Big box retailers process large volumes of cash transactions every day. As a result, they might encounter cash management problems, including theft, fraud, errors, and inefficiencies. All of these issues and more can be addressed with smart safes. These high-tech cash safes are equipped with a variety of features that can improve the overall productivity, efficiency, and profitability of a business.
Here are just some of the benefits that big box retailers can receive from investing in a smart safe.
1. Increased Security
The more cash a retail store handles, the higher the risks of fraud and internal and external theft. Increasing cash security is a top priority for big box retailers. Smart safes include high-security features that can help businesses tackle these common retail risks. Because an ID is required, accountability is increased, leading to a lower risk of employee theft. Because these safes are equipped with counterfeit detection, no counterfeit notes will slip through the cracks. And because the safes are ultra-secure and allow retailers to store cash away from the view of customers, the risk of robbery is also reduced.
2. Enhanced Operational Efficiency
Manually handling cash isn’t efficient. It’s time consuming, tedious, and risky. It also takes attention away from core business activities that can improve customer satisfaction. A smart safe can make cash handling much easier while reducing the operational stress associated with manually counting and sorting cash, validating currency, maintaining cash flow logs, and performing audits. When you automate the cash management process, you gain much-needed operational efficiency.
3. Improved Cash Flow
It can be difficult to manage your cash efficiently when you can’t keep track of your cash flow.
Smart safes help big box retailers keep accurate and constant track of cash inflows and outflows and fluctuations in balances, which can help them sustain financial health.
4. Faster Reconciliation
Once your employees are finished their shifts, they want to go home. They don’t want to spend more time on cash reconciliation. And when you implement smart safes, they don’t have to. These safes can be programmed to tie into your POS system, ensuring that all sales are accounted for and that all deposits occur when needed. All deposits are automatically recorded and reconciled, so your employees can wrap up their day more quickly.
5. Improved Employee Morale
Smart cash safes can improve employee morale. First, it’s a known fact that employees would certainly prefer to work in a safe environment than in one where the risk of robbery is high. But smart safes can also help increase your employees’ confidence while handling cash—they have the relief knowing that there is a proven system right next to them that will handle cash accurately and efficiently, so they don’t have to worry about shortages and manual cash handling mistakes.
6. Reducing Cash in Transit
Cash in transit remains a necessity for big box retailers. Transporting large sums of cash, however, carries a host of security risks, and it can be expensive, inefficient, and inconvenient. Smart safes can reduce cash in transit. This can result in lower armored transportation costs by reducing the number of required pick-ups, increased security and efficiency as cash is immediately placed in a secure centralized location, and quick access to working capital.
7. Time Savings
When you improve your cash management process, you can receive a solid ROI. A smart safe can reduce the amount of time required to count, sort, validate, reconcile, and audit cash because the machine will do it all automatically. The money will only need to be counted once, saving time. And these time savings can result in lower labour costs, which will boost your profitability.