Because people often prefer to pay for smaller purchases with cash, gas stations process a high volume of cash transactions every single day. Unfortunately, manually handling this cash will lead to a higher risk of errors and losses, along with lost productivity.
A gas station cash management system, on the other hand, will go a long way to reducing your risks and saving you time and money. Of course, you’ll maximize the benefits you receive by ensuring that you’re choosing the right system for your particular business needs.
Here’s how to do just that.
1. Make Sure Your System Is Right for Your Business
With so many cash management devices out there, it will be overwhelming to choose a system for your gas station. After all, the solution that’s right for a small office or a casino won’t necessarily be right for you.
Should you choose a smart safe or a currency recycler? Which model of coin and banknote sorter is sufficient for your needs?
Ideally, you’ll want to work with an experienced cash management solutions provider who will help you make these important decisions. The solutions provider will first learn more about your business requirements, including your budget, daily cash volumes, space constraints, and greatest cash management challenges. Based on this business assessment, they’ll provide the best recommendations that will maximize your benefits.
2. Choose a Gas Station Cash Management System That Enhances Security
One factor you’ll want to keep top of mind when choosing a cash management system is security. For a variety of reasons, gas stations/convenience stores are at an increased risk of robbery, which will put your store, your employees, and your cash at risk.
The right cash management solution, then, will enhance security and help protect your cash and employees. For example, many gas stations invest in a currency recycler or smart safe, which enables you to securely lock away your cash out of sight. It’s best practice to keep a low amount of money in the cash drawer at any given time, and immediately deposit excess cash and large bills in the safe or recycler.
3. Choose a System That Provides Greater Cash Visibility
Gaining greater real-time visibility into your cash has many benefits. It not only creates an audit trail and increases employee accountability, but it will also help you make data-based decisions about your cash. For example, it will help you determine what the optimal amount of cash is to have on hand on any given day, all the way down to the number of bill denominations you should have. It will also help you schedule more efficient cash-in-transit pick-ups and better understand when you’re low on cash.
Cash management software that offers this cash visibility will be integrated with today’s modern smart deposit safes and coin and banknote recyclers. For example, CashTech IQ will be integrated into Armor and Tidel cash management products while SUZOHAPP CashComplete™ Connect will be integrated into SUZOHAPP products.
If you’re going to invest in a gas station cash management system, it’s a good idea to choose a product that will give you the greatest business benefits in today’s competitive environment.
