Can Smart Safes Improve Retail Cash Management? (Updated 2019)

    Apr 12 2017

    Topics: Smart Safes

    Retail businesses must keep up with changing times and technological advances. While customers are increasingly demanding more convenience and ease in their shopping experiences, there’s no reason why retailers shouldn’t have access to convenience in running their businesses. Technology can have a positive impact on the retail cash management of businesses, saving business owners both time and money.

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    When it comes to handling cash in retail, protecting the money you make is a priority. Having strong security measures in place will ensure that the cash your business receives doesn’t become lost or stolen. It can be a challenge to correctly manage and protect your cash; both internal and external theft pose a potential threat. Luckily, there are solutions available to keep your business secure.

    Smart safe technology will improve your retail cash management by boosting the security, efficiency, and accuracy of your cash handling processes. Here’s how it works.

    What Are Retail Cash Management Smart Safes?

    Smart safe technology is an automated cash management machine that combines the storage of a traditional safe with technology to give your business a comprehensive security solution. It offers the physical safety of a safe and bolsters that security with security features such as requiring that the correct username and pin be entered before any transactions can be completed. Here are a few ways that smart safe technology will improve the efficiency and accuracy of your retail cash management:

    Streamline Cash Flow

    Maintaining cash flow within the fast pace of retail is a balancing act between keeping too much cash on site and not enough. Smart safe technology gives your business the option of having a quick turnaround in your cash processing so that you can maintain your cash flow.

    By processing cash automatically using your automated cash management technology, the bank may offer you provisional credit, which allows you more immediate access to the cash your business receives. This means you can improve your cash flow and reduce the frequency of making bank deposits and withdrawals.

    Easy Reporting

    Smart safe technology combines physical protection and technological safeguards to give you an interactive user experience. While the smart safes are storing your cash, they are also collecting and analyzing data that can be used to benefit your business.

    Every transaction made using the safe is tracked according to the username and password of the staff member who made the deposit or withdrawal. This boosts your employee accountability and allows management to gain a better understanding of your cash management.

    Smart safes also have the ability to count and balance floats while also checking for and rejecting counterfeit bills. They offer multilayer protection for your business and streamline your retail cash management.

    Increase Cash Accountability

    Operating a successful retail store comes with a number of challenges. Smart safes provide your business with the protection that your cash needs and gives management staff peace of mind as they can easily check in to make sure that all of your cash is accounted for at any given time. 

    Don't lose out without a smart safe. Taking steps to ensure the security of your retail cash management process is one in the right direction; making the investment in automated cash management technology gives your bottom line a boost!

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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