Who uses cash anymore? As it turns out, more people than you think. The numbers don’t lie. They just confirm what every retailer knows. Cash is still alive and well.
High cost and high risk
Handling and processing all that cash is a logistical headache for retailers. Cash costs represent a significant expense on the balance sheet. The time and money spent managing and securing cash eats directly into your cash profits.
So how do you get control of your cash costs and improve your bottom line? You start by streamlining your cash processes and tightening cash controls.
You have to have cash. But it doesn’t have to be a problem.
Here are 6 ways cash recyclers can help you tighten cash control in your back office and drive down costs.
1. Lower cash costs.
Recyclers are rated for overnight cash storage so you can safely store cash inventory on site. Then you can use the recycler to fund starting till floats at the beginning of a shift. With no need to clear cash daily, you can reduce labor and cash-in-transit costs.
2. Increase cash security.
Every cash touch point is an opportunity for theft. Theft risk accounts for the majority of retail cash costs. Recyclers generate a complete audit trail of every transaction for an added layer of accountability. And they reduce human contact with cash, which discourages internal and external theft.
3. Save time.
Handling cash consumes hours of staff time – often anywhere from 45–90 minutes per person each day – that’s a full day every week spent merely dealing with cash. Recyclers eliminate much of this repetitive labor, potentially halving the time spent on starting floats, note sweeps and swaps, coin and note counting and end-of-day reconciliation.
4. Reduce cash errors.
When people count cash, errors are inevitable. At the end of the day, cashiers deposit the contents of their registers into a recycler. The recyclers automatically identify, authenticate and sort cash into secured containers, leaving no room for accidental (or intentional) errors.
5. Improve cash visibility.
With remote monitoring, you can get an overview of your entire cash position – in real time. All transactions are recorded, and the recycler communicates deposit totals to the bank providing
same- or next-day deposit credit.
6. Improve efficiency.
Your most valuable (i.e. expensive) employees are usually responsible for even the most tedious cash tasks. It doesn’t make sense to have your highest value staff to doing such low value work. Recyclers process cash faster and more accurately than people so your people can focus on more important things like creating great customer experiences.
Cash recyclers drive benefits
Cash room operations provide a glimpse into the health of a business. Cash recyclers can cure cash headaches and promote good business health. Which means retailers will have more time to spend on important things—like engaging customers and selling products—and less time counting and tracking cash.