes we needed to have security because we were coping with a lot money,” Cole said. “One time, we stepped out of the automotive for 2 minutes and someone jumped in and stole it.”
Along with criminals, sticky-fingered employees and the chance of IRS audits, Cole said she desires to avoid spreading germs through money that’s literally dirty.
“It was the safest way and most honorable because all the pieces is documented,” Cole said. “It took a stresser off me. Every little thing went through a system.”
