Cash is here to stay, particularly in the convenience store industry where the majority of transactions are small and cash makes up a large percentage of total payments. Because cash is such a prominent part of the convenience store experience, it’s a good idea for owners and managers to stay ahead of the latest cash management trends.
Here are the top anticipated trends to pay attention to in 2021.
1. Less Cash on Hand
Having as little cash on hand as possible is imperative to the security of your cash, store, and employees. Keeping large bills and a significant amount of cash in your cash drawer could make you a target.
Consider upgrading your traditional safe to a smart safe in order to keep your cash secure. Whenever your employees receive cash, they can immediately put it in the safe instead of the register for safekeeping. This sends a message to customers that your store is secure.
A smart safe can also help by enabling you to keep track of cash trends to calculate individual cash requirements. Based on historical data, you can determine how much cash you should have on hand at any given time to ensure you’re not overstocking the register unnecessarily.
2. Greater Accountability
In C-stores, cash management isn’t always one person’s role. In fact, it’s often a duty shared among multiple employees and managers throughout the day and night. This can lead to a lack of accountability, which may translate into difficult-to-track errors and higher risks of losses and shrinkage.
Make this the year that you commit to greater accountability. The right cash management technology can connect to your point-of-sale system to enable you to manage employee permissions and track employee activities for all transactions. Every employee should ideally have unique PIN access in the system to create an audit trail that can help pinpoint where things went wrong if an error or loss does occur.
Expect to see more self-checkouts in convenience stores. Automated self-checkouts outnumber registers operated by cashiers in many retail settings, including grocers and big-box stores. They’re not yet as prevalent in the convenience store industry, but this may be the year to consider investing in self-checkout kiosks to stay ahead of the competition. Self-checkout enhances the customer experience by speeding up transactions and reducing wait times in line. For convenience store owners, they’re also beneficial as they can improve productivity and reduce labor costs.
4. Less Manual Cash Handling, More Automation
If there’s one takeaway you should remember it’s this: 2021 will be the year of cash management automation in the convenience store industry. Technology isn’t going away, and cash management devices offer many advantages that make it worth the investment. Smart safes and customer facing coin and banknote recyclers can eliminate much of the costly manual cash handling currently taking up your employees’ time while also keeping your cash safer. They can also help eliminate the risk of counterfeit fraud and theft.
What’s more, cash management automation doesn’t have to be overwhelming. Turnkey end-to-end solutions are available to make implementation fast and simple. For example, CashTech’s Complete Cash Management Package includes everything you need to get started, from hardware and software to employee training and ongoing maintenance, all in a convenient monthly package.