Stop Running to the Bank
Bringing in more cash than you can handle is good problem for a retailer to have, right? It's certainly better than the alternative but it does come with its own set of challenges. One of the biggest is securing that cash until you can deposit it to your bank account.
No matter the size of your retail operation you probably spend too much time on activities like sweeping tills, sorting and counting cash and preparing bank deposits. Unsecured storage methods, cash handling processes and transporting cash to the bank are touch points where you're most at risk for theft. Let's say you send an employee to take the deposit to your bank during the day. Now your employee and your cash are outside of your insurance policy and are easy targets for robbery. Plus you're short one person during that time. You might decide to make your deposits after hours to the night drop at your bank. Sure, it's a more efficient use of time but any gains are offset the increased security risk.
You see the pattern here? From the time you accept a cash payment until it's deposited to your account, cash is vulnerable. And you spend precious time and resources managing cash so you can get it to bank and into your account.
Bring the bank to you
Cash technologies like smart safes and cash recyclers allow you to securely store your cash on site. These devices are rated for overnight storage and provide a digital record of every transaction so cash is far less vulnerable to external AND internal theft. And secure storage means you don't have to clear your cash inventory daily, eliminating daily deposit preparation and risky transportation activities.
But the real value is the ‘smart' part. These devices are securely connected to your bank account. Your deposits are immediately credited to your account, allowing you to have provisional credit so you can put your cash to work for you. And remote monitoring provides new visibility into your cash flow and movements for a whole new layer security. Recyclers and smart safes can even communicate with cash-in-transit providers to automatically schedule cash pickups and deliveries.
You're sure to find other ways to use all the time you used to spend preoccupied with cash management. Now there's more time to focus on your customers and their experience with your business. And no more time-consuming, risky bank runs mean you can put your running shoes to better use.