Security is a struggle for many businesses that handle large volumes of cash; protecting cash takes a combination of effort, teamwork, and technology. Boosting your security is worth the extra time and attention to avoid costly losses that result from theft or fraud. After processing your cash, you need to make sure it stays secure until you make a deposit at the bank. Updating your cash management process will allow you to increase your security and make the most out of handling cash.
One of the best ways to protect your cash is to invest in automated cash management technology. When you invest in technology, you’re adding accuracy, reliability, efficiency, and security to your business. While there are a number of technology options that will aid your cash management process, using smart safes is a best practice for securely storing your cash.
Making the most of your cash management gives your business the chance to boost profitability. While there are many cash management technology options available, smart safe technology is a great option for securing your cash. While not every type of business may need the same machines, here are three industries that will reap the rewards of investing in smart safe technology.
1. Big-Box Retailers
Big-box retailers process large volumes of cash on any given day. With large amounts of cash on-site, big box retailers may be prime targets for external theft. It’s important to keep your cash safe before it’s time to make a deposit. A smart safe will not only securely store your cash but it also completes the tallying and balancing tasks so your staff doesn’t have to spend valuable company time on cash management.
Another benefit of using smart safe technology is maintaining cash flow. Smart safes automatically total and reconcile the cash from transactions, making it available to be re-distributed into the big-box store. Some banks will provide companies with provisional credit, which allows retailers to immediately access the cash collected through transactions.Technology improves the security and cash flow for big-box retailers.
2. Quick-Serve Restaurants
Quick-serve restaurants face a number of challenges due to staffing changes, the fast-pace of service, and lack of security. Smart safes will work to remedy all of those challenges to ensure success. When it comes to high rates of employee turnover, quick-serve restaurants aren’t strangers to constantly hiring and training new staff. New staff members are less likely to have the ability to keep up with the demand of a fast-paced work environment. They are also not as likely to feel accountable for their work.
Smart safe technology takes over much of the cash management process by balancing cash registers, generating reports, and securely storing cash. In an environment with high rates of turnover, a smart safe is hugely beneficial. It prevents cash handling mistakes from occurring by accurately completing balancing tasks and restricts cash access to staff members who have a username and password.
An under-the-counter, customer facing, coin and note recycling solution allows your employee to spend time filling the customer’s order while the customer makes his payment and receives his change automatically. Your employees need never touch cash again. Cash is securely stored and reconciliation is made easy through a simple point-of-sale interface. Stress-free employees, satisfied customers and lines that move quickly are just some of the benefits.
3. Gas Stations
Gas stations are retail establishments that can struggle to keep up with cash management due to high volume, risk of theft, and employee accountability. For gas stations, the primary benefit of investing in smart safes is that they provide effective and secure storage for cash and can be kept within small quarters. Gas station staff may have to work alone and it is important for employees’ safety and for the protection of cash assets that it be securely stored.
It’s worth the investment to protect your livelihood; while the transition from manual to automated cash handling is an adjustment for all staff, your eventual ROI is well worth the growing pains. Research the types of automated cash management technology that will increase the success of your gas station business.