From security to new technology to the bottom line, you have a lot on your mind when it comes to your business. One of the topics you might think less about is your cash handling. After all, cash makes up a smaller portion of your payments lately, and it probably costs you less too.
Nonetheless, cash handling still carries costs, and those costs can be managed more economically than paying the processing fees your payments vendor charges you.
Cost isn’t the only cash-related challenge your business faces, though. With the right cash automation technology, you could solve several different issues for your company.
Cash Automation Technology Improves Security
Security is always a concern for business owners. In 2016, merchants lost an average of 1.9 percent of their revenue to credit card fraud – up from 0.68 percent in 2013.
Handling cash also comes with risks, of course. With the right cash automation technology, you can improve the way you store and handle cash. Better tracking and reporting help you keep tabs on your cash, while device security increases your physical security.
The Right Technology Lowers Costs
The right technology for cash automation also lowers the costs associated with cash handling. This could also include your labour costs.
Counting and sorting cash is often time-intensive. If your cash managers make errors in their counts, it takes time and effort to root out those mistakes and correct them. Finally, your team may run up additional CIT or banking fees because of inefficient scheduling of deposits.
Cash automation could reduce the amount of time your team spends on cash-related tasks. In turn, your cost of cash can be much lower.
Cash automation might assist you in reducing labour in other ways. Maybe you don’t need to schedule every cashier for an extra 15 minutes so they can count their tills, or you could decrease the number of shifts devoted to cash attendants. Either way, your labour costs come down.
Increased Efficiency Goes Hand in Hand with Automation
How effectively are you using the cash you have on hand? It’s a question every business owner should ask themselves at least once.
You may not be using your cash as effectively as you think. If your team is constantly moving cash into and out of your account, you could be running up extra banking fees. Making multiple deposits instead of one costs you more.
You might also find you have the wrong amount of change or cash on hand for your operations. What about your petty cash funds?
With cash automation technology, you can adjust your store float to the optimal amount. That, in turn, frees up your cash to handle other costs. Streamlining your deposits could ensure you have the right amount of cash on hand at any given time.
Automation Improves Cash Flow
Another advantage of automating your cash handling is improved cash flow. As mentioned, cash automation technology increases cash efficiency, allowing you to make deposits at the right time and keep the store float at the optimal amount.
This, in turn, contributes to better cash flow. You’ll have a better idea of what’s coming in and out of the business, as well as what you have in reserve.
Since 82 percent of business failures are attributed to issues with cash flow, cash automation technology can take that worry off your mind.
Technology Enables Better Reporting
Finally, cash automation technology could also help you improve your reporting. The machines collect data for you, which can automate some of the reports you need to run.
It can also help you capture more information about the handling of cash in your business, such as particular times of the day seasons of the year when more of your customers are paying in cash. From there, it’s easier to make better decisions about your cash handling.
Looking for the right cash automation technology solution for your business? Get in touch with the experts and discover the right way to handle your cash.