Cash management automation consists of eliminating manual cash handling activities and replacing them with automated cash management solutions, including cash counters and sorters, currency recyclers, counterfeit detectors, cheque scanners, and smart safes.
For many businesses, automated cash management leads to a great ROI through increased efficiency and productivity, cost savings, time savings, and enhanced security.
Though automating cash management is a business decision that you ultimately need to make based on your unique cash handling challenges and opportunities, there are some industries that tend to benefit from cash management solutions more than others, like the five detailed below.
Retailers deal with large sums of cash, particularly those that deal with low-end merchandise. Consumers want payment options, and many prefer to pay with cash for these smaller purchases under $50. For this reason, retailers tend to handle a lot of money on a daily basis.
Automating cash management in the retail sector can lead to vastly improved efficiency and productivity. It can also significantly reduce costs. When previously manual cash handling activities are replaced by technology, workers can come in later, leave earlier, and spend less of their time on tedious tasks, reducing labour needed on a daily basis.
In the retail sector, automating cash management can also improve customer service, which is critical to retail success. Cash recyclers, for example, can be used to process transactions automatically, which can cut down transaction times and get lines moving faster.
2. Convenience Stores
Convenience stores are particularly prone to risks such as robbery. Above and beyond increasing efficiency and productivity, automating cash management can help convenience store owners reduce the risk of theft. A smart safe under the register, for example, can ensure that drawers don’t overflow with cash as bills can be immediately deposited and secured, reducing the risk of robbery.
3. Restaurants and Quick-Serve Restaurants
Both traditional restaurants and quick-serve restaurants can benefit from cash management solutions. Both types of restaurants are particularly prone to internal theft and should take steps to prevent this employee theft. In addition, in the restaurant setting, employees often share cash registers and many different people handle the same money throughout the day, increasing the risk of lost or misplaced money as well as costly errors. Cash management solutions can increase accountability, improve cash tracking, and thus virtually eliminate internal theft and losses.
There’s no doubt that casinos can benefit from automating cash management. They handle cash at many different points of sale—at the tables, the slots, the restaurants, the bar, the gift shop, and more. Cash management at casinos can be labour intensive, with dozens of shifts every single day, hundreds of floats, and several hours of cash handling on a daily basis.
When casinos integrate full cash automation, they can save significant amounts of money through the reduction of labour and increased efficiency. In addition, cash management solutions can also help casinos update their counterfeit detection plans. Many counterfeiters use casinos as their prime spot to offload counterfeit bank notes. With the right technology in place, casinos can ensure that they verify all bank notes accurately to reduce these losses.
5. Movie Theatres
Movie theatres can also benefit from improving their cash management with technology, both at the box office counter and at the concession stand. As many of their employees are younger and inexperienced, cash handling mistakes are common in this industry. In addition, counterfeit, robbery, and internal theft are all equally serious problems. And customer service is critical. Automating cash management can help in all of these areas—by reducing the risk of costly losses due to human error, by keeping their money safe and enhancing security, and by speeding up the lines.