Your retail business relies heavily on cash payments. You could be taking in thousands of dollars from customers every day. Not only do you have to process transactions, but you also have to count, sort, and store this money at the end of the night. Handling cash comes with many risks and liabilities, such as shrinkage, discrepancies, robbery, and loss of time and money. You need to have an effective cash management process in place if you want your store to be successful now and in the future. Without one, you could be subjecting yourself to huge losses, lowered productivity, and poor customer service, among other consequences. The majority of retail stores that fail do so because of poor money management. Don’t be part of the statistic.
Here are five cash management solutions that will make your retail business more successful.
1. Improve Customer Service with a Cash Management Solution
Cash management solutions are the new trend in money management. It’s most often used by large retailers, but any retail business can get on board and reap its rewards. With cash recycling, the same money that comes in goes out soon afterward. The cash recycler takes in the money, processes the transaction, dispenses the change that is due, provides a balance, and then stores the cash for future use. With cash recycling, you can improve customer service because the machine is far faster and more accurate than any cashier. Your customers won’t have to worry about errors being made during the transaction and the lines will move quicker than ever before—which will surely boost customer satisfaction.
2. Improve Cash Handling Accuracy
Discrepancies during the cash handling process, whether at the register or in the back room during counting and sorting, can lead to substantial losses that could hurt your bottom line. When you automate the process, with cash recycling, cash counters or coin and bill sorters, you can eliminate human error and keep more of your hard-earned money in your pockets. No more misplaced cash, no inaccurate counts, and no reporting errors—just guaranteed accuracy. A few dimes going missing doesn’t seem like a big deal, but when you’re talking about bills and missing money over a long period of time, the loss can have a big impact on the success of your retail business.
3. Prevent Theft
Internal theft and robbery are both big risks for a retail business. The retail environment is a prime target of thieves, both internal and external. Anytime someone steals from you, it harms your bottom line. Prevent theft by automating your systems. Use counterfeit detectors to avoid being defrauded by customers with fake bills. Use a cash recycler, which doubles as a vault and has restricted access and a silent alarm, to secure your money, and use currency counters and sorters to keep your employees from being alone with your money.
4. Increase Productivity
When you increase productivity, you can be more done in less time. You can make your retail business more efficient. Manually handling cash at any point of the process is a huge time waster. Using cash management solutions and letting the machines perform the work will help you boost productivity. When your employees aren’t spending their time counting and sorting money, they’ll have more time to focus on more important activities, like cleaning up or focusing on your customers’ needs.
5. Lower Labour Costs
Labour is one of your biggest expenses. Lowering labour costs can significantly help you optimize your cash flow. The less money you spend on labour, the more money you can have to spend elsewhere, like on marketing, expanding, or product development, which will help your retail business succeed. When you automate your cash management process, your employees won’t have to come in early or stay late to count their floats or the day’s profits. Just shaving 20 minutes per shift for every employee will have a positive impact on your business.