Managing a successful retail business is a balancing act! Between leading staff and managing your finances, marketing, sales, daily operations, and administration, there are many balls to keep up in the air. The continuous demands of running a retail store means that many retailers are looking for retail currency solutions to relieve as many of the unnecessary challenges that come with processing cash payments.
There are many solutions available to retailers for improving the daily operations of any retail business. Making an investment in automated cash management technology is one of the best ways to improve the efficiency of your business. Introducing technology into your cash management process allows you to improve how you handle cash and increase your profit margins. As your cash management process grows in efficiency, your business will reap the rewards of savings on your cash management process. If you are unsure of where to start, here are five useful retail currency solutions that can boost your cash management system.
1. Counterfeit Detectors
Counterfeit currency has become increasingly sophisticated alongside advancements in technology, making it more difficult for retailers to identify by sight alone. Technology is available to assist retailers in accurately identifying counterfeit currency. Counterfeit detectors are able to spot the security features that your staff might miss. Counterfeit detection technology is the best way to keep your business secure from counterfeit fraud.
2. Cash Sorters
Depending on the size of your business, your end of day cash management process can be a large time commitment for your staff. The variability of the cash management process makes it a challenge to estimate how much time it will take to complete the cash management process. If you’re still relying on manual cash handling techniques, you may want to consider how retail currency solutions can help! Cash sorters take over the counting and sorting tasks for your staff members. They efficiently count and organize each bill and coin with complete accuracy and provide you with totals that do not need to be double-checked. Investing in cash sorters will cut down on the labour costs and shrink that occurs when cash management is completed manually.
3. Currency Recyclers
For retail businesses that process large amounts of cash throughout the day, currency recyclers are a great retail currency solution. They accept cash and dispense change for customers at the point-of-sale (POS) terminal with complete accuracy while also sorting and storing your cash. By automating the POS process, your staff have the opportunity to focus on customer service and your clients are treated to an efficient and error-free checkout experience.
4. Cheque Scanners
Processing cheques can be a lengthy and complicated process. While many businesses no longer accept cheques as payment, there are solutions available to help reduce the amount of time it takes for a cheque to be processed. Cheque scanners take a digital image of each cheque and record the corresponding information in a database while remotely depositing the money into the bank. Cheque scanners greatly improve the efficacy of accepting cheques.
5. Smart Safes
Is your cash safe within your store? Protecting your cash from internal and external theft by boosting security measures within your store is hugely important. Smart safes provide your business with an increase in security that marries the traditional and trusty elements of an older safe with the latest technology. Smart safes store your money in the same way as a traditional safe but any transaction they process must be approved by entering a personal identification number. Smart safes can detect counterfeit currency and will dispense floats, count back floats, and reconcile the day’s cash sales while providing your business with a comprehensive solution for your currency counting woes.