For retail businesses, cash management is one of the most important (but most difficult) aspects of day-to-day functions. From balancing tills to opening registers, there are many instances where things can go wrong. Counterfeit bills, human error, theft, and cash storage solutions, are among some of the challenges retailers face. It can sometimes seem like there’s no answer.
That’s where smart safes come into play. As the name suggests, smart safes include all the benefits and storage solutions of a regular safe, with an intelligent twist. This cash management solution simplifies the cash handling process while reducing the risk of many, if not all, cash handling problems. A smart safe can turn retail stressors into simple duties, allowing you to focus on more important things—and less on cash handling.
Not sure how this solution can improve your business? Read on to see just how easy it can be.
What is a Smart Safe?
To keep things simple, a smart safe is an extremely sophisticated cash management system that allows you to manage and monitor cash intake (and outtake) from one device. Acting as not only as a cash storage solution, the smart safe offers you a real-time view into all movements of cash to and from the safe.
Only authorized employees have access codes, meaning only those with a specific level of clearance can move cash. Smart safes also monitor the flow of cash from each employee, offering you several user statistics to help you improve your cashiers’ cash routines, helping you maximize efficiency. It is a completely automated solution designed to help improve your business and keep cash secure.
Reduces Risk of Fraud
Technology is forever evolving, making counterfeit detection seemingly impossible to combat without equally-as-intelligent solutions. Thankfully, smart safes are equipped with counterfeit detectors, meaning you no longer have to manually check every bill. Relying on cashiers to manually check bills creates room for human error, wastes time at checkout, and creates stress for employees.
The added pressure can create tension, leading to poor customer service and more checkout errors due to added stress. With counterfeit detectors in place, cashiers can focus more on building customer relations, and less on worrying about detecting illegitimate bills.
Safely Stores Cash
Of course, everyday safes store money, but by no means do they achieve the level of security that comes with a smart safe. This is perhaps the greatest smart safe solution. Smart safes most obvious purpose is to protect your hard-earned cash, meaning the security should be impeccable.
With the use of predetermined codes, only employees with clearance can open the safe and move funds. You will also receive real-time notifications on such actions, keeping you in the loop at all times. Now you can rest easy knowing your money is safe and the movement of cash is secure.
Eliminates Theft
One of the biggest concerns retail businesses face is the risk of theft. Between internal and external theft, the risk of loss comes from all angles, and you need to be prepared. In 2014, 64 percent of small businesses experienced employee theft, and the most commonly stolen item is cash. This number is much higher than many business owners would assume.
Smart safes are an easy solution, storing your cash and alerting you to all movements. With preauthorized access codes and employee generated statistics, each employee will remain responsible for cash and the movement of tills, eliminated any areas where potential theft could occur.
