5 Effective Retail Currency Solutions

    Oct 07 2016

    Topics: Cash Management

    Juggling the numerous demands of running a business with the need to remain cost-effective can be a constant struggle. The retail industry is continually looking for ways to improve efficiency and save money, all while providing the best in customer service and support. The implementation of efficient and effective currency solutions is an integral part of any healthy and prosperous retail business. The more efficient your cash management process, the more your business saves, and the more productive your employees can be. Here are five effective currency solutions that all businesses in the retail industry should consider.

    1. Cheque Scanners

    Processing cheques manually is incredibly inefficient, instigating a labour-intensive process that includes photocopying both sides of the cheque, recording the necessary data, and physically getting the cheque to the bank for deposit. Many retail locations no longer accept cheques for this very reason, and yet the process needn’t be nearly so tedious or time consuming. Cheque scanners do all of the aforementioned tasks for you, and they do them instantaneously. Cheque scanners take a digital image of your cheque, record the information in an easily accessible database, and then remotely deposit your money for you.

    2. Counterfeit Detectors

    Counterfeit detectors are widely used in the retail industry, having quickly become an indispensible tool in the cash management process. The reason is clear: the need for vigilance when it comes to the detection of counterfeit currency in Canada is vital, with counterfeit money remaining a large problem in the retail industry. Your best option to protect your business is to invest in a counterfeit detector. Deploying sophisticated technology, from UV lights to watermark lamps, counterfeit detectors have multiple ways of detecting fraudulent bills, shielding you from the financial costs inherent in accepting illegal tender.

    3. Currency Recyclers

    Positioned at the point of sale (POS), currency recyclers are wonderfully efficient tools that can be of huge benefit to any retail location looking for currency solutions that will simplify their cash cycle and prioritize customer service. Currency recyclers quickly and accurately accept, dispense, sort and store cash. Instead of having to count cash, retrieve bills from a safe, or deposit money from an overflowing till, your customer service representatives can rely on the currency recycler to perform these tasks for them, giving them more time to help customers, and speeding up the checkout process.

    4. Cash Sorters

    The more time your employees have to spend in the cash room at the end of the day sorting and counting bills and coins, the higher your labour costs, and the more vulnerable you are to unnecessary error. Of all the tasks involved with the cash management process, end of the day accounting is perhaps the most inefficient. Counting, and often double counting, takes up huge amounts of time, without ensuring complete accuracy. In any retail business looking for currency solutions that are as efficient as possible, cash sorters are an easy way to streamline the process. Cash sorters organize and count your bills and coins for you, immediately and with complete accuracy, meaning that you can use your time in more efficient ways.

    5. Smart Safes

    Smart safes are another currency solution that is both efficient and versatile. Completely secure, they function as an alternative to the traditional safe and offer a wide variety of functions that are both time saving and incredibly useful. First and foremost, the smart safe is a place to keep your cash, but with technology that requires that anyone accessing the safe login with an individual ID and password, it ensures complete accountability in the workplace. Smart safes dispense and count back floats and are also enabled with counterfeit detection technology. They sort and count all the money you deposit, making the whole cash management process more efficient.A CFO's Guide: How Cash Handling Is Affecting Your Bottom Line

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3