Even with the increased use of credit and debit at retail stores, a high percentage of customers still prefer to use cash to make purchases. After all, cash offers many benefits—it allows for finality of payment, reduces the risk of identity theft, is convenient, and allows for better control of spending, among other advantages.
And although your retail establishment doesn’t have to pay for monthly fees to accept cash, this payment form is still quite expensive due to the labour-intensive cash management. It’s also risky—it can result in high losses due to human error as well as counterfeit and theft. But these costs and risks can be reduced through the use of cash counters for retail.
When you invest in cash counters for retail, you can make your business more productive and efficient, while improving your bottom line. Here’s how.
1. Reducing Your Labour Costs
A typical retailer will spent approximately 15 hours per day on cash handling activities, and that number doubles for national retailers. When you process cash manually, you waste a significant amount of time—and this time leads to increased labour costs. You often need to count your cash two or three times to ensure accuracy and you likely have a policy in place that requires a manager to supervise employees during the counting process. And if an error is found, then even more time needs to be spent on rectifying it.
Using cash counters for retail can significantly cut the time expense required for the cash management process. The machines do the cash-handling work, so your employees don’t have to. Plus, the machines can process over a thousand bills per minute—they work at a faster rate than even your best employee could.
When your employees don’t have to spend additional time in the cash room at the end of their shifts counting cash, you can send them home earlier, meaning that you can reduce your labour costs. Even the smallest saving of time can result in huge savings in labour.
2. Increasing Accuracy to Reduce Losses
When your employees make mistakes while counting your cash, your bottom line suffers. All of those errors add up and increase your shrink rate. Currency counters for retail can drastically increase your cash-handling process’s accuracy rate. These machines use state-of-the-art technology to ensure that every bill and every coin is accurately counted and reported. With currency counters for retail you won’t have to lose out due to human error anymore.
3. Increasing Security to Reduce Risks
The retail industry loses billions of dollars every year to internal theft, and the threat is only rising. In addition, counterfeit fraud is a prevalent risk that you should be aware of. Theft and counterfeit are serious issues facing retail establishments. To avoid losing your hard-earned money to these crimes, you should invest in cash counters.
Cash counters can greatly reduce your risk of internal theft by boosting accountability. Your employees will know that every nickel and every dollar will be accounted for, so they won’t risk stealing—the possibility of getting caught will be too high. In addition, these machines offer a hands-off approach to money counting, so employees won’t be left alone with your money, giving them fewer opportunities for theft.
Plus, cash counters for retail are equipped with counterfeit detection technology, such as UV reflection, magnetic thread and infrared spectrum analysis, and metallic alloy detection, so you can count on them to immediately detect counterfeit cash.
Cash counters for retail offer many advantages. You’ll benefit from reduced labour costs, increase accuracy, and improved security, which means you’ll reduce your risks and costs of cash handling.