Protecting cash is extremely important for any retailer, big or small. Maintaining the security of your business can present a challenge; both external and internal theft are risks that your company should reduce. Once you have carefully processed your cash, it’s important to ensure that your cash remains secure until it comes time to make a deposit. Your business will avoid losses by updating your cash management process and boosting the security of your cash storage.
When automating your cash management process, a best practice is to make use of smart safe technology. Making use of good retail cash management practices will allow your business to maintain secure cash and increase profitability.
Investing in automated cash management technology means that you are finding accurate, secure, reliable, and cost-effective ways to handle your cash. Within automated cash management, there are many technology options available to you that each take on a different cash management task.
When it comes to securing your cash, smart safe technology provides your business with a reliable and secure storage solution. Here are three ways that retailers benefit from using smart safe technology.
1. Improved Cash Flow
It can be difficult to maintain your cash flow in a busy retail environment. With money constantly entering and leaving your business, you might find yourself with either too much cash on hand or simply not enough.
Smart safe technology gives you quick access to the cash you collect through transactions. When you automatically process cash in a smart safe, your bank may allow you to have provisional credit; this allows you access to the cash you accept the next day so that it can be returned into your business. This technology improves your cash flow while reducing the amount of cash deposits and withdrawals to keep your business afloat.
2. Simplified Reporting
When you think of a typical safe, the word “smart” does not necessarily spring to mind. Typically, safes have one job: to protect your money by storing it securely. Smart safe technology has expanded upon this concept by adding a dynamic user experience. These safes not only provide safe storage for your money, but they also collect and analyze data about your transactions to simplify your reporting procedures.
Smart safes provide your business with the best of both worlds: the security of a traditional safe and the benefits of technology. Each transaction completed using the safe requires a personal username and password that corresponds with a specific staff member. This allows management to track transactions according to staff, which boosts employee accountability and gives insight into the cash flow and transaction history of your business.
Counterfeit detection is another bonus of using this technology that automatically identifies fraudulent currency, protecting your business from counterfeit fraud.
3. Reduced Shrinkage
Shrinkage is one of the biggest challenges in retail from merchandise loss to cash loss as a result of fraud or theft.
Smart safe technology ensures that your cash is protected and accounted for as it tracks each transaction in and out. By introducing more sophisticated technology into your business you are protecting your livelihood against external and internal theft. Automated cash management technology adds security measures into your business that are not offered when you manually complete your cash handling.
The instances of internal theft are reduced by requiring each staff member to log in to access any cash. Likewise, external theft is prevented as any potential thieves will not be able to gain access to your cash due to technological safeguards. Taking steps to protect the security of your business is one of the best ways to successfully manage your cash in retail.
