Poor retail cash management can result in increased costs, reduced productivity and efficiency, bigger losses, lowered cash flow, and higher risks. Naturally, all of these negative consequences of poor cash handling can hurt your business.
It’s no surprise then that you’re looking for ways to improve your retail cash management. You’ve come to the right place. Below we’ve listed five cash management solutions that can help you nip these problems in the bud, so you can help your business grow and flourish in the most efficient, productive, and cost-effective way possible.
Thanks to cash management solutions, cash handling doesn’t have to be such a headache anymore.
1. Cash Counters and Sorters
No one likes having to count and sort large volumes of cash by hand. It’s filthy, it’s tedious, and it’s time consuming. It can take hours every night to go through all the bills and coins you’ve accepted throughout the day. This will waste time and drive up your labour costs. It can also be quite risky. Having employees take control of your important cash-handling activities can lead to internal losses as well as costly cash handling mistakes.
Cash counters and sorters can help you automate these activities. The machines will do the counting and sorting automatically, will do it faster than any employee, and will do so accurately—it’s guaranteed.
2. Counterfeit Detectors
Counterfeit detection is more important than you might think. Thanks to digital printing technology, the creation of counterfeit bills has become easier than ever before. And you need to keep your retail establishment safe from counterfeit fraud. Sophisticated counterfeit detectors can take the guesswork out of the equation and can help you easily and quickly verify all incoming bills. You’ll never have to worry about being liable for fake bills and having to accept the losses again.
3. Currency Recyclers
Currency recyclers are taking the retail world by storm. These range from back office solutions to under-the-counter machines which help your cashiers process transactions by accepting, counting, sorting, verifying, and dispensing cash automatically. They will ensure transaction accuracy and will also speed up transaction times for improved customer service. Plus, since the same cash is recycled, you can improve your cash flow by over 10% and cut down significantly on vault transactions and bank deposits.
4. Cheque Scanners
Some retail stores still accept cheques as a method of payment, particularly for large, expensive purchases. Unfortunately, accepting cheques comes with big administrative headaches. It’s quite the burden to have to process, store, and deposit cheques. It increases administrative costs, wastes times, and reduces cash flow as you wait for your funds to clear.
Cheque scanners can make the process more efficient than ever before. Scan the cheque, store the digital image, and then conveniently deposit it remotely from anywhere, anytime. No more waiting for the bank to open, waiting in long lines, or losing cheques before you find time to deposit them.
5. Smart Safes
Smart safes can drastically improve retail cash management. Your business can benefit from using smart technology as opposed to using a traditional floor safe that does nothing but take up space. The smart safe plays an active part of your cash management process by using advanced intelligence to accept, verify, track, report, and of course, store your cash.
It offers cash tracking and user activity tracking capabilities, it allows you to easily generate reports, it can be connected wirelessly to other devices as well your CIT provider and financial institution for a closed retail cash management loop, and it can automate many cash-handling activities for increased efficiency and productivity. All the while, your money will be help safe in its steel chest and your funds can be monitored and evaluated remotely.
