The Benefits of Reducing Cash-in-Transit with Smart Safes
Even though the business world is becoming increasingly paperless with electronic transaction and wireless transactions, cash is still the currency of the realm and has to be physically moved from one location to another. This is particularly true for retail situations.
As such, cash in transit (CIT) remains a necessary evil. But transporting large amounts of legal tender carries with it a host of security risks. It can also be expensive, inconvenient and inefficient. Unless the process is performed quickly and accurately, it can slow both cash- and work flows. That's why many retailers are looking into smart safes as a way to reduce their CIT. Here's a quick list of benefits you can expect to find when integrating a smart safe into your retail operation:
Lower transportation costsThe costs associated with the utilization of armored transports can really add up. Reducing dependencies on CIT with smart safes can streamline the process by enabling cash to be grouped and moved in larger batches, dramatically reducing the number of pick-ups required per week.
Increased efficiency and securityReducing CIT also reduces potential security and safety hazards. With a smart safe, your cash is immediately placed in a centralized location that is safeguarded from any internal or external threat. Employees can then spend less time handling money and more time doing their jobs.
Quick access to working capitalSmart safes providing advance access to provisionally credited funds, smart safes offer faster access to much-needed working capital.
Instant informationIt's never been easier to have insight into your cash flow. Smart safes enable retailers to track cash remotely through real-time reporting. They automatically monitor each transaction down to the last cent, providing immediate access to a wealth of up-to-the-minute information that is protected using the latest data encryption technology. Smart safes also make balancing and reconcilement faster and easier. Any suspicious activities or unexplained shortfalls will be immediately reported to loss prevention specialists.
Added protection against counterfeiting and theftSmart safes automatically verify currency, checking for any counterfeit bills and coins. Loss prevention specialists will be notified if any red flags are raised during the verification process. Smart safes are also tamper-proof, minimizing the likelihood of employee 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.