Due to the large volumes of cash they handle day in and day out, big box retailers often struggle with inefficiencies, losses, wasted time, and security risks when it comes to cash handling. These problems are compounded when cash management activities are handled manually. There’s no doubt that counting, verifying, sorting, and reconciling every dollar is a labour-intensive and time-consuming process.
But there is light at the end of the tunnel. Big box retailers do not need to keep struggling, keep dealing with cash management risks, and keep dealing with losses. National retailers the world over are automating cash rooms. Here is why.
1. Cohesion and Efficiency
Imagine every cash handling activity you do being connected to the other. Imagine every dollar being connected from system to system, from the front to the back. It’s all possible for retailers that automate cash rooms.
Fully automated cash rooms can handle all the cash management activities, from checking till drawers in and out and reconciling profits and cash reports to counting, sorting, and verifying cash. When all the work is done automatically, efficiency greatly increases.
Plus, fully automated cash rooms integrate currency recyclers directly into your POS system for completely streamlined processes. There will be no double counting, money won’t have to go through several different employees’ hands, and money won’t go missing or get lost. It’s all connected.
2. Tracked and Accountable
Big box retailers have a lot of employees on staff who look after a lot of money. When cash is handled manually it’s awfully tempting for employees to slip a few dollars in their pockets. Why wouldn’t they? They won’t get caught because manual processes do not offer enough accountability.
Retailers that automate cash rooms, though, can track every nickel, from acceptance to deposit and everywhere in between. What’s more, all of your employees’ activities will be tracked as well through their unique usernames and passwords. You’ll eliminate any possibility of employees getting away with theft. And this will help you tackle retail shrinkage.
3. 100% Accurate
Retailers that automate cash rooms enjoy 100% cash handling accuracy. They take human error out of the equation when they let the machines do all of the work. Counters, sorters, currency recyclers, and smart safes won’t make mistakes, that’s guaranteed. They won’t rush to go home after their shifts and they won’t get distracted or miscount from being tired like your employees might.
Even innocent cash handling mistakes can cost you, so it’s best to eliminate them through full cash room automation. When you do, you’ll keep more of your profits in your business.
4. Full Automation=Better Customer Service
When your employees are spending all their time counting and sorting cash, they have less time left to spend with your customers. As a result, your customer service and satisfaction rate could drop, which isn’t good for business. But when you automate your cash room, your employees can get back to the work that matters.
5. Increased Security for All
When you’re handling and holding so much cash at your business, you’re at an increased risk of robbery, which can jeopardize the safety of your customers and employees, not to mention hurt your profits.
In accordance with the Occupational Health and Safety Act, you have a responsibility to keep the people in your store safe. By automating your cash room, you can keep your money secure, which can deter robbery from occurring. When robbers see that your cash is securely managed and stored, they’ll realize they have no opportunity to steal from you, so they’ll move on.
If you own or manage a big box retailer, then you’d benefit from automating your cash room. You’ll benefit from improved efficiency, accountability, accuracy, customer service, and security.