Benefits of Cash Management
Discover how we can work with you to provide a configurable solution to automate your cash management processes and achieve the greatest return on investment.
Change title to Cash Management
We can help you:
Reduce/eliminate internal cash shrinkage: According to the 2011 Global Retail Theft Barometer, dishonest employees were responsible for over $41 Billion or 35% of shrinkage, surpassing shoplifting. In addition, the average amount admitted stolen by employees was greater than five times the average stolen by shoplifters.
Decrease labour costs: The largest portion of your ROI will come from a reduction in labour. It can be as simple as later start times and earlier end times for employees or a reduction or redeployment of cash room employees.
Optimize cash flow: Implementation of a cash management solution can reduce your vault holdings by a minimum of 10%.
Reduce armoured-car fees: The average cash management solution will reduce the frequency of armoured-car pick-ups required.
Increase operational efficiencies and accuracy: Less time counting cash equates to more time customer facing and managing your employees.
Detect counterfeits: All solutions have updated counterfeit note detection and will reject any fraudulent notes.
Manage better with better information: Solutions all have reporting capability, both at the store level and online through secure customer portals. Reports allow head office to have a view of device contents, cash collection totals, and day-end reports to name a few. Some solutions also have the capability to create customized reports.
Cash isn’t going away for our retailer customers. We can help you more efficiently manage it. The use of cash continues as a means of payment, despite the growing use of electronic alternatives. Why?
- Convenience: Cash is portable, accessible, and relatively cheap to use. It can be processed quickly during transactions and can be transferred from person to person without the use of technology, personal identification numbers (PINs), or signatures.
- Protection of privacy: Cash transactions do not require the disclosure of personal information and pose no risk of identity theft.
- Payment finality: The use of bank notes allows for a final means of settlement once the transaction has been completed.
- Liquidity: Because cash is readily accepted as a means of payment, it is the most liquid asset in terms of its convertibility into goods, services, and other financial assets.
- Confidence and acceptance: Confidence in the use of cash is based on the credibility of the central bank in maintaining low and stable inflation (i.e., retaining the purchasing power of the currency) and providing security against the threat of counterfeiting.
Source: Bank of Canada Review