The Benefits of Reducing Cash-in-Transit with Smart Safes
Even though business transactions are increasingly paperless and many financial transactions are now electronic, cash still dominates in-person retail purchases. As a physical currency, cash has to be moved from one location to another. But transporting cash is a huge security risk and requires Cash-in-Transit (CiT) services to move it securely.
When CiT operates perfectly, the merchant schedules an armored car and cash is picked up, processed and deposited to a bank account quickly and efficiently. But a delay at any step of the process can slow a retailer’s workflow and cash flow.
That’s why many retailers are looking to smart safes to optimize their CiT service.
Here are five benefits of integrating smart safes into your retail operations:
Lower cash transport
Fees for cash deliveries and pick-ups really add up. Smart safes reduce the number of CiT pickups by reporting the cash deposits to the retailer's bank and securing it until it can be picked up. Customers get credit for cash before it’s physically deposited to their account so they don’t need to make daily deposits.
And because smart safes are insurance rated storage devices, it’s safe to store the cash on-site and consolidate several days of deposits into one pick-up. Secure cash inventory also allows retailers to keep cash on hand for tills and change needs which reduces the frequency of cash deliveries.
Increased security of cash
Cash automation devices reduce potential security and safety threats. When cash enters the safe, it’s insured and guaranteed against loss. Smart safes reduce cash exposure by storing it out of sight and limiting the manual counting and handling that makes it vulnerable to internal and external theft. Cash automation devices also limit cash access to authorized users to add accountability and traceability to cash transactions.
Accelerate access to working capital
Smart safes and cash recyclers keep a complete electronic record of every transaction. This deposit data is reported to a financial institution that issues credit for the funds to the merchant before the funds are actually deposited to the bank. Retailers have advance access to credited funds to use for much-needed working capital in a fraction of the time it takes to deposit cash manually.
Instant visibility into cash
Smart safes and recyclers can be connected to a network, which allows retailers to track cash remotely through real-time reporting. The devices send data for each transaction providing access to of real-time information that is protected using the latest data encryption technology. Smart safes also streamline cash balancing and reconciling processes. Any suspicious activities or unexplained shortfalls are immediately reported to loss prevention specialists.
Protect against counterfeits and theft
Smart safes automatically verify currency as it enters the safe, checking for any counterfeit bills and coins. Loss prevention specialists will be notified of any red flags during the verification process. Smart safes are also tamper-proof and maintain a complete audit trail of transactions which minimizes internal theft.
Learn more about our solutions to retail cash problems, or take a look at a short video talking about the differences between a smart safe and a standard safe.