Cash Management Solutions Vendor Checklist

    Apr 07 2020

    Topics: Cash Handling Solutions, United States

    Managing your cash is a challenge in the best of times. You want to be sure you’re using the best practices, the most comprehensive procedures, and even training your people on the best way to handle cash.

    The Complete Guide to Cash Automation Technology

    You’ll also want to use the right cash management technology. Having the right technology goes far beyond just having the best devices, though. It also means having the right support, the right maintenance plan, and the right team behind you.

    In short, you need a better cash management solutions vendor. The right vendor will provide you with end-to-end service for all your cash management device needs.

    How do you know you’re teaming up with the right vendor? With this cash management solutions vendor checklist, you’ll know exactly what to look for.

    A Wider Selection of Devices

    One of the reasons to choose a cash management solutions vendor is because they’ll provide service and support for several makes and models. If you choose to work with the original equipment manufacturer, you’ll only be able to choose from their models.

    A cash management solutions vendor that works with several manufacturers offers you more choice. In turn, you’ll be in a better position to select the devices that truly address your business’s unique needs. You might want to invest in a smart safe from one manufacturer, but then prefer a coin counter and a check scanner from two other companies.

    With the right cash management solutions vendor, those selections are all available under one roof.

    The Right Support for Your Team

    Another key characteristic to look for in your cash management solutions vendor is the support program they offer to you and your employees. The best vendors can help you train your team to use the new devices properly. They may even include assistance with ongoing training.

    They’ll also help you find devices to fit in your work areas. They could help you redesign your floor plan around adding cash recyclers or assist you in reimagining your checkout counter with an added smart safe beneath it.

    Finally, they should be available to field questions from your team, both during implementation and after the dust has settled.

    The Right Maintenance Plan for Your Devices

    One of the most important aspects of any vendor is their ability to provide service for your new cash management devices. These devices can serve you for quite some time, provided they’re maintained correctly.

    The vendor you choose should be able to provide both preventative maintenance and repair. You should trust that you’ll be able to call on a team of experts almost any time of day or night to get assistance with your devices.

    Preventative maintenance programs keep your devices in good working order so they serve you longer. You’ll also realize more benefits from them. In preventative maintenance, regular service will keep the machine up and running, helping to avoid major repairs and breakdowns. In turn, you’ll enjoy more uptime.

    Of course, machines do break down, even when they’re given excellent care. If a machine malfunctions, you should be able to trust your provider for quick, onsite repairs.

    The vendor should be able to offer you access to a warehouse of parts sourced from the OEMs. The best vendors also limit out-of-house repairs. This can give you peace of mind that you always know where your device is and who is looking after it. This reduces the risks associated with sending a machine out for repair.

    End of Life Service

    Depending on the machine you invest in and how well you maintain it, your cash management devices could be in service for up to 10 or even 15 years. Some will be decommissioned before then, but no matter how long the device’s lifespan, you want to know your provider will handle it the right way at the end of service.

    The best vendors provide end-of-life decommissioning and recycling for your devices. Some of them will even include this service as part of your maintenance plan.

    Excellent Customer Service

    As you seek out a cash management solutions vendor, pay close attention to the customer service you’re given. If a vendor doesn’t answer your emails in a timely way now, you can probably bet their service won’t improve once you’ve signed a contract.

    Ask questions and set up an interview with your provider. How easy is it to get a hold of them? How will they communicate with you during your agreement?

    The best vendor will go above and beyond, even during these early stages.

    Think about Value

    When researching vendors, it can be tempting to choose the vendor that offers you the lowest price. Gather quotations from several vendors and compare them. What is each vendor offering you?

    Sometimes, the lowest price isn’t the right choice. Instead, ask yourself about the value of each service package. One vendor may offer a very low price, but they don’t include maintenance or training for your team.

    Another vendor might offer all that and more. They have a one-stop shop for all the supplies you’ll need, as well as maintenance programs and access to more makes and models. The price tag might be slightly higher, but the overall benefit to your company is much, much more.

    Look for Expertise

    Finally, you’ll want to make sure the cash management solutions vendor you team up with has experience and expertise. You’ll need their advice to make the right choices for your business, and their experience will help you maintain your devices over the years.

    Ask how long the vendor has been in business. You can also request to see case studies from other clients. Inquire how they’ve handled particularly adverse situations in the past, and the creative solutions they’ve come up with for their clients.

    Have You Checked All the Boxes?

    If you’re still searching for the best cash management solutions vendor, it’s time to get in touch with the experts. With the right team on your side, you’ll get so much more than a new cash management device.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733