How Smart Safes Can Contribute to Retail Success

    Oct 21 2019

    Topics: Smart Safes

    Retail is a tough business with razor-thin margins. Success can be difficult to come by, and it’s often fleeting for business owners like you. Your business is doing well today, but how will it fare tomorrow? You’re constantly looking for ways to improve.

    One solution you may not have considered for your business is a smart safe. Once you know how smart safes contribute to the success of your retail business, you’ll wonder why you haven’t already switched.

    They Reduce Banking Fees

    Do you know how many deposits you make in a day, a week, or a month? If you’re not depositing your cash efficiently, you may be running up extra banking fees. The same is true of cash-in-transit fees.

    A smart safe helps you streamline your banking, letting you make fewer deposits. By scheduling pick-ups or making deposits at the right time, instead of trusting a gut feeling, you can avoid racking up extra fees.

    Obviously, those fees are paid out of your business’s profits, so reducing them helps you boost your bottom line.

    They Reduce Your Labor Costs

    Your CIT and banking costs aren’t the only fees a smart safe can help you slash. A smart safe could also help you control your overhead costs, including your cash handling costs and the cost of labour.

    Your team won’t need to spend as much time handling cash, which reduces the direct costs of cash for the business. You can rethink how you schedule your cashiers or cash supervisors. Do you need two or three people to handle cash every shift? If your cashiers aren’t counting tills, can you eliminate overlapping shifts or reduce shift lengths?

    The smart safe could make these possibilities realities and help lower the costs of doing business.

    They Improve Security

    Another concern that retail business owners often have is the security of their cash. By helping you reduce cash handling errors, streamline deposits, and track who is handling cash, a smart safe could increase your security.

    With better records and fewer people handling your cash, you can have peace of mind.

    They Let You See the Big Picture

    One of the biggest advantages is getting an accurate view of the cash in your business.

    A smart safe provides a real-time snapshot of your cash, including what’s ready for deposit and what’s in the store float. It also provides better tracking and record-keeping. It’s easier to know where your cash is, where it’s going, and how much you have on hand.

    With this information, you can make better decisions about your store float or when to make a deposit. By making better decisions, you’ll be able to improve your cash flow.

    They Improve the Customer Experience

    You may not think that what you do in the accounting department has much bearing on your customers, but the effect might surprise you. A smart safe and other cash management devices free up capital and your team’s time, both of which enable you to improve the customer experience, directly and indirectly.

    On the floor, your team members can be more productive and efficient. They can look after small but important tasks such as facing shelves or tidying displays. Better yet, they can put some of that “free” time into helping your customers and extending better service.

    Plus, with what you’re saving on cash handling, you can invest more into your business. That could mean ordering more inventory or scheduling more cashiers during peak times.

    As you can see, there are many different ways smart safes could contribute to your retail success.

    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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